GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS RECEIVES PLANNING PERMIT FOR OMAGH UNDERGROUND GOLD MINE
June 11th, 2015: Galantas Gold Corporation (the 'Company' or "Galantas") is pleased to announce that the Minister of Environment, Northern Ireland, Mr. Mark H. Durkan, has granted planning consent for an underground gold mine at the Omagh site. The planning consent will permit the continuation and expansion of gold mining and is expected to create hundreds of jobs locally.
The positive decision is the result of 3 years of examination of environmental and other factors regarding the application. Included were environmental studies by NIEA (Northern Ireland Environment Agency) and independent specialists. The consent includes operating and environmental conditions, which the Company anticipates mostly to be based upon guidance already noted in consultation. A detailed review of the conditions is being undertaken by Galantas.
Roland Phelps, President & CEO, Galantas Gold Corporation, commented, "This is a significant milestone and a game changer for Galantas. Our open pit gold mine, operated until recently, is the only one in Ireland. It had excellent environmental standards, monitored with detailed studies by NIEA and used a safe processing methodology to produce a smelter concentrate.
The underground mine will utilize the same processing methods and will be the first underground gold mine, of any scale, in Ireland. The robust results of the recent economic study, now with the positive planning determination, lead us to be confident about the establishment of a sound business based on the Omagh gold property. That business will draw upon the excellent engineering infrastructure and skilled, flexible labour pool around Omagh and create hundreds of local jobs, providing a real boost to the economy of Northern Ireland.
Our strategy is to establish the underground mine as soon as finance is available and look for further expansion of gold resources on the property, which has many un-drilled targets. "
This disclosure has been reviewed by Roland Phelps C.Eng MIMMM (President & CEO, Galantas Gold Corporation).
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 revenues and cost 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.
Galantas Gold Corporation Issued and Outstanding Shares total 87,297,155.
Grant Thornton UK LLP (Nomad)
Philip Secrett
Richard Tonthat
Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Neil Pidgeon
Nick Lovering
Telephone: +44(0)20 7659 1234