(Alliance News) - Galantas Gold Corp on Wednesday announced an operating subsidiary has reached a commercial blasting agreement with the police service of Northern Ireland.
The Northern Irish Omagh gold mine owner said the police service of Northern Ireland are responsible for the supervision of blasting materials use in the country.
Galantas said the agreement provides the potential for a materially improved economic arrangement for an expansion of underground blasting, needed for full production, to take place at the Omagh mine.
"The previous arrangements, under which the company made around two kilometres of underground development, constrained the company's ability to expand underground production. The new arrangements are designed to permit underground blasting to be expanded to achieve commercial production levels. The company is actively working with third parties on the financing arrangements required to recommence and expand blasting underground," said President & Chief Executive Roland Phelps.
Shares in Galantas Gold were up 12% at 17.40 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Galantas Gold (GAL)