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4 Oct 2011 14:00
GALANTAS GOLD CORPORATION
TSXV & AIM : Symbol GAL
GALANTAS REPORTS MORE STRONG GOLD ASSAYS FROM CHANNEL SAMPLING ON JOSHUA VEIN AT OMAGH PROPERTY
DATE: 4th October 2011
Galantas Gold Corporation, (the 'Company') the gold mine producer and explorer in Northern Ireland, reports today that its 100% operating subsidiary, Omagh Minerals Ltd (OML) has received new assay test data from channel sampling on the Joshua Vein at its Omagh, County Tyrone property, as detailed below :-
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Joshua Vein : Channel Sample Assays |
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Channel number | Easting | Northing | Vein Width | Gold / Au | Silver / Ag | Lead / Pb | |||
35 | 239636.7 | 370913.6 | 2.0 m | 5.4 g/t | 13 g/t | 1 % | |||
36 | 239636.6 | 370914.6 | 1.0 m | 36.34 g/t | 102 g/t | 2.6 % | |||
37 | 239636.4 | 370915.6 | 1.0 m | 22.12 g/t | 42 g/t | 1.5 % | |||
38 | 239636.4 | 370916.6 | 1.0 m | 13.54 g/t | 43 g/t | 1.6% | |||
39 | 239636.2 | 370917.7 | 0.9m | 6.7 g/t | 17 g/t | 1.2 % | |||
The channel sampling was carried out on a northern section of the Joshua vein not previously channel sampled, on land owned by OML. The channels were cut across the surface of the exposed vein, one metre apart and sampled in 10 centimetre sections. Overburden was approximately 2.5 metres deep and was comprised of glacial till overlain by peat. The surveyed locations reported mark the western end of each channel cut. Additional channel samples are under-going analysis, the results of which the Company expects to announce shortly.
The north / south trending Joshua vein has, so far, been traced by drilling and / or trenching over approximately 678 metres of strike length.
The samples were taken by geological staff under the supervision of R.Phelps C.Eng MIOM3 (President & CEO, Galantas Gold Corporation), the Qualified Person for the program. Sampling methodology, security and verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-ORE) at OMAC Laboratory Ltd (an independent, ISO 17025 laboratory) of Galway, Ireland.
Commenting on the results, Mr. Phelps said, "The Joshua vein is yielding some excellent results and we have been following up with additional channel sampling and drilling. Drilling on Kearney and Kerr veins has also been carried out and results are awaited. "
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including channel sample intersections and analyses, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.
Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.
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.
Enquiries
Galantas Gold Corporation Jack Gunter P.Eng - Chairman Investor Relations ConsultantRoland Phelps C.Eng - President & CEO Courtenay Heading (Maclir Consulting Ltd)Email: info@galantas.com Email : c.heading@Galantas.com Website: www.galantas.com Telephone : (UK) +44 (0) 7624 424 455 Telephone: +44 (0) 2882 241100
Religare Capital Markets (AIM Nominated Adviser) Telephone: +44 (0) 20 7444 0800 Philip Davies / James Pinner / Ben Jeynes
Beaufort International Associates LtdTelephone: +44 (0) 20 7930 8222 Barry Gibb/Saif Janjua (Corporate Finance)
Niall Carrig (Corporate Broking)
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