11th Jun 2015 11:14
LONDON (Alliance News) - Galantas Gold Corp shares rose midday Thursday after it said it has been granted planning consent for an underground gold mine at the Omagh site by the Northern Ireland Minister of Environment.
Galantas shares were up 45% to 8.50 pence per share on Thursday afternoon.
The gold company said the planning consent was approved after three years of environmental examination and will allow it to continue expanding the mine by developing an underground operation.
"This is a significant milestone and a game changer for Galantas. Our open pit gold mine, operated until recently, is the only one in Ireland," said President and Chief Executive Roland Phelps.
"The underground mine will utilize the same processing methods and will be the first underground gold mine, of any scale, in Ireland. The robust results of the recent economic study, now with the positive planning determination, lead us to be confident about the establishment of a sound business based on the Omagh gold property," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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