Galantas Gold Corporation GALANTAS PRODUCTION UPDATE AND CHANGE OF BROKER (1501B)
October 06 2020 - 1:00AM
UK Regulatory
TIDMGAL
RNS Number : 1501B
Galantas Gold Corporation
06 October 2020
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
GALANTAS PRODUCTION UPDATE AND CHANGE OF BROKER
October 6, 2020 . Galantas Gold Corporation ("Galantas" or "the
company") is pleased to provide an operational update for the
Galantas Gold Mine, Omagh, Northern Ireland and details of a change
of AIM broker.
Concentrate Production
Concentrate processing operations re-started, following a Covid
shutdown, on May 26, 2020. While underground mining remains
suspended, current processing utilises low grade stock. In the
period from May 26, 2020 to September 30, 2020, approximately 147
tonnes of concentrate was despatched, containing an estimated 551.5
troy ounces of gold. In the third quarter ending September 30,
2020, approximately 98 tonnes of concentrate was despatched,
containing an estimated 386.2 troy ounces of gold. All weights and
contained metal estimates are provisional and subject to
confirmation.
The estimated monthly recovery of gold to concentrate, in the
third quarter, has averaged 95.4%, with low grade feed carrying a
monthly estimated average of 2.14 g/t gold.
Environmental monitoring of operations continues to demonstrate
satisfactory results within regulatory constraints.
Potential Partnering
Active discussions continue with a number of potential partners
regarding funding to provide the investment required for additional
mine development and exploration. On-site inspections have been
restricted by Covid related matters.
AIM Broker Change
The Company is pleased to announce that, pursuant to the
acquisition of Whitman Howard Limited by Panmure Gordon & Co
("Panmure Gordon"), it has appointed Panmure Gordon as its AIM
Broker with immediate effect.
Qualified Person
This release has been prepared by Roland Phelps (President &
CEO), a qualified person under the meaning of NI. 43-101. The
information is based upon local production data prepared under his
supervision.
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release
contains forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, including anticipated
production estimates, for the Omagh Gold project. Forward-looking
statements are based on estimates and assumptions made by Galantas
in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors that Galantas believes are appropriate in the
circumstances. Many factors could cause Galantas' actual results,
the performance or achievements to differ materially from those
expressed or implied by the forward looking statements or strategy,
including: gold price volatility; discrepancies between actual and
estimated production, actual and estimated metallurgical recoveries
and throughputs; mining operational risk, geological uncertainties;
regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign involvement;
speculative nature of gold exploration; dilution; competition; loss
of or availability of key employees; additional funding
requirements; uncertainties regarding planning and other permitting
issues; and defective title to mineral claims or property. These
factors and others that could affect Galantas's forward-looking
statements are discussed in greater detail in the section entitled
"Risk Factors" in Galantas' Management Discussion & Analysis of
the financial statements of Galantas and elsewhere in documents
filed from time to time with the Canadian provincial securities
regulators and other regulatory authorities. These factors should
be considered carefully, and persons reviewing this press release
should not place undue reliance on forward-looking statements.
Galantas has no intention and undertakes no obligation to update or
revise any forward-looking statements in this press release, except
as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Enquiries
Galantas Gold Corporation Roland Phelps C.Eng - President &
CEO
Email: info@galantas.com Website: www.galantas.com Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke.
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500
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