RE: Cash29 Jan 2014 11:53
As per third quarter results for the three months ended September 30th 2013, cash was CA$ 2,021,513.00 and by my reckoning as per todays MC this figure has substantially increased to CA$ 5,453,960.00.
I believe this may be due to recently published geological studies in the area and their latest announcements after September 30th:
1: Announcement that Heads of Terms have been agreed for the production, marketing and sale of a tightly specified range of jewellery products, using Galantas Irish gold.
The arrangement, with TJH Ltd of Dublin, Ireland (TJH), is subject to preparation of a detailed contract and sees Galantas Irish gold, produced from the Company's Omagh mine, being sold to TJH at a material premium to and above a minimum London Metal Bullion price, with an additional royalty on sales payable on a quarterly basis. TJH is an established jewellery marketer and manufacturer, having developed other brands, including Irish oriented brands, previously.
2: A low energy cost processing solution - Concentrate grades produced by the pilot study were high, between 298 and 526 g/t Gold, with between 207 and 270 g/t Silver. This compares to grades for flotation concentrate from mined vein material of around 100 g/t gold.
And more importantly IMO: Galantas has 100% ownership of the only working gold mine in Ireland, which is located near Omagh, County Tyrone.
ATB