SI
SI
discoversearch

 Gold/Mining/Energy | Galantas Gold


From: goldnoil8/11/2011 5:21:13 PM
   of 9
 
This trading statement from Galantas gives us the first insight into the impact of the mill refurbishment upon
mill output. After visiting the mine this past weekend, I have the definite impression that we should see further significant improvement upon these numbers.


Tuesday 5th July 2011

GALANTAS REPORTS RECORD SECOND QUARTER 2011 AND FUNDS DRILLING OUT OF CASH-FLOW

July 5th, 2011: Galantas Gold Corporation (the ‘Company’) has received a trading update for the second quarter, ending June 30th 2011, from its wholly owned subsidiary, Omagh Minerals Ltd (OML), which operates the only gold mine in Ireland.

The month of June has seen some important production records exceeded since mining production began, as the recent processing plant upgrades show their potential. The highest daily concentrate production (23 wet tonnes), highest weekly concentrate production (111.5 wet tonnes) and highest monthly concentrate production (337.264 wet tonnes) all contributed to a record second quarter (805 wet tonnes). For the first time, one month’s production at the Omagh Mine (at 1,204 ounces gold equivalent for June) has exceeded the milestone of 1,000 troy ounces of gold equivalent.

Highlights of comparative production figures are summarized below:



Three Months to June 30 2011

Three Months to June 30
2010

Six Months to June 30 2011

Six Months to June 30 2010

Tonnes Milled

15,883

10,602

22,832

17,582

Average Grade (g/t gold)

5.39

3.19

4.97

5.90

Tonnes per hour

9.18

8.13

8.77

7.35

Concentrate Dry Tonnes

754

325

1,036.5

919.20

Concentrate Gold Grade (g/t)

103.1

128.9

102.6

116.3

Gold Produced kg (troy ozs)

77.7 (2,500)

41.88 (1,347)

106 (3,410)

107.1 (3,443)

Concentrate Silver Grade (g/t)

232.2

335.4

241.1

343.3

Silver Produced kg (troy ozs)

173.8 (5,586)

109.00 (3,505)

249.9 (8,034)

315.6 (10,147)

Lead Produced (tonnes)

120.6

45.47

170.7

139.7

Gold Equivalent ( troy.ozs)

2,829

1,471

3,892

3,857











The value of sales for the quarter is expected to be more than $3,400,000 US dollars. 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 unaudited financial results for the quarter are expected in the usual timeframe, at the end of August 2011
Roland Phelps, President and CEO, Galantas Gold Corporation said, “The turn-around is due to the commitment and dedication of the production and engineering team. Under the guidance of Richard Crew, General Manager, they have delivered an excellent result for the quarter.”

Omagh Minerals Ltd (OML), is actively engaged in setting up a local Residents Advisory Committee. Comprised of local residents, a minority of whom work for OML, OML hopes to gain useful insight into upcoming planning applications and it is anticipated that the committee will enable OML to structure applications and activities in a constructive way to minimize impact on neighbours.

OML welcomes the positive suggestion it has received from connected parties as to a possible way through the current deferment of a planning application. OML intends to submit a planning application relating to the establishment of a number of extra passing places on the route to be taken by trucks to be used to carry surplus rock from the mine. OML will be consulting on the location of the additional passing places with the Residents Advisory Committee, Roads Service and others.

The Company is engaged in an active exploration program. A second contractor’s drill rig is operating. A new drilling rig (owned by OML) is being commissioned. The initial program of 2000 metres of exploration drilling has been expanded over seven fold to approximately 15,000 metres of drilling, utilizing four rigs. The increased funding cost of the program has been allocated and the cash funds reserved. The drilling fund has not yet been drawn down due to the drilling costs being met from recently improving operating cash flow. Assay results are expected to be regularly announced from September 2011.

The Annual General Meeting of Galantas Gold Corporation was held in Toronto on 21st June 2011 and all resolutions were passed.

The financial component of this disclosure has been reviewed by Leo O’ Shaughnessy (Chief Financial Officer) and the production components by Richard Crew (General Manager), qualified persons under the meaning of N.I 43-101. The information is based upon local production and financial data prepared under their supervision.

