Galantas Gold Corporation

Published : October 04th, 2007

Details Falconbridge Payments and Goldsmiths Order

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3rd October 2007      

                                                                      

TSX Venture Exchange -"GAL"  
London Stock Exchange AIM: GAL
"                                                                                                                                        

 

Galantas Details Falconbridge Payments and Goldsmiths Order.

 

Galantas Gold Corporation (the Company), which has a 100% interest in Ireland?s only gold mine, has today given further detail of its contract with Falconbridge Ltd, a subsidiary of Xstrata plc (Falconbridge).

 

The contract provides for payments by Falconbridge of a provisional sum, at 80% of estimated shipment contractual value, for containers of flotation concentrate, 15 days after the containers are loaded onboard ship at Belfast port. The remaining 20 % of the contractual value falls due and is payable 15 days after the ?Quotational Period?. The ?Quotational Period? is the third month after delivery and it is the average metal price in that month which is used to fix the contractual value of the shipment. The contract includes fixed treatment charges that are payable to Falconbridge on a tonnage basis, charges related to the amount of metals (gold, silver and lead) present,  fixed transport charges and deductions for any deleterious elements. Revenues are payable to the Company at the rate of 95 % of the gold, silver and lead values present less the Falconbridge fixed and variable charges.

 

Following analysis of samples taken by an independent sampler, there is a written protocol which averages samples or allows for umpire analysis as necessary.

 

There have been 28 containers shipped to Falconbridge up to September 27, 2007  containing 640.4 wet tonnes. The amount received in interim payments (80% of estimated contractual value) as of 28th September 2007 is $522,605 in US Funds. The estimated gross value of shipments to date of the press release is $835,466 USD with individual container value averaging $30,430 USD. This includes amounts related to containers 1-4, 6, & 8-30.  Since the end of the second quarter, 18 containers have been shipped (up to September 26, 2007). The revenue from these containers is estimated at $500,046 USD, of which $400,037 USD is due as the interim payment with $254,269 USD already been received.  None of these figures include value for 3 containers sent for separate gold processing as feedstock for the jewellery business. The approximate value of the flotation and gravity concentrate within the 3 containers, were they to have been sold to Falconbridge instead of being processed, is estimated at $54,625 USD. It is strongly emphasised that all the estimated values contained in this disclosure are approximate only and are subject to change or confirmation by the protocol.

Concentrate grades achieved to date are less than those anticipated by laboratory test-work. Increased operator experience and additional plant modifications are expected to make improvements. Lower concentrate grade adversely affects concentrate revenue because of the fixed treatment costs and shipping charges noted above.

Plant operation has continued to improve in terms of productivity. Since June 26th, 2007, the date of the last Trading Update, until September 26th 2007, 20 containers have been shipped, containing approximately 466.2 wet tonnes of flotation concentrate. The total number of containers shipped to date total 31 containing approximately 710.0 wet tonnes of concentrate. A graph demonstrating the productivity of the mill on a weekly basis will be published on www.galantas.com.

The processing of 45.7 tonnes (2 containers) of concentrate by a specialist laboratory has been completed and a total of 4.45kgs unrefined gold bullion (dore) has been received. The shipment has been transferred to refiners for the production of certified Irish gold suitable for the jewellery business. Approximately half of the refining is complete and that portion is undergoing manufacture by Galantas? jewellery contractors.

Advance orders have been received from Goldsmiths Group plc and UK and Irish-based independent retailers in excess of ?150,000 (CDN$303,000). This was above expectation and ?free? gold production (that small percentage of the mine?s gold output that can be produced as dore on site) is being up-rated. Goldsmiths are expected to launch selected items from the Galantas product range in 15 United Kingdom shops in November. Included are stores in Brent Cross - North London, the Metro Centre ? Gateshead, Leeds, Cambridge, Cardiff, Liverpool, Glasgow and Birmingham.

The total number of retailers is expected to number between 25 and 30 by the end of 2007.

Galantas Gold Corporation Issued and Outstanding Shares following the placing total 175,675,855.            

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This press release includes certain ?Forward-Looking Statements? within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements, such as but not limited to the number of retailers or locations of retailers or estimated values of concentrates, are ?Forward-Looking Statements? that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these ?Forward-Looking Statements?.

 

Enquiries:

 

Galantas Gold Corporation                                                                                                      

Jack Gunter P.Eng ? Executive Chairman

Roland Phelps C.Eng ? President & CEO

Email: info@galantas.com                                                                                 

Website: www.galantas.com  

Telephone:  +44 (0) 2882 241100

ARM Corporate Finance Limited                                                                                              
Nick Harriss

Telephone: +44 (0) 20 7512 0191  


Lewis Charles Securities Limited.                                                                                         

Kealan Doyle

Telephone: +44 (0) 20 7065 1150

Data and Statistics for these countries : Ireland | United Kingdom | All
Gold and Silver Prices for these countries : Ireland | United Kingdom | 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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