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Galantas expecting to book US$460,000 in sales for the second quarter of 2019

On mine development continues, as the main decline has now reached the fourth level

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Decline entrance at Omagh

Galantas Gold Corp (LON:GAL) rose on Tuesday after the group said it is expecting to book approximately US$460,000 in concentrate sales for the second quarter of the year, as underground production from the Omagh gold mine in Northern Ireland continues.

The main decline tunnel has reached the fourth level and an access drive to intersect the Kearney vein on this level has commenced. The vein is expected to be intersected on this level in approximately four weeks’ time.

WATCH: Galantas Gold updates as underground development on Kearney vein progresses

Increased in-vein development is expected to drive further increases in feed tonnage to the processing plant, which produces a concentrate sold under an off-take contract.

A second shift was added to the processing plant operations, as planned, early in the second quarter of 2019. An expansion to three shifts is planned for the third quarter, once vein development on the fourth level is confirmed. Investment in processing plant improvements continue, with the recent arrival of some specialized flotation items that had long delivery times.

"Development continues to accelerate according to plan. Concentrate production has increased, with further increases planned for the third quarter," said Galantas chief executive Roland Phelps.

In afternoon trading, shares in Galantas Gold were 1.1% higher at 4.60p.

 -- Adds share price --

 

 

Quick facts: Galantas Gold Corp

Price: 1.625 GBX

AIM:GAL
Market: AIM
Market Cap: £5.25 m
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