Share Recommend | Keep | Reply | Mark as Last Read


From: peers8/12/2011 6:06:54 AM
   of 9
 
Went to the mine last week, agree it could be a good quarter or two, but planning in UK is fraught with problems.
We will wait for the planners

Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil8/14/2011 4:44:43 PM
   of 9
 
Excellent background video on gold in the United Kingdom from UK's Channel 4. Gold in Northern Ireland is discussed in the last 12 minutes of the video and Galantas' Cavanacaw mine is the focus of the last 4 minutes of this documentary.

channel4.com

Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil8/16/2011 7:14:51 AM
   of 9
 
Chairman Roland Phelps makes company presentation at 76th Minesite Forum in February of this year:

youtube.com

Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil8/25/2011 3:51:33 PM
   of 9
 

GALANTAS REPORTS SECOND QUARTER RECORD RESULTS


Galantas Gold Corporation

TSX VENTURE : GAL
AIM : GAL



August 25, 2011 09:00 ET

Galantas Reports Results for Second Quarter 2011




TORONTO, ONTARIO--(Marketwire - Aug. 25, 2011) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL)results for the three and six months ended June 30, 2011 have just been published.

The Net Income for the three months ended June 30, 2011 amounted to $ 1,039,384 compared to a Net Income of $ 118,724 for the three months ended June 30, 2010. When the Net Income is adjusted for non cash items on the Income Statement (before changes in non-cash working capital), the cash generated from operating activities amounted to $ 1,358,594 for the second quarter of 2011 compared to $ 451,133 for the second quarter of 2010.

The Net Income for the six months ended June 30, 2011 amounted to $ 719,399 compared to a Net Income of $ 604,865 for the six months ended June 30, 2010. When the Net Income is adjusted for non cash items on the Income Statement (before changes in non-cash working capital), the cash generated from operating activities amounted to $ 1,208,784 for the first half of 2011 compared to $ 1,180,083 for the first half of 2010.

The main reasons for the improved results were the record gold production and higher sale prices achieved for concentrate recorded by its Northern Ireland subsidiary during the second quarter, as detailed in the Company's July 5, 2011 trading update.


Highlights of the 2011 second quarter's and first six months results, which are expressed in Canadian Dollars, are:


Second Quarter Ended June 30 Six Months Ended June 30

2011 2010
2011
2010 Revenue $ 3,266,572
$ 1,503,296 $ 4,468,713 $ 3,848,111
Cost of Sales $ 1,345,291
$ 952,944 $ 2,374,153 $ 2,007,167
Amortization $ 241,727
$ 156,416 $ 381,860 $ 445,886
Income (loss) before the undernoted $ 1,679,554
$ 393,936 $ 1,712,700 $ 1,031,058
General administrative expenses $ 644,217
$ 243,444 $ 991,086 $ 447,824
Foreign exchange/(gain) loss $ (4,047 ) $ 31,768 $ 951 $ (21,631 ) Net Income for the period $ 1,039,384
$ 118,724 $ 719,399 $ 604,865

Roland Phelps, President & CEO, said, "The Omagh team are to be congratulated on achieving an excellent result. This result has added to funding for an aggressive exploration program, targeting known veins on the Omagh licenses. The extra financial investment at Omagh that has been put in place over the last year now appears to be showing in the bottom line."

The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

This disclosure has been reviewed by Leo O' Shaughnessy (Chief Financial Officer), a qualified person under the meaning of N.I 43-101. The information is based upon financial data prepared under his supervision.

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, 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.




Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil8/31/2011 6:03:33 AM
   of 9
 
CHART - GALANTAS - REVENUE vs COST OF SALES



This chart clearly shows the impact of higher gold prices combined with the mill optimisation.

This chart comes from ttnyrp at advfn in the UK.

The chart comes with the caveat:

"Not sure if I've got all these figures absolutely spot on (going back to the quarters regarding the change in revenue recognition and the impairment charge - corrections welcome) but you get the general drift...

**Note The average price for gold in Q211 was over $300/oz less than today**"

Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil1/27/2012 2:29:01 AM
   of 9
 
Joshua Vein Core Drilling Averages 7.5 g/ton

Galantas Gold Announces Details of Joshua Vein Gold Discovery

For details go to:

http://www.marketwire.com/press-release/galantas-announces-details-of-joshua-vein-gold-discovery-tsx-venture-gal-1606060.htm






Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil1/27/2012 2:34:10 AM
   of 9
 
Galantas Announces Strategic Land Purchase



TORONTO, ONTARIO--(Marketwire - Jan. 24, 2012) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the 'Company'), the AIM and TSXV quoted producer/developer/explorer with a 100% interest in Ireland's only operating gold mine, has purchased through its wholly owned subsidiary, Omagh Minerals Limited, a strategic parcel of land near Omagh, County Tyrone, Northern Ireland.

