Galantas Gold Corporation Operational Update (6491V)
April 16 2021 - 01:00AM
UK Regulatory
TIDMGAL
RNS Number : 6491V
Galantas Gold Corporation
16 April 2021
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
OPERATIONAL UPDATE
April 16, 2021 . Galantas Gold Corporation ("Galantas" or "the
company") is pleased to provide an operational update for the
Galantas Gold Mine, Omagh, Northern Ireland.
Underground blasting (as reported March 12, 2021) has continued
with mining on a single shift basis. As expected, development of
the Kearney vein has produced a feed of higher gold grade for the
processing plant than the existing feed, which comes from low grade
stock. The grade attributable to low grade stock for the months of
January 2021 and February 2021 is estimated at 1.8 g/t and 1.1 g/t
gold respectively. The grade of the limited feed produced from
underground (based upon concentrate production) is estimated at 5.7
g/t gold and that material has supplemented the low grade material
processed during the last week of the first quarter.
The total tonnage processed in the first quarter of 2021 is
estimated at 6,262.5 tonnes for an estimated 258.5 troy ounces of
gold within an estimated 87.3 tonnes of concentrate. Shipments of
96.7 tonnes of concentrate were made in the first quarter
containing an estimated 304.6 troy ounces of gold.
Cash received during the first quarter 2021, under the company's
concentrate off-take agreement, totalled USD $574,599.90. This sum
includes residual payments due from previous out-of-quarter
shipments. Cash received is continuing to be credited within the
accounts against development costs until ramp up to full production
is complete.
An initial review of the restart of underground operations has
demonstrated favourable results based upon provisional
estimates.
Roland Phelps, (President & CEO, Galantas Gold Corporation),
said, "I am pleased with how the re-start of mining operations has
gone so far. When underground feed is processed in the mill the
expected increase in concentrate production is demonstrated. The
Company is actively working with third parties to finance an
expansion of the business going forward."
Environmental monitoring of operations continues to demonstrate
satisfactory results within regulatory constraints.
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.
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 (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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