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Galantas Gold hails good progress with underground development during 2018

Thre group's total assets at the end of 2018 amounted to C$24.3mln, compared to C$13.7mln a year earlier, and cash stood at C$6.2mln, up from C$779,758 at end 2017

Galantas's gold mine in Omagh
The north/south Kearney vein was intersected in June as planned

Galantas Gold Corporation (CVE:GAL) (LON:GAL) ended 2018 with cash balances at 31 December 2018 of C$6.2mln, up from C$$779,758 a year earlier.

The company’s gold mine in Omagh, Northern Ireland, commenced limited production during the third quarter of 2018 from feed produced in the development of the Kearney vein.

READ Galantas lines itself up to become Ireland’s premier gold producer

During the fourth quarter, Galantas reported that delivery had been made of the first consignment of concentrate derived from underground feedstock at the mine.

The group’s revenue for 2018, which came from jewellery sales, was C$71,243, up from C$35,308 a year earlier.

As one might expect from a company that has not yet got the top-line moving north, 2018’s loss widened to C$2.89mln from C$2.08mln in 2017.

Quick facts: Galantas Gold Corp

Price: 16.5 GBX

AIM:GAL
Market: AIM
Market Cap: £5.33 m
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