Agoracom: Small Cap Investment - Galantas Gold - Announces 2008 Annual Results

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Bringing Ireland's first gold mine into production and utilizing the rare Irish gold to fashion an exclusive line of high quality 18-carat gold jewellery

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Announces 2008 Annual Results

posted on Apr 29, 2009 11:46AM

April 29, 2009

Galantas Announces 2008 Annual Results

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Galantas Gold Corporation ('Galantas' or the 'Company') (TSX VENTURE:GAL)(AIM:GAL), which has a 100% interest in Ireland's only gold mine, reports audited annual results for the year ending December 31,2008.

Highlights of the 2008 annual results, which are expressed in Canadian
Dollars, are :

                                                    2008              2007

Revenue :                                    $ 4,402,965       $   654,142
Cost of Sales                                $ 3,909,656       $   972,022
Amortization                                 $ 1,558,679       $   736,226
Income (loss) before Other Costs/Income      $(1,065,370)      $(1,054,106)
Other Costs/(Income)                         $ 1,386,850       $ 1,766,401
Future income tax recovery                   $   491,126       $   654,851
Net Income (loss) for the year               $(1,961,094)      $(2,165,656)

The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

Galantas's operational open pit mine is situated near Omagh, County Tyrone, Northern Ireland. The mine produces a flotation concentrate containing gold, silver and lead, which is exported and sold to a Canadian smelter. Some gold from the mine is down-streamed into certified Irish gold jewellery which is sold on-line at www.galantas.com and via leading UK & Irish retailers.

Commenting on the results, Roland Phelps, (President & CEO, Galantas Gold Corporation) said, "The latter half of 2008 saw significant production improvements. Two additional Volvo 40C articulated dump-trucks were delivered this month and are operational. An extra excavator remains to be added with a view to obtaining additional production from a second vein (Kerr) covered by the current planning permission. My thanks go to the whole team for their hard work in what has been a very challenging year."

The financial information within this press release has been reviewed by Mr, L. O'Shaughnessy, Chief Financial Officer of Galantas Gold Corporation, who is a qualified person for the purposes of this disclosure.

Galantas Gold Corporation Issued and Outstanding Shares, at 29th April 2009, total 190,100,055.

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