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Galantas Gold generates significant revenues from first shipments

The gold being shipped is coming from ore dug during the development of the Kearney vein at the mine.

Galantas Gold Corp - Galantas Gold generates significant revenues from first shipments
Shipments of gold started in April

Galantas Gold Corp (LON:GAL) confirmed sales of US$460,000 in its second-quarter following the start of shipments from the Omagh mine in Northern Ireland.

The miner started to sell gold in April through an offtake deal with Ocean Partners. 

Omagh, though, is not yet in commercial production so all revenues are offset against capitalised development costs rather than going through the profit and loss account.

Net losses for the three months to June were C$892,000 and C$1.67mln for the half-year.

The gold being shipped is coming from ore dug during the development of the Kearney vein at the mine.

Galantas is focused currently on exploration to build up reserves at the mine and has set a target to produce 2,000 to 2,500 troy ounces of gold in concentrate per month in 2020 /2021. 

The miner is in the process of raising  £1mln via a placing at 4.53p.

Quick facts: Galantas Gold Corp

Price: 20 GBX

AIM:GAL
Market: AIM
Market Cap: £6.46 m
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