Galantas Gold Corporation

Galantas Gold Corporation

February 07, 2012 09:00 ET

Galantas Announces Richard Crew as Chief Operating Officer and Q4 Trading Update

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2012) - Galantas Gold Corporation (the 'Company') (TSX VENTURE: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 announce the appointment of Richard Crew (47) as Chief Operating Officer. Mr Crew was General Manager at the Company's Omagh Minerals Ltd subsidiary (OML) since June 2010 and has overseen the expansion in production and development of the Omagh gold mine.

The Company also announces provisional production figures for the last quarter of 2011 (Q4). Concentrate production in the last quarter of 2011 saw a 255% increase compared to 2010. At 740.2 wet tonnes, the increase is due to improvements in the processing plant and to milder winter conditions than the unusually adverse conditions experienced in 2010. During the whole of 2011, concentrate production was up by 55% compared to 2010, even though the early part of the first quarter of 2011 was affected by the same adverse winter conditions as noted in Q4 2010.

The metal contents of shipped concentrate are estimated as follows,
Q4 2011 production
Gold 47,251grams 1,519oz
Silver 148,135grams 4,763oz
Lead 80,765KGs
Gold Equivalent 1,711oz
2011 production for the year
Gold 201,515grams 6,479oz
Silver 531,296grams 17,081.57oz
Lead 280,943KGs
Gold Equivalent 7,307.50oz

The production, metal and sales 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. Detailed audited financial results for the quarter and year are expected in the usual timeframe, by the end of April 2012.

The Company is pursuing an aggressive exploration program on its Omagh property and is pleased to announce the addition of a sixth core-drilling rig that is being mobilised to the site.

This disclosure has been reviewed by Roland Phelps (President and CEO), who is qualified under the meaning of N.I 43-101 and who has also reviewed this release for the purposes of AIM requirements. The information is based upon operating data prepared under his supervision.

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 revenues and cost estimates, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, 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 or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, the commercial viability of processing lower grade material, 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
    +44 (0) 2882 241100

    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100

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    AIM Nominated Adviser
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    Corporate Finance
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