Galantas Gold Reports Increased Concentrate Shipments From Omagh Gold Mine
TSX VENTURE: GAL
TORONTO, June 25, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (“Galantas” or “the company”) (TSXV & AIM : Symbol GAL) is pleased to report accelerated progress in mine development at its Omagh gold mine, Northern Ireland.
The main decline tunnel has reached the fourth (1060) level and an access drive to intersect the Kearney vein on this level has commenced. The vein is expected to be intersected on this level in approximately 4 weeks' time. Increased in-vein development is expected to drive further increases in feed tonnage to the processing plant, which produces a concentrate sold under an off-take contract.
A second shift was added to the processing plant operations, as planned, early in the second quarter of 2019. An expansion to three shifts is planned for the third quarter, once vein development on the fourth level is confirmed. Investment in processing plant improvements continue, with the recent arrival of some specialized flotation items that had long delivery times.
Concentrate sales revenues with a provisional value of approximately USD 460,000 are expected for the second quarter, representing expected quarter shipments of approximately 160 tonnes of concentrate. The provisional sales revenue is subject to final agreement, including assays, as determined by an off-take contract.
Safety is a high priority and the company continues to invest in safety-related training and infra-structure. The zero lost time accident rate since the start of underground operations, continues. Environmental monitoring demonstrates a high level of regulatory compliance. Phased site restoration works continue with thousands of tree saplings recently planted.
A recent underground survey plan (June 16, 2019) will be added to the company website at www.galantas.com under the Operational Documents section.
Roland Phelps, President & CEO, Galantas Gold Corporation, said, “Development continues to accelerate according to plan. Concentrate production has increased, with further increases planned for the third quarter.”
The financial component of this disclosure has been reviewed by Leo O’Shaughnessy (Chief Financial Officer) and the production component by Roland Phelps (President & CEO), qualified persons under the meaning of NI. 43-101 and AIM requirements. The information is based upon local production and financial data prepared under their supervision.
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 revenues and production estimates, 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’ 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.
Galantas Gold Corporation
Roland Phelps C.Eng – President & CEO
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Richard Tonthat
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Grant Barker, Nick Lovering
Telephone: +44(0)20 7659 1234