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Galantas Gold prepares to increase blasting to a commercial level

Ore production at Omagh remains suspended until finance is available to expand the underground operation.

Galantas Gold Corp -

Galantas Gold Corporation (LON:GAL) said in its second-quarter results statement that certain underground work continued at its Omagh mine in the first half of 2020.

Ore production remains suspended until finance is available to expand the underground operation but following the suspension of blasting operations at the mine the processing plant has continued to operate on a limited basis.

The company believes pending agreements that had been holding up an increase in blasting to a commercial level at its Omagh mine have now been agreed.

Previously, Galantas had reported that the Police Service of Northern Ireland (PSNI), which supervises the blasting, had okayed certain secure storage and handling protocols required for an increase in blasting subject to financial matters being agreed. The company understands that these financial matters have now been mutually agreed.

Concentrate production during the three and six months ended June 30, 2020, totalled 44 tonnes and 92 tonnes of concentrate provisionally assessed as grading 86.4 and 98 grams per tonne respectively.

For the three and six months ended June 30, 2020, provisional revenues from concentrate sales totalled US$186,000.

Concentrate inventories on hand at the end of June were shipped during the third quarter, Galantas said.

The gold mine developer revealed it had cash balances of C$199,953 at the end of June, compared to a balance of C$1.31mln a year earlier.

The company reported a net loss of C$792,141 for the second quarter of 2020, compared to a loss of C$891,863 in the same period of 2019.

Quick facts: Galantas Gold Corp

Price: 18.25 GBX

AIM:GAL
Market: AIM
Market Cap: £6.42 m
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