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Galantas Gold Corp V.GAL

Alternate Symbol(s):  GALKF

Galantas Gold Corporation is a Canada-based company, which is operating and expanding gold production and resources at the Omagh Project in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing volcanogenic massive sulfide (VMS) deposit in Scotland. The Company's projects include Omagh Project and Gairloch Project. The Omagh Project is situated within an approximately 189 square kilometer (km2) license area, which lies 1.5 hours drive west of Belfast, in Northern Ireland. The Company holds approximately seven exploration licenses over an area of around 596.7 km2. The Company holds exploration and developments rights to the Gairloch Project, an approximately 217 km2 mineral license area in Scotland that covers the Gairloch Schist Belt. VMS deposits are major sources of zinc, copper, lead, silver and gold. They often form in clusters in areas of ancient underwater volcanic activity. Its subsidiary is Cavanacaw Corporation.


TSXV:GAL - Post by User

Bullboard Posts
Post by onedayyyyyyyyon Jan 11, 2007 8:42am
226 Views
Post# 11992935

NEWS !! Gold production any time now .

NEWS !! Gold production any time now . TORONTO, ONTARIO--(CCNMatthews - Jan. 8, 2007) - Galantas Gold Corporation (the Company)(TSX VENTURE:GAL - News; AIM:GAL) announces that it has produced the first production trial flotation concentrate at its gold mine near Omagh, County Tyrone. Galantas has a 100% interest in Ireland's only gold mine. ADVERTISEMENT Highlights - First Trial Gold Flotation Concentrate - Lining to Paste Cell Complete - Lining to polishing pond complete Mine Construction Progress The first trial run of production of flotation concentrate was on 22nd December, just prior to the Christmas shutdown. Minor adjustments have been made as a result of the trial and the Company is pleased to report that first concentrate has been produced. Some works remain to be completed in the plant and some parts remain to be fully tested. At least the first three months of operation are expected to be irregular and slow as unforeseen difficulties are resolved. The lining contractor has completed lining of the first paste cell and the polishing pond. Final pipework is being placed. Trading Update The Company will not have sales of concentrate (the primary anticipated source of revenue for the mine) in the financial year ending 2006. Concentrate sales are anticipated in the first quarter of 2007. Video of the first concentrate trials will be uploaded to the Company's website at www.galantas.com. Roland Phelps, President & Chief Executive Officer said, "I congratulate the whole team at Omagh for achieving the first trial production gold flotation concentrate. There is still more to do and I have confidence that the team will continue to solve the difficulties ahead as they have done during the build. This is a considerable achievement for a modestly capitalised company and is a milestone for what I hope will be an important business for Ireland." Issued and Outstanding Shares total 157,851,855 This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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