Galantas Announces Scheduled Restart of Processing and Agreement Regarding Blasting
May 12 2020 - 2:00AM
Galantas Gold Corporation (“Galantas” or the
"Company") (TSXV:GAL) (AIM:GAL), the AIM and TSXV quoted gold
producer and explorer announces that it has agreed matters with the
Police Service of Northern Ireland (PSNI), regarding blasting at
its 100% owned gold mine near Omagh, Northern Ireland.
Galantas earlier announced (April 2, 2020) that confirmation has
been received from PSNI, in regard to satisfaction of certain
secure storage and handling protocols required for an increase in
blasting to a commercial level. Some other issues, regarding
financial matters, were being progressed. The Company understands
that financial matters have now been mutually agreed.
Staff operating the concentrate processing plant (mill) were
earlier furloughed under a UK government grant scheme, regarding
the Coronavirus pandemic. The company carried out maintenance to
the processing plant during the milling suspension, to avoid future
maintenance interruptions. The Company expects to re-start milling
operations within the next ten days and will be working from a
stock of low-grade material currently available. The Company will
be applying Northern Ireland / UK government health advice and a
risk assessment.
Certain underground work continues but ore production is
suspended until finance is available to expand the underground
operation. Pending resolution of the blasting issue, the workforce
was reduced as earlier disclosed (October 29, 2019).
Discussions with a number of parties continue in terms of a
corporate action involving a potential sale or joint venture. Due
diligence materials continue to be processed.
The information in this release has been reviewed by Roland
Phelps C.Eng MIMMM (President & CEO, Galantas Gold Corporation)
a qualified person under the meaning of National Instrument. 43-101
and AIM rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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.
Enquiries: Galantas Gold
CorporationRoland Phelps C.Eng –
President &
CEOEmail: info@galantas.com Telephone:
(UK) +44 (0) 2882
241100Website: www.galantas.com
Grant Thornton UK LLP (AIM Nominated
Advisor)Philip Secrett, Richard
Tonthat: Telephone: +44(0)20 7383
5100
Whitman Howard Ltd (Broker & Corporate
Adviser)Nick Lovering, Grant
Barker: Telephone: +44(0)20 7659
1234
Galantas Gold (TSXV:GAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Galantas Gold (TSXV:GAL)
Historical Stock Chart
From Apr 2023 to Apr 2024