4th Sep 2014 14:26
LONDON (Alliance News) - Galantas Gold Corp Thursday filed a revised estimate of gold resources, an economic study, and planning and environmental update on its Omagh Gold Mine in Northern Ireland which showed a 19% increase in resources since its 2013 resource report last June.
The measured resource estimate is 138,241 tonnes at a grade of 7.24 grams gold per tonne, 55% increased over the 2013 report. The indicated resource estimate is 679,992 tonnes at 6.78 grams gold per tonne, up 21.4%, and inferred resource estimate is 1.4 million tonnes at 7.71 grams gold per tonne, up 15.4%.
The company said that the report details the "excellent progress" it has made in the new licence areas to the North West and West of the Omagh licence area.
"The company is excited about the strong potential of these areas but has determined that it must focus on near-term opportunities to enable early cash generation," Galantas said in a statement. It is re-structuring licence ownerships within the company to allow for joint venture opportunities to accelerate exploration of the new licences.
"We are expecting to build the underground operations to an initial target of around 32,000 ounces per year, based on what we already know, increasing as additional resources are identified," said Chief Executive Ronald Phelps in a statement.
Shares in Galantas were trading up 18.5% at 4.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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