TIDMGAL
RNS Number : 6170C
Galantas Gold Corporation
14 June 2023
GALANTAS GOLD PROVIDES PROGRESS UPDATE ON THE OMAGH GOLD
PROJECT
SUSTAINABLE MINE PLAN EXPECTED IN JULY
June 14, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the " Company")
is pleased to announce that mining contractor QME Mining Services
(NI) Ltd. Ireland ("QME") has successfully concluded its due
diligence process at the Company's Omagh Gold Project in Northern
Ireland, as part of its work on a sustainable mine plan.
It is envisioned that the mine plan, targeted for completion in
July 2023, will allow the Company to further develop and mine the
ore zones down to the existing lower levels of the Omagh Mine. The
mine plan is aimed to optimize production from the dilation zones,
which have potential for higher grades and thicker widths of
mineralization. The mine plan will outline a staged production
plan, estimating the initial production levels, followed by staged
expansions of production. The Company believes this will be a lower
capital cost pathway of de-risking the growth in production, whilst
the Company continues its focus on exploration and expanding its
mineral resources at Omagh. The forthcoming mine plan will involve
mining both the Joshua and Kearney veins, leveraging QME's highly
skilled workforce and state-of-the-art original equipment
manufacturer (OEM) mining equipment.
Mario Stifano, CEO of Galantas, commented: "We are thrilled that
QME is progressing our mine plan. QME's extensive mining experience
across Europe, including its notable involvement in the development
and bulk sampling of Dalradian's nearby gold project located just
20 km away from Omagh, positions them as an ideal partner for this
endeavour.
"Furthermore, QME's commitment to the success of the Omagh
Project is exemplified by its significant shareholding (3,194,444
shares) in Galantas. We look forward to providing further
information on our mine strategy next month."
QME was founded in 1985 and is an experienced mining services
provider engaged in mine development and the supply of new and
re-manufactured equipment for underground and open pit use. QME is
currently engaged in mining contracts in Ireland and Portugal and
has prior experience in mining projects in the Republic of Ireland,
Northern Ireland and Scotland. Current and past clients include
Tara Mines, Dalradian Gold, Lundin Mining and Barrick Gold.
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.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that
trades on the TSX Venture Exchange and the London Stock Exchange
AIM market, both under the symbol GAL. It also trades on the OTCQX
Exchange under the symbol GALKF. The Company's strategy is to
create shareholder value by operating and expanding gold production
and resources at the Omagh Project in Northern Ireland, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing
VMS deposit in Scotland.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger, Samuel
Littler
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Broking)
Telephone: +44(0)20 3470 0470
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 results of exploration and mine development programs at
the Omagh Project and Gairloch 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' 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.
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END
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