13th Oct 2015 08:28
LONDON (Alliance News) - Galantas Gold Corp shares fell on Tuesday after it said it is aware that an individual intends to challenge the company's application for planning permission to allow the company to mine underneath the open pit at the Cavanacaw mine in Northern Ireland.
Galantas shares were down 14% to 3.86 pence per share on Tuesday.
Back in June, the Department of Environment Northern Ireland, led by Environmental Minister Mark Durkan, approved the company's application to begin underground mining beneath the existing open pit operation following independent environmental studies, which were the subject of intensive scrutiny by regulators and the public over a two year period, Galantas said.
However, on Tuesday, Galantas said: "Galantas Gold Corp has been made aware of what purports to be pre-action correspondence from an individual who intends to challenge, by judicial review, the actions of the Department of Environment Northern Ireland in granting planning permission for underground mining beneath the existing open pit."
Roland Phelps, president and chief executive of Galantas, said he expects the planning approval to be reiterated should any challenge or subsequent judicial reviews be initiated.
"The individual challenging the decision raised concerns during the planning process, and I note that these concerns were carefully examined by Department of Environment North Ireland Planning Service. The company will be seeking additional information and will advise shareholders of material information if it arises."
By Joshua Warner; [email protected]; @JoshAlliance
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