logo-loader
viewGalantas Gold Corp

Galantas expecting to book US$460,000 in sales for the second quarter of 2019

On mine development continues, as the main decline has now reached the fourth level

1561444676_Galantas-fourth-try.jpg
Decline entrance at Omagh

Galantas Gold Corp (LON:GAL) rose on Tuesday after the group said it is expecting to book approximately US$460,000 in concentrate sales for the second quarter of the year, as underground production from the Omagh gold mine in Northern Ireland continues.

The main decline tunnel has reached the fourth level and an access drive to intersect the Kearney vein on this level has commenced. The vein is expected to be intersected on this level in approximately four weeks’ time.

WATCH: Galantas Gold updates as underground development on Kearney vein progresses

Increased in-vein development is expected to drive further increases in feed tonnage to the processing plant, which produces a concentrate sold under an off-take contract.

A second shift was added to the processing plant operations, as planned, early in the second quarter of 2019. An expansion to three shifts is planned for the third quarter, once vein development on the fourth level is confirmed. Investment in processing plant improvements continue, with the recent arrival of some specialized flotation items that had long delivery times.

"Development continues to accelerate according to plan. Concentrate production has increased, with further increases planned for the third quarter," said Galantas chief executive Roland Phelps.

In afternoon trading, shares in Galantas Gold were 1.1% higher at 4.60p.

 -- Adds share price --

 

 

Quick facts: Galantas Gold Corp

Price: 17.5001 GBX

AIM:GAL
Market: AIM
Market Cap: £5.66 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galantas Gold Corp named herein, including the promotion by the Company of Galantas Gold Corp in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Galantas Gold reaches blasting agreement with PSNI for its gold mine near Omagh

Galantas Gold Corporation's (LON:GAL)(CVE:GAL) Roland Phelps speaks to Proactive London's Andrew Scott after reaching an agreement with the Police Service of Northern Ireland (PSNI) regarding blasting at its 100% owned gold mine near Omagh, Northern Ireland. He says they're planning to...

on 13/5/20

2 min read