Galantas Gold Corporation

Published : March 31st, 2008

progress at the Omagh Gold Mine

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Keywords :   Debt | Gold | Gold Mine | London | Morocco | Paramount | Recovery |

31st March 2008                                                                      

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

GALANTAS OPERATIONAL UPDATE

Galantas Gold Corporation (the Company) has announced that progress at the Omagh Gold Mine and Processing Plant continues to improve. Concentrate production during February 2008 (which includes concentrate held in stock) totaled approximately 150.57 dry tonnes, compared to January 2008 with 128.92 dry tonnes. The production improvement was due to the increased availability of ore from the Omagh open pit.

The pit is now enlarged to make more ore available and the program of stripping of country rock continues. Concentrate production is expected to increase as a consequence of the increased amount of ore available. Pit production is subject to variability in grade, ore width and weather conditions.

Average mill head-grade has been back-calculated from in-house, process control data since November 2007 and is estimated at 6.32* grammes per tonne (g/t) gold. This is an improvement against the estimated average since May 2007 of 6.07*g/t gold but is lower than the grade range anticipated previously by selective mining. The estimated average for the year is 6.24*g/t gold. Part of the reason for the lower grade is considered to be the lack of availability of enough higher grade ore due to the smaller than planned exposed strike length of the open pit, forcing the mill to accept lower grade material. Despite adverse weather conditions since November 2007, a revised grade control scheme has produced some improvement. This method incorporates control sampling by geological staff with the previous visual selection method. A change to the ore-mining method is planned but can only be implemented on completion of the program of excavation of country rock. The side stripping of country rock alongside the ore vein before extraction of ore has previously demonstrated that it allows ore to be removed as larger pieces with less dilution. When tested, the blocky nature of the feed produced was problematic at the plant. This has been remedied by the purchase of a used semi-mobile crusher of large gape which is undergoing refurbishment on site.

The major components of the regrind circuit have been installed within the processing plant. It still requires some additional work which is continuing and expected to be complete within 2 weeks. This circuit, coupled with crusher improvements, has led to an increased power requirement from the site based, diesel powered, electrical generators. The site generating capacity has been enhanced with the addition of a 1000 KVA generator. Although used, the unit is of low hours (160).

As an average for the whole of 2007, including the period from January to the end of June in which commissioning took place, the processing plant achieved a recovery of 89% for gold. The recovery has improved during the year such that since May 2007 the average recovery was 90% for gold and the average since November 2007 was 92% for gold. A graph of 2007 plant recoveries for gold and sulphides will be posted on the Company website, www.galantas.com .

G&F Phelps Ltd. a company controlled by a director, has agreed to expand the existing loan arrangement by £75,000 to permit the purchase of the larger generator and semi-mobile crusher and to include both in its existing equipment security.

The Company has arranged short term debt finance, up to the sum of £250,000 and on the same interest terms as that already arranged with First Trust Bank (2% over Bank Base Rate). The loan, which is to be used for working capital purposes, is repayable on demand and is from a Director of the Company, who stood aside from the decision to accept the loan.

The anticipated independent report on Reserves and Resources on the Omagh License, commissioned from ACA Howe, is undergoing final review by Howe. The report is commissioned to Canadian National Instrument 43-101 standard, with Reserve and Resources calculated to the CIM code.

The Company welcomes Chris Attwood B. Eng Mining Engineering, HND Minerals Engineering as Production Manager. Chris (37) is an experienced mining professional with 4 years experience of gold open pit operation. He has subsequently held senior positions in the minerals industry where production led targets are paramount.

The Company is formalizing arrangements with Compagnie Tifnoute Tiranimine (CTT) of Morocco to enable gravity and flotation concentrates to be separately processed from other ores, with the return of certified Irish gold. CTT have agreed to assist in the design of an enhanced gravity section within an expanded Omagh processing plant, which is intended to supply concentrate for the arrangement. The certified Irish gold returned by the arrangement is intended to serve as feedstock to the Galantas Irish gold jewellery business.

Deliveries of Galantas Irish Gold jewellery have taken place to Aurum Holdings Ltd, for selected Goldsmiths stores.

Brent Routledge CA, Chief Financial Officer, is the ‘Qualified Person' who has verified the technical information regarding concentrates in this disclosure.

Nicholas Hardie C.Eng FIMMM, General Manager, is the “Qualified Person” who has prepared the remaining technical information within the disclosure and that information has been verified by reference to shift reports, in-house monitoring and measurements carried out in an in-house laboratory.                      

*The laboratory used for process and grade control is not independent. The Fire Assay procedures in place have been shown to demonstrate results of a high standard. The laboratory has participated in the Society of Mineral Analysts sample round robin (where a common sample is analysed by each of the participating labs). For the three samples in the last round, analysed by 26 participants, the on-site laboratory achieved absolute difference from the mean of 0.002, 0.002 and 0.057 for standard deviations of 0.0406, 0.076 and 0.1543 respectively. Further details about how the round robin functions are available on http://www.sma-online.org/committee/roundrobin.htm . Additional verification is periodically carried out by comparison of in-house results with independent laboratories.        

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 weights or other measurements, anticipated availability of ore, grades, recoveries, capacities etc 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”.   

The Company has 175,675,855 common shares issued and outstanding.         

The TSX Venture Stock Exchange has not commented upon and accepts no responsibility for the content of this press release.                          

Enquiries:

Galantas Gold Corporation                                                                                                      

Roland Phelps C.Eng – President & CEO

Jack Gunter P.Eng – Chairman

Email: info@galantas.com                                                                                 

Website: www.galantas.com  

Telephone:  +44 (0) 2882 241100

                                                                                      
Blomfield Corporate Finance Ltd

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 : Morocco | All
Gold and Silver Prices for these countries : Morocco | 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$ 84.6 millions as of today (US$ 67.6 millions, € 59.2 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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Annual reports of Galantas Gold Corporation
Annual Report 2007
Financings of Galantas Gold Corporation
3/14/2011Enters Into a Credit Facility With Kenglo One Limited to Fin...
4/11/2006Notification of exercise of warrants and application to list...
Option Grants of Galantas Gold Corporation
12/24/2007Appoints CFO, Awards Incentive Stock Options and Arranges Lo...
Financials of Galantas Gold Corporation
4/29/20102009 results and first quarter trading update
9/3/2009financial results for the second quarter
7/8/2009Increases gold production 65% in second quarter 2009 over Q2...
11/27/2008THIRD QUARTER RESULTS
Project news of Galantas Gold Corporation
6/22/2015Galantas receives encouraging exploration results on new ROI...
3/31/2008(Omagh - Other Deposits)progress at the Omagh Gold Mine
12/10/2007(Omagh - Kearney)CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT
10/18/2007(Omagh - Kearney) Reports 3.6M of 22.29 G/T gold at Omagh
5/24/2007(Omagh - Kearney)Commissioning update
5/1/2007(Omagh - Kearney)Intersects 2.5m Grading 22.53g/t Gold at Omagh
Corporate news of Galantas Gold Corporation
6/10/2016Galantas closes over-subscribed private placement and share ...
5/27/2016Galantas announces over-subscribed private placement
5/24/2016Galantas reports results for Quarter 1 2016
5/11/2016Galantas announces a proposed private placement and shares f...
4/28/2016Galantas reports results for year ended December 31, 2015
1/25/2016Galantas drills largest high grade gold accumulation yet at ...
1/25/2016Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property ...
11/5/2015Galantas Releases Additional Encouraging Exploration Results...
10/19/2015Potential Challenge to Planning Consent
10/13/2015Galantas Gold Corporation: Potential Challenge to Planning C...
9/16/2015Galantas Releases High Grade Gold Results Near Omagh Gold Mi...
9/11/2015Galantas Releases Encouraging Exploration Results on Republi...
9/11/2015Summary of Financial Results for the second quarter and firs...
9/10/2015Galantas Releases Encouraging Exploration Results on Republi...
8/27/2015Galantas Reports Results for the Three and Six Months Ended ...
7/27/2015Galantas Closes C$2.4 million Private placement. Mr. Ross Be...
7/27/2015Galantas Announces Closing of Private Placement
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7/6/2015Galantas Announces Private Placement
6/22/2015Galantas Receives Encouraging Exploration Results on Republi...
6/19/2015Small-cap Week, June 19
2/23/2015Galantas Closes Placement for £316,667
2/16/2015Galantas Closes Private Placement
2/4/2015Galantas announce private placement
2/4/2015Galantas Announces Private Placement
1/15/2015Galantas expects planning determination Q1 2015
1/9/2015Galantas Expects Planning Determination Q1 2015
12/5/2014Galantas enters into Gold Jewellery Premium Agreement
12/3/2014Galantas Enters Into Agreement for Gold Jewellery Premium
12/1/2014Galantas announces Q3 2014 results and gives planning update...
11/27/2014Galantas Reports Results for the Three and Nine Months Ended...
10/6/2014Galantas Identifies New High Grade Gold Targets Near to Omag...
9/4/2014Galantas Files Technical Study Showing Strong Economics at O...
8/20/2014Galantas Reports Results for the Three and Six Months Ended ...
7/28/2014Galantas Increases Gold Resources and Shows Strong Economics...
6/2/2014Galantas Gold Corporation: Completion of Shares for Debt Exc...
5/28/2014Galantas Reports Results for the Quarter Ended March 31, 201...
5/8/2014Galantas Gold Corporation: Completion of Private Placement
4/23/2014Galantas Reports Results for the Year Ended December 31, 201...
4/8/2014Galantas Gold Corporation: Share Consolidation and Private P...
10/10/2013Agrees Heads of Terms for Gold Jewellery Arrangement
8/27/2013Drills 2.8 Metres High Grade Gold on Joshua Vein
8/9/2013Announces Strategic Review
7/23/2013Files Increased Gold Resource Report on Omagh Property
6/24/2013Clean Environmental Reports on Omagh Gold-Mine
6/12/2013Announces 34% Increase in Resources at Omagh Gold Mine
5/28/2013Reports Results for the Quarter Ended March 31, 2013
4/23/2013Reports Results for the Year Ended December 31, 2012
1/8/2013Drills 2.4 Metres High Grade Gold on Joshua Vein
10/29/2012Drills 21.2 g/t Gold Over 1.1 Metres on Joshua Vein
9/25/2012Drills 14.2 g/t Gold Over 2.1 Metres on Joshua Vein
9/12/2012Green Light for Omagh Gold Mine Adit
7/5/2011Reports Record Second Quarter 2011 and Funds Drilling Out of...
4/6/2011Appoints Investor Relations Consultant and Grants Stock Opti...
3/31/2011Purchases Two Drill Rigs and Contracts Two Drill Rigs for Om...
2/14/2011Uprates Processing Plant and Looks to Expand Exploration Pro...
5/22/2009Further upgrades mining equipment and increases production
6/13/2008OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IREL...
10/4/2007Details Falconbridge Payments and Goldsmiths Order
10/3/2007Total Volting Rights
8/10/2007 Recognises expansion of Kearney Vein System
4/20/2007Progress towards production and commencement of concentrate ...
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