TORONTO, ONTARIO--(Marketwired - Feb. 16, 2015) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only gold mine, is pleased to announce the closing of a private placement of shares.

The private placement is for 10,599,999 new shares ("Placing Shares") at a price of UK£0.03 per share (the "Placing") raising gross proceeds of UK£316,677. A minimum four month hold period will apply to the Placing Shares, expiring on 17th June 2015. The Placing Shares will rank parri passu with the existing issued shares and an application has been made for the Placing Shares to trading on AIM and admission of the Placing Shares to trading on AIM is expected on 19th February 2015.

Commission payable to the placing agent is 6% of the proceeds of the Placing and the issue of 636,000 warrants over shares. Each warrant can be exercised for one share at an exercise price of UK£0.045 and warrants are valid for 3 years. A four month hold period applies from date of issue of the warrant, expiring 17th June 2015.

The net proceeds raised by the Placing are intended to be used for working capital purposes and to finance the Company's continued commitments in regard to its underground planning application.

As announced on 9th January 2015, determination of the planning application is expected in the first quarter of 2015. The Company's expectations regarding timelines are not in its own control, as the planning process is being managed by the Department of the Environment (Northern Ireland) Planning.

Roland Phelps, President & CEO Galantas Gold Corporation, said, "I am delighted by the excellent response from investors to the placing. This enables the Company to move forward into a very exciting phase and prepare work in advance of obtaining planning consent for the underground gold mine at Omagh."

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.

Galantas Gold Corporation's Issued and Outstanding Shares following the placement total 87,297,155.

Contact Information:

Galantas Gold Corporation
L. Jack Gunter P.Eng
(UK) +44 (0) 2882 241100

Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
(UK) +44 (0) 2882 241100

Charles Stanley Securities (AIM Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000

Whitman Howard Limited (Equity Advisor)
Ranald McGregor-Smith / Neil Pidgeon
+ 44 (0) 20 7659 1234