Galantas Gold Corporation

Galantas Gold Corporation

November 27, 2008 10:00 ET

Galantas Announces Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2008) - Galantas Gold Corporation ('Galantas' or the 'Company') (TSX VENTURE:GAL)(AIM:GAL), which has a 100% interest in Ireland's only gold mine, reports unaudited quarterly results for the period ending 30th September 2008 (Q3).

Highlights of the Q3 results, which are expressed in Canadian Dollars, are:

Q3 2008 Q3 2007

Revenue : $1,175,104 $715,080
Cost of Sales $619,832 $909,123
Amortization $360,520 $266.449
Income (loss) before Other Costs/Income $194,752 ($460,492)

Other Costs/(Income)(i) $81,582 $327,989
((i)Including Foreign Exchange Gain) $389,736 $82,662

Net Income (loss)after expenses, amortisation etc : $113,170 ($788,481)

The detailed results and Management Discussion and Analysis (MD&A) are available on and and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous quarters, trends affecting the business and risk factors.

The President and Chief Executive Officer of the Company, Roland Phelps, has agreed to lend up to a total amount of $943,400 (500,000 GBP) to the Company for a period of 6 months from November 4th 2008. The loan facility is secured by the Company's inventory with cross guarantees provided by the Company's subsidiaries. The loan bears interest at a rate of 4.5% per annum over the base rate of Barclays Bank plc, such interest to be calculated monthly and compounded until repaid. With the exception of the related party, who stood aside from the decision, the Directors of the Company have consulted with the Nominated Adviser and consider the terms of the loan to be fair and reasonable in so far as shareholders are concerned. The loan is for working capital purposes and capital expenditure aimed at increases in operational efficiency.

Galantas's operational open pit mine is situated near Omagh, County Tyrone, Northern Ireland. The mine produces a flotation concentrate containing gold, silver and lead, which is exported and sold to a Canadian smelter. Some gold from the mine is down-streamed into certified Irish gold jewellery which is sold on-line at and via leading UK & Irish retailers.

Commenting on the results, Roland Phelps, (President & CEO, Galantas Gold Corporation) said, "The results are a milestone for the Company brought about by the Omagh operational team, led by Nicholas Hardie, General Manager. My thanks go to the whole team for the turn-around which is the result of well executed, hard work under difficult circumstances."

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter P.Eng
    +44 (0) 2882 241100
    Galantas Gold Corporation
    Roland Phelps C.Eng
    President and CEO
    +44 (0) 2882 241100
    Blomfield Corporate Finance Limited
    Nick Harriss
    +44 (0) 207 489 4500
    Lewis Charles Securities Limited
    Kealan Doyle
    +44 (0) 207 456 9100