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Galantas Gold warns over impact of blasting restrictions

Any blasting needs to supervised by the Police Service of Northern Ireland.

Galantas Gold Corp -
The plant will use underground stockpiles

Galantas Gold Corp (LON:GAL) has warned that blasting restrictions at the Omagh mine in Northern Ireland are having a significant impact on its operations and financial situation.

The miner wants to increase the amount of blasting it can undertake, but any blasting needs to supervised by the Police Service of Northern Ireland.

Mining has been suspended while talks with the police continue and though Galantas says progress is being made there is no indication yet when the required approvals will be granted and blasting can resume.

To reduce costs Galantas has started to scale back operations at the Omagh gold mine with consultations underway over staffing levels though the processing plant will operate using underground stock.

Galantas is also reviewing its strategic alternatives including licences and operations and setting up a joint venture, a partnership or alternative financing structures.

Some funds will have to be raised within the next six months if the current situation continues.

The AIM and Canada-listed group posted a loss of C$718,000 in the three months to September with cash of C$1.36mln at the end of the period.

Quick facts: Galantas Gold Corp

Price: 20 GBX

Market: AIM
Market Cap: £6.46 m

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

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