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Galantas Gold Corp - Trading Statement

RNS Number:5287T Galantas Gold Corporation 01 May 2008 GALANTAS GOLD CORPORATION TSX Venture Exchange: GAL London Stock Exchange AIM: GAL Trading Statement Dated: 01 May 2008 Galantas Gold Corporation ('Galantas' or the 'Company') has announced audited results for the year ending 2007. Total Revenue for the year was C$654,142 and produced a net Loss of C$2,165,656 after tax. Shipments of gold concentrate were reduced in the fourth quarter due to a shortage of ore and a scheme was put in place to make more ore accessible. Cash flow in the quarter was also reduced by the shipment of three containers of gold concentrate to a specialist refiner for the production of certified Irish gold jewellery metal. The results for the full year are summarised as follows :- Gold Concentrate Sales* : C$ 619,434 Total Sales : C$ 654,142 Cost of Concentrate Sales : C$ 862,709 Gross Margin Loss **(concentrate) C$(243,275) Production : 376.8 (wet tonnes) *Concentrate sales do not include four containers sent for separate gold processing to jewellery metal. **Reflects higher amortization costs The concentrate produced in the quarter is calculated to contain, using provisional assays all of which have not yet been agreed with the customer, approximately 29.6 kgs (950.8 troy ounces) of gold, 69.0 kgs(2,219.0 troy ounces) of silver and 27.4 tonnes of lead. The metal quantities are provisional and subject to change. A number of measures to enhance profitability, described in an Operational Update of 31st March 2008, have been put in place. These are designed to increase the amount of ore available from the open pit, reduce the dilution of ore with adjacent barren country rock, improve mill handling / crushing and increase the grade of gold concentrate shipped. Results demonstrated to date in April give management cautious optimism that the measures described are showing signs of success in the achievement of their designed objectives, although it will require the results of a full quarter before a proper appraisal can be made. The results to date in April indicate that sufficient ore has been available for parts of the month to run the process plant for prolonged periods at between approximately 8 and 9 tonnes per hour. The gold grade of ore fed to the mill has improved and is estimated at between 8 and 9 grammes per tonne (g/t) of gold***. Concentrate grades are currently on an increasing trend, with recent shipments estimated to contain gold between 100 and 110 g/t gold***. The greatest hurdle to maintaining the rate of improvement is considered to be in the area of pit development and this continues to receive management focus. ***The results are the product of back calculation and include the use of estimates that, of their nature, contain uncertainties. The full text of the Management Discussion and Analysis and the Annual Accounts are to be found on www.sedar.com and www.galantas.com . The estimation of tonnage, feed grade and concentrate grade has been carried out under the supervision of Mr. Nicholas Hardie C.Eng FIMMM, General Manager, who is a qualified person for the purposes of this disclosure. The financial data has been reviewed by Mr. Brent Routledge CA, Chief Financial Officer, who is a qualified person for the purposes of this disclosure. Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This press release includes certain 'Forward-Looking Statements' within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements such as those referring (but not limited) to production activity or estimates of performance are 'Forward-Looking Statements' that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these 'Forward-Looking Statements'. Enquiries: Galantas Gold Corporation Jack Gunter P.Eng - Chairman Roland Phelps C.Eng - President and CEO Email : [email protected] Website : www.galantas.com Telephone : +44 (0) 2882 241100 Blomfield Corporate Finance Limited Nick Harriss Telephone : +44 (0) 207 512 0191 Lewis Charles Securities Limited Kealan Doyle Telephone : +44 (0) 207 456 9100 This information is provided by RNS The company news service from the London Stock Exchange END TSTFFLBBVEBZBBK

Quick facts: Galantas Gold Corp

Price: 1.375

Market: AIM
Market Cap: £4.44 m

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Full interview: Galantas Gold temporarily suspends blasting at Omagh mine

Galantas Gold Corporation's (LON:GAL) Roland Phelps tells Proactive London's Andrew Scott they've temporarily suspended blasting operations at their Omagh gold mine, Northern Ireland. Phelps says blasting operations are currently limited, since all blasting must be supervised by the Police...

on 29/10/19