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Galantas expects to restart milling at the Omagh gold mine within ten days

Galantas hopes to restart underground mining in due course

Galantas Gold Corp -

Galantas Gold Corporation (LON:GAL)(CVE:GAL) shares rose on Tuesday as it said it has reached an agreement with the Police Service of Northern Ireland (PSNI) regarding blasting at its 100% owned gold mine near Omagh, Northern Ireland and plans to restart milling at the mine within ten days

In April, Galantas announced that confirmation has been received from PSNI in regard to satisfaction of certain secure storage and handling protocols required for an increase in blasting to a commercial level. Some other issues, regarding financial matters, were being progressed.

The company said it now understands that financial matters have now been mutually agreed. Staff operating the concentrate processing plant were earlier furloughed under a UK government grant scheme during the coronavirus pandemic.

Galantas said it carried out maintenance to the processing plant during the milling suspension, to avoid future maintenance interruptions. The company said it expects to re-start milling operations within the next ten days and will be working from a stock of low-grade material currently available.

Certain underground work continues but ore production is suspended until finance is available to expand the underground operation. Pending resolution of the blasting issue, the workforce at the Omagh mine was reduced in October.

In early trading on Tuesday, shares in Galantas Gold in London were 7% higher at 23p.

Quick facts: Galantas Gold Corp

Price: 15.5 GBX

Market: AIM
Market Cap: £5.45 m


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