Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

February 23, 2012 13:30 ET

Galantas Announces Permit to Export Rock from Omagh Gold Mine

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) - Galantas Gold Corporation (the 'Company') (TSX:GAL)(AIM:GAL), the AIM and TSXV quoted producer/developer/explorer with a 100% interest in Ireland's only operating gold mine, is pleased to report that its wholly owned subsidiary, Omagh Minerals Limited (OML), has received confirmation of planning permits to export rock by road from the gold mine. Surplus rock, not required for restoration, is currently stored at the Omagh site in stockpiles which are at maximum capacity. The permits allow the surplus rock to be integrated into the local aggregates industry. Conditions are attached to the permits and are in line with OML expectations. The planning permit approvals were by the Department of Environment Northern Ireland.

Roland Phelps (President and CEO, Galantas Gold Corporation) commented, "I am pleased that we have received the permits, which were the result of a long consultation process. Apart from the road transport issue, the permits also cover the on-going restoration program at the mine.

Other permit applications are in the planning pipeline. Recently OML applied to construct a "cut and cover" type adit within back-fill of the worked section of the open pit and a determination is awaited. The adit will allow potential access to gold mineralisation below the Kearney open-pit, subject to a successful planning application for an underground mine. The underground mine application is being finalised with a pre-consultation exercise in place and Environmental Impact Assessment being completed."

This disclosure has been authorised by R.Phelps C.Eng MIOM3, (President & CEO, Galantas Gold Corporation), the Qualified Person for the exploration program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange.

Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including future exploration assessment. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of past results, some of which may have been provided by third parties and be of reduced reliability, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance, achievements or significance to differ materially from those expressed or implied by the forward looking statements, including: permitting, construction scheduling, estimates of aggregate demand, gold price volatility; actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

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

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

    Maclir Consulting Ltd
    Courtenay Heading
    Investor Relations Consultant
    (UK) +44 (0) 7624 424 455
    c.heading@Galantas.com

    Religare Capital Markets
    Phil Davies
    AIM Nominated Adviser
    +44 (0) 20 7444 0800

    Beaufort International Associates Ltd
    Barry Gibb
    Corporate Finance
    +44 (0) 20 7930 8222

    Beaufort International Associates Ltd
    Saif Janjua
    Corporate Finance
    +44 (0) 20 7930 8222

    Beaufort International Associates Ltd
    Kenneth Pio D'Mello
    Corporate Broking
    +44 (0) 20 7930 8222