Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

October 06, 2016 02:30 ET

Galantas Looks to Establish Earlier Ore for Omagh Gold Mine

TORONTO, ONTARIO--(Marketwired - Oct. 6, 2016) - Galantas Gold Corporation (TSX VENTURE:GAL) (AIM:GAL) (the Company or Galantas) intends, via a Northern Ireland subsidiary, to bulk sample the Kearney stringer vein on its Omagh gold property.

Grab samples earlier reported (7th September 2016) from the stringer vein ranged from 52.9g/t gold to 6.2 g/t gold. The bulk sampling operation is designed to comprehensively assess the length, width and gold grade of the gold stringer at surface and it is expected to extract the sample and restore the surface within a four month period.

Drill core H159 (reported 24th August 2016) intersected 1 metre of mineralisation grading 5.7g/t gold and 6.2g/t silver, some 50 metres vertically below the earlier reported grab samples and 11 metres south from the planned underground development decline.

The bulk sample material will be assessed within the existing processing plant to provide data to assist the determination of commerciality of underground mining of the stringer vein. The processing of ore earlier in the development program than previously considered may have positive cash flow implications.

Further to the Company's announcement on 29th September 2016, Galantas has been advised that the Judicial Review of its planning consent has been listed for continuation of the hearing on 6th, 7th and 8th December 2016.

The Company notifies a change of address for the Registered Office in Canada. Effective immediately, the new address is :-
c/o DSA Corporate Services Inc, 82 Richmond Street East, Toronto, Ontario, Canada M5C 1P1.

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 amongst others, geological matters and development intentions 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, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding 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

    Grant Thornton UK LLP (Nomad)
    Philip Secrett, Richard Tonthat
    +44(0)20 7383 5100

    Whitman Howard Ltd (Broker & Corporate Adviser)
    Ranald McGregor-Smith, Nick Lovering
    +44(0)20 7659 1234