Proactive Investors - Run By Investors For Investors

Galantas shares jump as court dismisses Omagh gold mine planning challenge

A local resident had challenged the decision to approve underground work at the gold mine, but the Court of Appeal dismissed the claim today
omagh gold mine
The next step for Galantas is to raise up to £4mln through a private share placing

Galantas Gold Corporation (LON:GAL) has had the planning consent for its Omagh gold mine in County Tyrone confirmed by a Northern Irish court.

A local resident had challenged the initial decision to approve underground work at the mine.

READ: Galantas set to raise up to £4mln

But the Court of Appeal dismissed claims that more than 20 hectares at the site had never been properly assessed.

“The Court has determined that the appeal has failed and thus the planning consent is confirmed,” read a brief statement from Galantas.

The decision means the company can press ahead with the share placing announced earlier in the week, through which it will look to raise somewhere between £3.2mln and £4mln.

Mining is already underway at Omagh, but the extra cash will help bring it into commercial production, with Galantas targeting production of 30,000 ounces of gold concentrate per year.

Having been suspended pending the judgement, shares jumped 12% to 7p as they resumed trading on the back of the announcement.

View full GAL profile View Profile

Galantas Gold Corp Timeline

Related Articles

1517846055_Cradle-Mine.jpg
September 17 2018
Cradle Arc is ramping up copper production at its Mowana project, and further expansion is on the cards
1511784968_shutterstock_249210421-(1).jpg
June 21 2018
The company's key operations are located in South Africa, Ghana and Kenya.
1541077171_Gold-bar-plus-nugget.jpg
November 01 2018
Medusa remains on track to produce between 90,000 and 100,000 ounces of gold in 2019
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use