Galantas Announces 34% Increase in Resources at Omagh Gold Mine
Published : June 12, 2013
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Keywords :   Diamond | Gold | Gold Mine | Ireland | Market | Report | Volatility |

TORONTO, ONTARIO--(Marketwired - June 12, 2013) - Galantas Gold Corporation (News - Market indicators) (AIM:GAL) is pleased to announce a summary of an updated resource estimate relating to its wholly owned, operational, gold project at Omagh, County Tyrone, Northern Ireland.

The resource estimate is based on drilling results received up to 5th May 2013. The following table summarises the block model estimate and compares it to the previous estimate by ACA Howe, which was based on drilling results up to 8th June 2012 :

      ACA Howe 2012 report
Drilling to 8th June 2012
  Galantas 2013 report
Drilling to 5
thMay 2013
MINERALISED   RESOURCE CUT-OFF 2.5 g/t Au (gold)   CUT-OFF 2.5 g/t Au (gold)
ZONE   CATEGORY TONNES   Grade (Au g/t ) Au ozs   TONNES   Grade (Au g/t ) Au ozs
KEARNEY   MEASURED 0   0   0   55,896   6.09   10,941
KEARNEY   INDICATED 270,900   7.94   69,000   327,542   6.56   69,057
KEARNEY   INFERRED 490,000   8.54   135,000   831,860   6.16   164,651
JOSHUA   MEASURED 13,000   6.48   2,800   59,002   4.92   9,331
JOSHUA   INDICATED 66,800   6.27   13,000   250,140   5.32   42,804
JOSHUA   INFERRED 173,000   8.48   47,000   395,886   6.45   82,148
ELKINS   INDICATED 68,500   4.24   9,000   68,500   4.24   9,000
ELKINS   INFERRED 20,000   5.84   3,800   20,000   5.84   3,800
KERR   MEASURED 2,250   6.75   500   2,250   6.75   500
KERR   INDICATED 5,400   5.03   900   5,400   5.03   900
KERR   INFERRED 26,000   4.58   4,000   26,000   4.58   4,000
GORMLEYS   INFERRED 75,000   8.78   21,000   75,000   8.78   21,000
GARRY'S   INFERRED 0   0.00   0   0   0.00   0
PRINCES   INFERRED 10,000   38.11   13,000   10,000   38.11   13,000
SAMMY'S   INFERRED 27,000   6.07   5,000   27,000   6.07   5,000
KEARNEY NORTH   INFERRED 18,000   3.47   2,000   18,000   3.47   2,000
                           
TOTALS   MEASURED 15,250   6.52   3,300   77,919   5.87   20,772
    INDICATED 411,600   7.01   92,000   651,582   5.85   121,761
    INFERRED 839,000   8.53   231,000   1,403,746   6.54   295,599
Note: Rounded numbers, gold grades capped at 75g/t. Cut-off grade of 2.5g/t Au & a minimum mining width of 0.9 metres. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The drilling program, subsequent to June 2012, was targeted to increase the amount of Measured and Indicated Resources, to increase the confidence of loan finance providers, related to the potential development of an underground mine. The drilling target was achieved. There has been an overall increase in Resources classified as Measured and Indicated from a total of 95,300 troy ounces gold (2012) to 142,533 troy ounces gold (an increase of 50%) and a 28% increase in Resources classified as Inferred, from 231,000 troy ounces gold (2012) to 295,599 troy ounces gold (2013). The overall increase is 34%. The unaudited, estimated cost of the drilling program (subsequent to 8th June 2012) was approximately £927,000.

The database used in the 2013 resource estimate contains results from 299 surface Diamond drill holes and 540 channels. Sampling methodology, security & verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay with atomic absorption finish and other metals by ICP-ORE) at OMAC Laboratory Ltd (now ALS Minerals Division), an independent, ISO 17025 laboratory, of Galway, Ireland. The core drilling methodology was that as described on 15th September 2011.

The Company intends to file a complete Technical Report on SEDAR within 45 days of this release, as required by NI 43-101.

Roland Phelps, President & CEO, Galantas Gold Corporation commented, "The 2013 Resource Estimate is an important milestone in the development of an underground gold mine on our Omagh site. A revised economic study can now be initiated and loan finance discussions will continue when that is complete. Planning permits continue to progress, with final additional information now being prepared for consultation."

Roland Phelps, B.Sc., C.Eng, MIMMM, President & CEO, Galantas Gold Corporation is the Qualified Person (QP) for the NI.43-101 Report on the Resource Estimate of the Omagh Gold Deposit (2013). Data collection procedures and the preparation of the resource estimate has been carried out under his supervision and he has reviewed and approved the contents of this press release. The QP is not independent of the Company. The financial component of this disclosure has been reviewed by Leo O' Shaughnessy (Chief Financial Officer, Galantas Gold Corporation) and is based upon local financial data prepared under his supervision.

SPECIAL 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 drilling intersections and analyses, 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 geological interpretation, 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, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; actual and estimated costs; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; 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.

Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.

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.

Galantas Gold Corporation
Jack Gunter P.Eng
Chairman
+44 (0) 2882 241100
or
Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
+44 (0) 2882 241100
info@galantas.com
www.galantas.com
or
Investor Relations :
Courtenay Heading (Maclir Consulting Ltd)
(UK) +44 (0) 7624 424 455
c.heading@galantas.com
or
Charles Stanley Securities (Nominated Adviser)
Mark Taylor
+44 (0)20 7149 6000
Data and Statistics for these countries : Ireland | All
Gold and Silver Prices for these countries : Ireland | All

Galantas Gold Corporation

EXPLORATION STAGE
CODE : GAL.V
CUSIP : 298773
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Galantas is a gold development stage company based in Canada.

Galantas holds various exploration projects in Ireland and in Portugal.

Its main exploration properties are OMAGH - KEARNEY and OMAGH - OTHER DEPOSITS in Ireland and MONTEMOR in Portugal.

Galantas is listed in Canada, in United Kingdom and in United States of America. Its market capitalisation is CA$ 82.0 millions as of today (US$ 65.6 millions, € 57.5 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at CA$ 0.01, and its highest recent level on May 28, 2021 at CA$ 0.89.

Galantas has 170 890 000 shares outstanding.

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