Last checked at 15 May 2017 07:00
GALANTAS GOLD CORPORATION
TSXV - AIM "GAL"
DEVELOPMENT OF OMAGH GOLD MINE COMMENCES
15 May 2017. Galantas Gold Corporation ("Galantas" or the "Company") is pleased to advise that underground mine development operations are shortly expected to commence at the Omagh Gold Mine, Co.Tyrone, Northern Ireland. This follows notification that the Police Service of Northern Ireland ("PSNI") has been able to increase availability of its required anti-terrorism cover in regard to blasting operations, sufficient for underground mine development to start.
As reported, on 24th April 2017, the PSNI requires that it supervises transportation and use of certain rock breaking materials and explosives in Northern Ireland.
The Company is advised that the PSNI has agreed to cover blasting operations at the mine for 3 days per week, 2 hours per day. Whilst insufficient to sustain the development or operation of the Omagh Gold Mine on more than a short term basis, it will form the basis for the PSNI and the Company to review matters after a period of operation.
The PSNI decision to resource 3 day cover has enabled the Company to retain some existing employees. The current project investment program is being cautiously re-opened pending a review of available PSNI cover after a period of operation.
Roland Phelps, President & CEO, Galantas Gold Corporation said, "I am pleased that the PSNI has agreed to a short term accommodation. I hope this will allow the parties to find efficient ways to satisfy PSNI's requirements and resourcing issues in regard to anti-terrorism security."
The Omagh Gold Mine has an operational processing plant and tailings facility with an excellent environmental record. The plant uses a non-toxic, froth flotation process, without the use of cyanide or mercury and produces a gold concentrate which is exported for smelting. The remaining tailing sands are clean and free from acid drainage. The plant is on stand-by awaiting ore from underground development. The underground mine, when fully developed, is expected to create 130 jobs plus others in service industries associated with the development.
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.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries : Galantas Gold CorporationL. Jack Gunter P.Eng - Chairman, Roland Phelps C.Eng - President & CEO
Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234