TORONTO, ONTARIO--(Marketwired - Sept. 7, 2016) - Galantas (TSX VENTURE:GAL) (AIM:GAL) has identified amongst
its recent drilling results the presence of a gold vein stringer in the western part of the Kearney vein system. Core H159
(reported 24th August 2016) intersected 1 metre of mineralisation grading 5.7 g/t gold and 6.2 g/t silver. The vein
stringer was not previously worked within the open pit because it lay close to the edge of the permitted open pit mining
envelope.
The vein stringer has now been confirmed by a surface exposure made during recent safety works on the area above the planned
lower underground portal and adit, which is scheduled to be built at the base of the Kearney open pit. Samples have been taken of
the vein stringer at surface. The samples returned 52.9, 24.5, 10.2 and 6.2 g/t gold, 81.6, 30.4, 28.8 and 13.8 g/t silver and
0.3, 4.8, 3.9 and 0% lead. Due to the outcrop of the vein near and over the brow of a pit safety bench, the vein was not channel
sampled, however grab samples were collected. The surface exposure of the vein stringer lies approximately 50 metres vertically
above the vein intersect of core H159 and continuity of mineralisation is not certain from the data acquired so far.
The presence of the Kearney vein stringer is potentially important because it is anticipated to be about 11 metres south from
the planned underground development decline. The surface samples suggest that, if sufficient vein continuity and mineralisation
can be established during development, it may be possible to develop limited ore, on this part of the Kearney system, earlier in
the underground development program than previously considered, with processing of the recovered ore within the existing
processing plant.
The processing of ore earlier in the development program than previously considered may have positive cash flow
implications.
Roland Phelps, President & CEO, Galantas Gold Corporation said, "Whilst there is still work to do to be certain that this
Kearney stringer is viable to mine, its discovery is an interesting development that could prove very beneficial to the early
cash-flow of the underground project."
The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold
Corporation), the Qualified Person (QP) for the program under NI 43-101 and who is also a "Qualified Person" as defined in the
Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Sampling methodology, security and verification
followed standard procedures (April 2006) with standards, blanks and duplicates added at a frequency of 1 for every 20. The
samples were analysed as follows: gold by fire assay and ICP-AES on 50g samples (fire assay and gravimetric finish for samples
>10 ppm Au); other metals by ICP-MS and ICP-AES, at ALS Geochemistry Laboratories of Galway, Ireland, and were considered
compliant with all requirements of International Standards ISO 17025:2005. Grab samples are not reliable data for the purposes of
resource estimation, although these samples are strongly indicative of gold mineralisation. Readers are referred to the
disclosure dated 24th August 2016 for complete technical details regarding Core H159.
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 amongst
others, geological matters, development intentions and cash flow 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 and throughputs; mining
operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability
of key employees; additional funding requirements; uncertainties regarding 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.
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