Galantas Gold Corporation Galantas Restarts Blasting Underground
RNS Number : 1601S
Galantas Gold Corporation
12 March 2021
GALANTAS GOLD CORPORATION
TSXV and AIM Stock Symbol - "GAL"
GALANTAS RESTARTS BLASTING UNDERGROUND
Date : March 12, 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 limited blasting underground has
Development mining of the Kearney gold vein has re-started on a
single shift basis. It is expected to produce a feed of higher gold
grade for the processing plant than the current feed, which comes
from low grade stock.
Total concentrate production is expected to rise, driven by an
expected higher feed grade. During the period of suspension of
blasting operations at the mine, key mining skill sets were
preserved by the incorporation of personnel within process plant
operations. Process plant operations will now reduce from three
shifts to two.
The limited re-start is being carried out within current cash
resources, using a single existing equipment suite, which is fully
operational. Operating performance may be reduced in the event of
any breakdowns. The Company has also been advised that the
restocking of specialist blasting materials may be subject to
short-term delays due to Brexit. An operational review will be
carried out after a two to four week period. A further announcement
will be made when the review has been completed.
Roland Phelps, (President & CEO, Galantas Gold Corporation),
said, "The restart of blasting, although limited by our cash
availability, is good progress. If the upcoming review is positive,
the re-start is expected to enhance gold concentrate production.
Cash constraints do restrict how quickly operations can be expanded
and the Company is actively working with third parties on the
arrangements required both to expand blasting underground and to
expand exploration, for which significant potential exists."
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Galantas Gold Corporation
Roland Phelps C.Eng - President & CEO
Email: email@example.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) Dow Jones Newswires
March 12, 2021 10:12 ET (15:12 GMT)