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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.

Quick facts: Galantas Gold Corp

Price: 14.5 GBX

AIM:GAL
Market: AIM
Market Cap: £6.75 m
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