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Galantas halts blasting operations at Omagh amid policing issues

Galantas's underground development work is now significantly advanced, and it may seek a joint venture partner to continue

Galantas Gold Corp -
The Omagh mine

Galantas Gold Corporation (LON:GAL) has temporarily suspended blasting operations at its Omagh gold mine, Northern Ireland.

Blasting operations are currently limited, since all blasting must be supervised by the Police Service of Northern Ireland, as the subject of explosives is a sensitive issue there. Presently the supervision level is not sufficient for work to continue.

Accordingly, in order to reduce costs, while some mine operations will continue at the Omagh gold mine, consultation with the workforce is underway regarding a reduction in the numbers employed.

In light of the economic impingement operations, the company is beginning to seek strategic alternatives including reviewing its licenses and operations, and considering the possibility of engaging in a joint venture or other options with third parties and alternative financing structures.

The company expects it will have to raise funds within the next 6 months and will update the market in due course.

Quick facts: Galantas Gold Corp

Price: 1.625 GBX

AIM:GAL
Market: AIM
Market Cap: £5.25 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

2 min read