logo-loader
Galantas Gold Corp

Galantas Gold updates on third quarter as Omagh mine project advances

Galantas is aiming to establish an underground mining operation whilst at the same time seeking a further expansion of gold resources on the property.

gold
The mine is in a phased development

Galantas Gold Corporation (LON:GAL) today reported on the three month period which saw the start of limited gold production from its development project, the Omagh gold mine.

Since the end of September, the mining firm delivered its first consignment of concentrate derived from underground feedstock at the mine.

The mine is now the subject of active development, with the aim of establishing an underground mining operation whilst at the same time seeking a further expansion of gold resources on the property.

READ: Galantas shares jump as court dismisses Omagh gold mine planning challenge

Via a phased development of the project the company sees the possibility for rapid growth and expansion as additional capital becomes available.

Presently, the mine operates on a part-time basis until production stoping commences, which is expected in early 2019.

In terms of financial results, Galantas noted that it had generated US$14,203 of revenue in the third quarter, ended September 30, and noted a general admin expense of US$576,256 – contributing to a US$706,717 net loss for the period.

At 30 September, Galantas held US$1.25mln of cash.

Quick facts: Galantas Gold Corp

Price: £0.04

Market: AIM
Market Cap: £13.09 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galantas Gold Corp named herein, including the promotion by the Company of Galantas Gold Corp in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Galantas Gold seeing 'racy' grades at Omagh as development work advances

Galantas Gold Corporation's (LON:GAL) roland Phelps tells Proactive London's Andrew Scott they've hit more strong gold indications from work at the Omagh mine in Northern Ireland. An access drive on the fourth (1060) level intersected the Kearney vein ahead of schedule.

on 22/7/19

2 min read