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Galantas Gold set to complete share consolidation, operational re-start provisionally scheduled for four-to-six weeks

Galantas has also made progress in discussions about blasting permits

Galantas Gold Corp -

Galantas Gold Corporation (LON:GAL)(CVE:GAL) said it is set to complete a one-for-ten consolidation of its shares on April 9, subject to the approval of the Canadian Venture Exchange, with shareholders having already voted in favour.

Meanwhile, the company said it is adhering to UK government guidelines in regards to the operation of its Omagh gold mine in Northern Ireland.

A small number of essential staff are continuing to provide safety, security, maintenance and fulfilling statutory obligations on site. Essential staff are to operate under the health protocols advised by the authorities.

Milling operations have temporarily ceased. A potential re-start has been provisionally scheduled in four-to-six weeks, subject to health advice. Concentrate production will be adversely affected and the company will apply for potential UK government loan and grant support under the two schemes available - Furlough & CBIL.

There has also been progress in discussions with the police service of Northern Ireland in regard to blasting, it added.

Separately, Galantas said, a number of parties have expressed an interest in the company in terms of a potential purchase or joint venture. Due diligence is being carried out on a remote basis at present but full assessments will inevitably be delayed during the current health emergency as travel is restricted.

“The company has made significant progress in the resolution of blasting issues which were critical to the expansion of development and production and expects to make further progress in this regard in the coming quarter,” said chief executive Roland Phelps.

Quick facts: Galantas Gold Corp

Price: 18.25 GBX

AIM:GAL
Market: AIM
Market Cap: £6.42 m
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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