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Galantas Gold Corp - Northern Ireland-focused gold producer - At Omagh gold mine, limited underground blasting has recommenced, while development mining of the Kearney gold vein has restarted on a single shift basis, and is expected to produce a feed of higher gold grade for the processing plant.
As a result of this, total concentrate production is expected to rise.
"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," notes Chief Executive Officer Roland Phelps.
Current stock price: 18.04 pence, closed up 9.4% of Friday
Year-to-date change: up 16%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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