Galantas Gold Corporation Galantas Inks Commercial Blasting Arrangements (7682N)
February 03 2021 - 1:00AM
UK Regulatory
TIDMGAL
RNS Number : 7682N
Galantas Gold Corporation
03 February 2021
GALANTAS GOLD CORPORATION
TSXV and AIM Stock Symbol - "GAL"
GALANTAS INKS COMMERCIAL BLASTING ARRANGEMENTS
Date : February 3, 2021. Galantas Gold Corporation (the
"Company" or "Galantas"), the Northern Ireland gold producer and
explorer, with a 100% interest in Northern Ireland's Omagh gold
mine, is pleased to announce that a formal agreement regarding
blasting has been reached between the Company's operating
subsidiary and the Police Service of Northern Ireland (PSNI). The
PSNI have responsibilities regarding the supervision of the use of
blasting materials in Northern Ireland.
The agreement provides the potential for a materially improved
economic arrangement for an expansion of underground blasting,
required for full production, to take place at the Omagh Mine. The
agreement has followed a comprehensive review by the PSNI and
regulators.
Roland Phelps, (President & CEO, Galantas Gold Corporation),
said, "The agreement is the result of detailed cooperation between
Galantas & PSNI and I am pleased that the new arrangements, in
which the Company has heavily invested, have been formalized in
this way. The previous arrangements, under which the Company made
around two kilometres of underground development, constrained the
Company's ability to expand underground production. The new
arrangements are designed to permit underground blasting to be
expanded to achieve commercial production levels. The Company is
actively working with third parties on the financing arrangements
required to recommence and expand blasting underground."
Underground maintenance activities continue, as does the
processing of low grade stockpile material. Health and Safety is a
priority, with zero lost-time incidents since underground mining
began. Routine environmental monitoring of the Company's operations
continues to demonstrate compliance with regulatory consents.
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.
Information communicated within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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 (Nomad)
Philip Secrett, Harrison Clarke, George Grainger:
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich:
Telephone: +44(0)20 7659 1234
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END
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