Galantas Gold Provides Progress Update on the Omagh Gold Project
14 Juni 2023 - 8:00AM
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, while 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 CorporationMario Stifano: Chief Executive
OfficerEmail: info@galantas.comWebsite: www.galantas.comTelephone:
+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.
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