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Galantas Gold advances after reporting solid progress in second quarter

"I am very pleased with the progress made this quarter on developing the underground mine," said Roland Phelps, president and CEO of Galantas.

Omagh
Tunnelling work at Omagh went through some rich rock that Galantas has sent for processing

Shares in Galantas Gold Corp (LON:GAL, CVE:GAL) traded higher in London after quarterly results from the developer of the Omagh gold mine in Northern Ireland.

The dual-listed company, which earlier this month said the tunnel it is building at the mine passed through a rich vein, is working towards getting the mine back in production.

READ Galantas stringer vein shows grades of up to 11 grammes per tonne gold

At present, the company has only nominal revenues and, as might be expected, it is loss-making; it made a loss in the second quarter of C$511,876, versus a loss the year before of C$645,829.

Cash at the end of June stood at C$1.68mln, up from C$1.31mln a year earlier.

"I am very pleased with the progress made this quarter on developing the underground mine and I congratulate the Galantas team in Omagh on their excellent achievements,” said Roland Phelps, president and chief executive officer of Galantas.

“I note particularly that lost time accidents were zero and water monitoring results were compliant," he added.

The shares were up 2.2% at 5.75p in afternoon trading in London.

Quick facts: Galantas Gold Corp

Price: 16.5 GBX

AIM:GAL
Market: AIM
Market Cap: £5.8 m
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on 13/5/20

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