28th May 2014 13:29
LONDON (Alliance News) - Galantas Gold Corp Wednesday said it loss widened in the first quarter, after posting no sales revenues in the quarter following the suspension of production in the fourth quarter of last year.
Galantas, which owns and operates a producing open pit gold mine near Omagh in Northern Ireland, reported a net loss of CAD501,200 for the quarter ended March 31, compared with a CAD440,55 loss a year earlier.
The company said it did not generate any revenue in the quarter, after production was suspended during the fourth quarter of 2013 due to lower concentrate gold grade coupled with falling gold prices. As a result there were no shipments of concentrates sales from the mine during the first quarter.
Galantas said it is currently reviewing the economics of continuing production through the processing of tailings cells. Production at the Omagh mine remains suspended, awaiting planning consent to continue operations underground.
"Due to continued delays in the planning process, management had to make significant redundancies in the workforce, alongside other cost reduction measures," the company said in a statement.
Galantas shares were down 0.7% at 4.22 pence Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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