Galantas Gold Corporation: Completion of Private Placement

Galantas Gold Corporation (Galantas or the Company) (TSX VENTURE:GAL)(AIM:GAL)
announces that it has closed its Private Placement (the "Placing") announced on
the 8th April 2014.


Subscriptions were received from UK institutional investors, Kenglo One Ltd
("Kenglo"), a number of qualifying private investors, including some local to
the Omagh mine and clients of Jennings Capital Inc of Toronto, Canada to raise
GBP 516,500 (before expenses) representing 10,330,000 units. Each unit is
comprised of one ordinary share and one warrant. Each warrant will entitle the
holder to purchase one further new ordinary share at UKGBP0.10 (ten pence) per
share for a period of two years from the date on which the Placing closed. The
new ordinary shares issued pursuant to the Placing are subject to a four month
hold period. Commissions of CDN$8156.25 were paid in connection with the
Placing. Final documentation in respect of the Placing has been submitted to the
TSX Venture Exchange.


The funds raised are to be applied to the following purposes:



--  The examination and implementation of a cost effective processing route
    for re-treatment of low grade tailings sands; 
    
--  Continued work on cost reduction within a detailed feasibility study and
    updating resource / reserve assessment at the Omagh property 
    
--  Progression of underground planning permits, on which the Company
    expects substantive progress during the second quarter of 2014. 
    
--  Working capital purposes. 



Kenglo has subscribed for 5,000,000 units for a sum of GBP 250,000. Post the
closing of the transaction and the share for debt exchange detailed below, the
Company is advised that Kenglo will hold 13,222,068 shares and 5,000,000
warrants in Galantas representing 20.9% of the enlarged Galantas issued share
capital, on a diluted basis. As a result, Kenglo is deemed to be a related party
of Galantas by virtue of being a Substantial Shareholder in the Company (as
defined in the AIM Rules for Companies). As a consequence, the Directors
consider, having consulted with their nominated adviser, Charles Stanley
Securities, that the terms of the subscription by Kenglo, are fair and
reasonable insofar as shareholders are of concerned.


An application for a shares for debt exchange (the "Debt Exchange"), as approved
by shareholders on 16th January 2014, is being made to the TSX Venture Exchange.
As announced previously, Roland Phelps (President & Chief Executive) has agreed
to exchange a loan of GBPGBP 718,256 for 14,365,120 new ordinary shares. Leo
O'Shaughnessy (Chief Financial Officer) has agreed to exchange a loan of GBP
16,025 for 320,500 new ordinary shares. Amounts due to certain other third party
creditors have also agreed to settlement of amounts owed totalling GBPGBP
21,976, through the issue of 439,520 new ordinary shares. Following the Debt
Exchange and the Placing, Mr Phelps and Mr O'Shaughnessy will hold 24.7 per cent
and 0.4 per cent of the Galantas enlarged issued share capital respectively. No
Warrants will be attached to the new ordinary shares issued in relation to any
of the Debt Exchange. This Debt Exchange remains subject to the final approval
of the TSX Venture Exchange.


Subject to Toronto Venture Exchange approval of the transactions, application
has been made for the 10,330,000 common shares, subject to the Placing, and
15,125,140 common shares, subject to the Debt Exchange, to trading on AIM and
admission is expected on 12th May 2014.


Following the Placing and Debt Conversion and subject to approvals, Galantas
Gold Corporation's Issued and Outstanding Shares will total 76,697,156.


Roland Phelps, President & CEO, Galantas Gold Corporation, said, "I am pleased
that we have had strong support from investors in Northern Ireland, the UK and
Canada. The business is at a critical stage of development with an important
opportunity close to fruition."


The Company announces that its Annual General Meeting of shareholders will be
held on June 17th 2014 at 11am at the offices of Miller Thomson LLP, Scotia
Plaza, 40 King St West, Suite 5800, Toronto, Canada. 


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws, including potential tailings re-treatment, feasibility studies and
planning expectations for the Omagh Gold project. Forward-looking statements are
based on estimates and assumptions made by Galantas in light of its experience
and perception of historical trends, current conditions and expected future
developments, as well as other factors that Galantas believes are appropriate in
the circumstances. Many factors could cause Galantas' actual results, the
performance or achievements to differ materially from those expressed or implied
by the forward looking statements or strategy, including: gold price volatility;
discrepancies between actual and estimated production, actual and estimated
metallurgical recoveries; mining operational risk; regulatory restrictions,
including environmental regulatory restrictions and liability; risks of
sovereign involvement; speculative nature of gold exploration; dilution;
competition; loss of key employees; additional funding requirements; planning
and other permitting issues; and defective title to mineral claims or property.
These factors and others that could affect Galantas's forward-looking statements
are discussed in greater detail in the section entitled "Risk Factors" in
Galantas' Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with the Canadian
provincial securities regulators and other regulatory authorities. These factors
should be considered carefully, and persons reviewing this press release should
not place undue reliance on forward-looking statements. Galantas has no
intention and undertakes no obligation to update or revise any forward-looking
statements in this press release, except as required by law. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Galantas Gold Corporation
Roland Phelps C.Eng
President & Chief Executive
+44 (0) 2882 241100
info@galantas.com
www.galantas.com


Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
Galantas Gold (TSXV:GAL)
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