Galantas Gold (LON:GAL, CVE:GAL) is confident on its ability to establish a sound business from the Omagh gold mine as it narrowed the loss in the first quarter.
Production at Ireland's only gold mine remains suspended and the firm is in cost cutting mode as it awaits the much-delayed outcome of the application for planning permission.
The net loss for the quater to end March was C$ 414,099 compared to a loss of C502,100 in the same period in 2014.
Revenues were C$1,123 compared to zero in 2014 due to jewelry sales and following the suspension of production during 2013 there have not been any shipments of concentrates from the mine.
Cash balances as at end March were C$ 380,764 compared to C$ 59,616 as at the end of March 2014.
Galantas told investors it had been advised that planning officials have now completed consultations, finalised their report and submitted it to the Minister of Environment for determination.
"The company understands that the report contains a recommendation to approve the company's application, though the Minister is not bound by the recommendation. The company understands a decision is imminent."
The firm's president and chief executive Roland Phelps said: "The robust results of the recent economic study, with the upcoming planning determination, which we expect to be positive, lead us to be confident about the establishment of a sound business based on the Omagh gold property. "
Galantas shares eased 6% to 5.875p.