Galantas Gold Corporation
TSX VENTURE : GAL
AIM : GAL

Galantas Gold Corporation

September 14, 2011 10:00 ET

Galantas Reports Strategy Focus on Mining and Exploration

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2011) - Galantas Gold Corporation (the Company) (TSX VENTURE:GAL)(AIM:GAL), a gold producer and explorer in Northern Ireland, reports today that it will examine joint venture opportunities related to its premium Irish gold jewellery business. The change of strategy permits management to focus on development of the Company as a precious metal producer and explorer, whilst retaining value from past investment in its fine jewellery business.

The Company is engaged in an aggressive exploration program, with 15,000 metres of drilling concentrated on known veins near the existing mine. Galantas holds exploration rights to 435 square kilometres of Northern Ireland and operates an open-pit gold mine at its Omagh, County Tyrone property. An Environmental Impact Assessment related to a planning application for underground mining is underway.

This disclosure has been reviewed by Roland Phelps, C.Eng MIMM, (President & CEO Galantas Gold Corporation), a qualified person under the meaning of N.I 43-101.

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 exploration and business focus 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; 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.

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

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

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

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

    Religare Capital Markets
    Nick Harriss
    +44 (0) 20 7444 0800

    Religare Capital Markets
    Ben Jeynes
    +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
    Niall Carrig
    (Corporate Broking)
    +44 (0) 20 7930 8222