Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

August 27, 2009 10:00 ET

Galantas Cash Positive in Second Quarter 2009

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) - Galantas Gold Corporation (the Company) (TSX VENTURE:GAL)(AIM:GAL), which has a 100% interest in an operating, open-pit, gold mine near Omagh, Northern Ireland, today announced its unaudited financial results for the second quarter, ending June 30th 2009. Highlights of the results are tabulated below. They should be read in conjunction with the full Unaudited Accounts, including notes and the corresponding Management Discussion and Analysis available on www.sedar.com and www.galantas.com.

     
HIGHLIGHTS
CDN$
Second Quarter
2009 
Year to Date
 2009
Second Quarter 2008Year to Date
2008

Sales
$ 1,648,243  $ 2,791,247$ 650,565$1,272,352
Mine Cost of Sales excluding Financing charges etc$ 1,149,926  $ 2,118,111$ 693,104 $ 1,709,463
Financing, interest & other cash costs$ 134,198  $ 169,231$ 94,732 $ 297,898
Profit/(Loss) before amortization, foreign exchange and non-cash costs$ 364,119  $ 503,905 ($ 137,271) ($ 735,009)
Amortization, depreciation, foreign exchange and non cash costs $ 598,444  $ 1,028,243 $ 575,002 $ 1,123,183
Net Profit/(Loss)($ 234,325) ($ 524,338) ($ 712,273) ($ 1,858,192)
     

As noted in a Trading Update of 6th July 2009, production in the second quarter increased to approximately 1977 troy ounces of gold, 5972 troy ozs of silver and 90.4 tonnes of lead. The production and metal figures are provisional and subject to averaging or umpiring provisions under the concentrate off-take contract with Xstrata Corporation detailed in a press release dated 3rd October 2007.

This release has been reviewed by Leo O'Shaughnessy, Chief Financial Officer of the Company and a Qualified Person, from information prepared under his direction.

Galantas Gold Corporation Issued and Outstanding Shares total 190,100,055.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter P.Eng
    Chairman
    +44 (0) 2882 241100

    or

    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    info@galantas.com
    www.galantas.com

    or

    Blomfield Corporate Finance Ltd
    Nick Harriss
    +44 (0) 207 489 450

    or

    Lewis Charles Securities Limited
    Kealan Doyle & Nicholas Nicolaides
    +44 (0) 207 456 9100