REG - Galantas Gold Corp - Corporate Update

Galantas GoldAnnouncement

05/07/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220705:nRSE2831Ra&default-theme=true

RNS Number : 2831R  Galantas Gold Corporation  05 July 2022

 

 

GALANTAS GOLD PROVIDES CORPORATE UPDATE

 

July 5, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is providing an update on the
Company's progress to commence production at the Omagh Project in Northern
Ireland.

 

Longhole drilling has commenced in the first series of stopes, marking the
start of the production process. Installation of the secondary egress from the
1,096 to 1,052 level is in the final stage of completion and is expected to be
commissioned in approximately two weeks followed by the blasting of the
stopes. The mine has a series of five stopes which will be mined in the first
block, using the longhole open-stoping method, with cemented rockfill as the
method of backfill. The stopes will be mined between the 1,072 and 1,060
levels on the Kearney Vein.

 

The first series of accredited training courses through the Mineral Products
Qualification Council (MPQC) has been completed and a group of miners from the
project have received their certificates. This training meets with the
requirement by the Health and Safety Executive for Northern Ireland (HSENI) to
implement a formalised training course in all mines. Training course
accreditations include shotfiring, jumbo drilling, operation of load-haul-dump
(LHD) equipment, truck driving, services installation and shotcreting.

 

Mario Stifano, CEO of Galantas, commented: "Thanks to the hard work of our
team on the ground, Galantas has now entered the next significant phase of the
Company's growth as we commence underground production. Galantas is uniquely
positioned to deliver gold production while we grow our high-grade gold
resources and unlock the full potential of a newly emerging high-grade gold
district."

 

Qualified Person

 

Production disclosures in this press release have been reviewed and approved
by Brendan Morris, who is considered, by virtue of his education, experience
and professional association, a Qualified Person under the terms of NI 43-101.
Mr. Morris is not considered independent under NI 43-101 as he is the Chief
Operating Officer of Galantas Gold Corporation.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

About Galantas Gold Corporation

 

Galantas Gold Corporation is a Canadian public company that trades on the
TSX-Venture Exchange and the London Stock Exchange AIM market, both under the
symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The
Company's strategy is to create shareholder value by operating and expanding
Northern Ireland's first gold mine.

Enquiries

 

Galantas Gold Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger, Samuel
Littler

Telephone: +44(0)20 7383 5100

 

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

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 the results of exploration
programs, mine development and timing of mine production at 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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFFADLISIIF