Galantas Restarts Blasting Underground
TORONTO, March 12, 2021 - Galantas Gold Corp. (the "Company" or "Galantas"), the Northern Ireland gold producer and explorer, with a 100% interest in Northern Ireland's Omagh gold mine, is pleased to announce that limited blasting underground has re-commenced.
Development mining of the Kearney gold vein has re-started on a single shift basis. It is expected to produce a feed of higher gold grade for the processing plant than the current feed, which comes from low grade stock.
Total concentrate production is expected to rise, driven by an expected higher feed grade. During the period of suspension of blasting operations at the mine, key mining skill sets were preserved by the incorporation of personnel within process plant operations. Process plant operations will now reduce from three shifts to two.
The limited re-start is being carried out within current cash resources, using a single existing equipment suite, which is fully operational. Operating performance may be reduced in the event of any breakdowns. The Company has also been advised that the restocking of specialist blasting materials may be subject to short-term delays due to Brexit. An operational review will be carried out after a two to four week period. A further announcement will be made when the review has been completed.
Roland Phelps, (President & CEO, Galantas Gold Corp.), said, "The restart of blasting, although limited by our cash availability, is good progress. If the upcoming review is positive, the re-start is expected to enhance gold concentrate production. Cash constraints do restrict how quickly operations can be expanded and the Company is actively working with third parties on the arrangements required both to expand blasting underground and to expand exploration, for which significant potential exists."
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.
Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries
Galantas Gold Corp.
Roland Phelps C.Eng - President & CEO
Email: info@galantas.com Website: www.galantas.com Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, George Grainger:
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich:
Telephone: +44(0)20 7659 1234