The freehold land parcel is contiguous with the mine and lies to the north-west of the existing land holding. It comprises an area of approximately 52 acres and was purchased for £247,000. Part of the land overlies the Joshua Vein discovery, for which drilling results were recently detailed in the formal announcement of 12th January 2012.

Roland Phelps (President and CEO, Galantas Gold Corporation) commented, "This land purchase secures surface rights over the recently discovered northern extension to Joshua Vein and has been financed from cash generated from operations. I am very pleased that the Company managed to acquire the land as I expect it to be an important asset for the future."

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.

marketwire.com

Share Recommend | Keep | Reply | Mark as Last Read


From: goldnoil4/4/2012 7:47:57 AM
   of 9
 

GAL:LSE GAL:TSX

A gold mine bursting with potential. Article on Galantas Gold (GAL:TSX GAL:LSE) from Money Week the UK's most read financial magazine.




Galantas - "A gold mine bursting with potential"




This is not widely known by many gold enthusiasts, but Ireland also has gold. And near Omagh in Northern Ireland’s County Tyrone, one penny share company, Galantas Gold ( GAL) has the country’s only operating gold mine.

Why this gold mine is only now coming to light This is not just a hopeful project. Galantas is actually mining gold today, and making good money out of it. The mine has an interesting history.

It was started in the 1980s by RTZ Corporation for tax purposes, after the closure of its Cornish tin mine left it as a UK company with no UK mine. A change in the tax laws prompted RTZ to sell. Jack Gunter, who was about to retire after fifteen years with RTZ, saw the opportunity and stepped in to buy it.
In the tense political climate of the time it had one particular merit. As an open pit mine it required no rock blasting – and that meant no explosives that could fall into the hands of the IRA. Gunter, now in this 70s, is the chairman today, while the mining engineer Roland Phelps has been chief executive since 1997.


Today, this experienced veteran duo are running a profitable, if small, gold mine. But they believe that the Omagh mine could soon be producing a lot more gold. And as Irish investors turn from chasing gold shares overseas to the gold on their own doorstep, the share price has been ticking up. Let me explain why.

Having last week been granted additional mining licences, Galantas’s licences now cover some 600km2 and estimates made by the independent consultant ACA Howe back in 2008 suggest that this contains some 400,000oz of gold in nine different zones.


These are set out in the following table:


Use link above to view table



As you can see, about three quarters of this gold is in the least certain ‘Inferred’ category, while only 16,000oz is in the ‘Measured’ category. But the 2008 Howe report also said that these gold-bearing zones could be extended to hold a total of 1.33-2.46 million ounces of gold, while further exploration targets could add another 400,000.

Now ACA Howe is back on the case. Before the end of May it is expected to provide a resource update, adding ounces to its 2008 estimate and moving some from the ’Inferred’ to the ‘Indicated’, and the ‘Indicated’ to ‘Measured’ categories.

A whole new level to for Galantas to exploit and reap the rewards This will be important information for the share price, but Howe has a second purpose. It will also comment on Galantas’s plans to move from surface to underground mining.

Galantas has already produced its own mining scoping study, and Howe will provide confirmation of its cost estimates, of its operating methods and of its tailings storage. It will also comment on Galantas’s plans to expand its processing plant, which uses a ‘froth flotation’ method to produce a gold concentrate that is sold, under a life of mine off-take agreement, to Xstrata Corporation.

Assuming that ACA Howe’s report raises no obstacles, Galantas will apply to mine underground and, although this is more risky than surface mining and will no doubt require Galantas to raise some capital, it should take production to a new level. And that should be good for the business.

Last year, Galantas produced 6,479oz of gold, with some silver and lead credits taking the ‘gold equivalent’ up to 7,307oz. Although it is yet to publish full year results, based on figures for the first nine months the mine is likely to have delivered a net income of close to £1m, while cash in the bank should exceed £3m.


Galantas shares are traded on both the Toronto Stock Exchange and AIM, where the current share price of around 5p values the business at £11.5m. That looks pretty reasonable for a cash-rich business making £1m a year.

But chief executive Phelps is eyeing something much more substantial. With underground mining he reckons the mine could produce 50,000oz of gold per year. That should bring it to the attention of a much larger group of investors.

Clearly, much is riding upon ACA Howe’s report in May. I will be watching it with great interest.

Share Recommend | Keep | Reply | Mark as Last Read

Copyright © 1995-2014 Knight Sac Media. All rights reserved.Stock quotes are delayed at least 15 minutes - See Terms of Use.