Galantas Gold quarterly loss narrows despite making no revenue

(Alliance News) - Galantas Gold Corp on Wednesday reported a narrowed loss despite generating no revenue in the quarter.

Galantas is a gold mining company focused in Northern Ireland and Scotland.

Galantas reported a loss of CAD740,629 for the three months ended September 30, an improvement from CAD1.3 million a year before.

It generated no revenue in the quarter, unchanged year-on-year.

Galantas said that provisional concrete sales revenues for the period totalled CAD265,930.

However, until the mine begins commercial production the net proceeds from sales will be offset against development assets.

Galantas attributed the narrowed loss to reduced costs and expenses of operations, and improved foreign exchange rates.

It also included CAD592,489 of unrealized gain on derivative fair value adjustment.

Galantas shares were up 0.5% at 4.90 pence each in London on Wednesday afternoon.

By Lydia Doye, Alliance News news reporter

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