REG - Galantas Gold Corp - Sustainable Mine Plan expected in July

Galantas GoldAnnouncement

14/06/2023 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:20230614:nRSN6170Ca&default-theme=true

RNS Number : 6170C  Galantas Gold Corporation  14 June 2023

 

 

GALANTAS GOLD PROVIDES PROGRESS UPDATE ON THE OMAGH GOLD PROJECT

 

SUSTAINABLE MINE PLAN EXPECTED IN JULY

 

June 14, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that
mining contractor QME Mining Services (NI) Ltd. Ireland ("QME") has
successfully concluded its due diligence process at the Company's Omagh Gold
Project in Northern Ireland, as part of its work on a sustainable mine plan.

 

It is envisioned that the mine plan, targeted for completion in July 2023,
will allow the Company to further develop and mine the ore zones down to the
existing lower levels of the Omagh Mine. The mine plan is aimed to optimize
production from the dilation zones, which have potential for higher grades and
thicker widths of mineralization. The mine plan will outline a staged
production plan, estimating the initial production levels, followed by staged
expansions of production. The Company believes this will be a lower capital
cost pathway of de-risking the growth in production, whilst the Company
continues its focus on exploration and expanding its mineral resources at
Omagh. The forthcoming mine plan will involve mining both the Joshua and
Kearney veins, leveraging QME's highly skilled workforce and state-of-the-art
original equipment manufacturer (OEM) mining equipment.

 

Mario Stifano, CEO of Galantas, commented: "We are thrilled that QME is
progressing our mine plan. QME's extensive mining experience across Europe,
including its notable involvement in the development and bulk sampling of
Dalradian's nearby gold project located just 20 km away from Omagh, positions
them as an ideal partner for this endeavour.

 

"Furthermore, QME's commitment to the success of the Omagh Project is
exemplified by its significant shareholding (3,194,444 shares) in Galantas. We
look forward to providing further information on our mine strategy next
month."

 

QME was founded in 1985 and is an experienced mining services provider engaged
in mine development and the supply of new and re-manufactured equipment for
underground and open pit use. QME is currently engaged in mining contracts in
Ireland and Portugal and has prior experience in mining projects in the
Republic of Ireland, Northern Ireland and Scotland. Current and past clients
include Tara Mines, Dalradian Gold, Lundin Mining and Barrick Gold.

 

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.

 

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
gold production and resources at the Omagh Project in Northern Ireland, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit
in Scotland.

 

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

 

SP Angel Corporate Finance LLP (AIM Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

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 results of exploration and mine
development programs at the Omagh Project and Gairloch 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  UPDDGGDLLSBDGXX