27th Nov 2015 09:29
LONDON (Alliance News) - Galantas Gold Corp Friday said its strategy is to establish an underground mine at its Omagh gold mine in Northern Ireland as soon as finance is available, and to look for further expansion of gold resources at Omagh, as it reported a narrowed net loss for the third quarter of 2015.
Galantas is dual listed in Toronto and London on the AIM market.
In the quarter to end-September the company reported a net loss of CAD409,880, narrowed from a net loss of CAD3.5 million, as revenue rose to CAD37,262 from CAD8,376, mostly due to a CAD2.9 million impairment charge in the previous year.
This takes its net loss for the first nine months of 2015 to CAD1.5 million, narrowed from CAD4.3 million a year before.
Production at Omagh remains suspended, the company said, however it was granted planning consent during the second quarter for an underground operation at Omagh, which it said will permit the continuation and expansion of gold mining.
During the quarter the company raised CAD2.4 million in a private placement of 20 million units - a unit comprising one share and one share purchase warrant - at CAD0.12 per unit. It plans to use the proceeds of this placement for exploration and development of the Omagh gold mine, and for working capital.
Shares in Galantas were untraded Friday. It last closed at 3.97 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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