Galantas Gold Corporation

Galantas Gold Corporation

December 24, 2007 07:00 ET

Galantas Appoints CFO, Awards Incentive Stock Options and Arranges Loan for Additional Mining Equipment

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2007) - Galantas Gold Corporation (Galantas) (TSX VENTURE:GAL)(AIM:GAL) has today appointed Brent Routledge (C.A) as Chief Financial Officer. Mr. Routledge (43) has 17 years experience as a Chartered Accountant and has held managerial / accounting positions with Canadian Tire and was Director of Finance at Proquest Company LLC. Mr.Routledge will be operating from the Omagh offices of Galantas in Northern Ireland. This is not an appointment to the Board of Directors of Galantas.

It is announced that Incentive Stock Options to acquire up to a total of 7.7millon shares of Galantas at an exercise price of CDN$0.14, expiring on 24th December 2012 have been awarded to Directors, Officers and Senior Employees. Vesting arrangements are one third on award and one third on each of the two following anniversaries. These Stock Options are being granted pursuant to the Galantas Stock Option plan and in accordance with the policies of the TSX Venture Exchange.

Galantas has entered into a loan arrangement with G & F Phelps Ltd (a company controlled by a Director of Galantas) for the financing of additional mining equipment comprised of two Volvo 40D dump-trucks and a Volvo EC290BLC Excavator. The loan, of Pounds Sterling 412,660 including VAT (GST) is repayable over 4.25yrs at an interest rate of 4.04% flat and is secured upon all equipment owned by Galantas's wholly owned subsidiary Omagh Minerals Ltd.

Galantas Gold Corporation has 175,675,855 common shares issued and outstanding.

The TSX Venture Stock Exchange has not commented upon and accepts no responsibility for the content of this press release.

Contact Information

  • Galantas Gold Corporation
    Roland Phelps
    President & CEO
    +44 (0) 2882 241100
    Galantas Gold Corporation
    Jack Gunter
    +44 (0) 2882 241100
    Blomfield Corporate Finance Ltd
    Nick Harriss
    +44 (0) 20 7512 0191
    Lewis Charles Securities Limited
    Kealan Doyle
    +44 (0) 207 456 9100