Galantas GOLD Provides Progress Update ON the Omagh GOLD Project Sustainable MINE Plan Expected IN July
GALANTAS GOLD PROVIDES PROGRESS UPDATE ON THE OMAGH GOLD PROJECT
SUSTAINABLE MINE PLAN EXPECTED IN JULY
June 14, 2023, TORONTO, CANADA – Galantas Gold Corporation (TSX -V & AIM: GAL; OTCQX:
GALKF) ("Galantas" or the "Company") is pleased to announce that mining contractor QME Mining
Services (NI) Ltd. Ireland (“QME”) has successfully concluded its due diligence process at the Company’s
Omagh Gold Project in Northern Ireland, as part of its work on a sustainable mine plan.
It is envisioned that the mine plan, targeted for completion in July 2023, will allow the Company to further
develop and mine the ore zones down to the existing lower levels of the Omagh Mine. The mine plan is
aimed to optimize production from the dilation zones, which have potential for higher grades and thicker
widths of mineralization. The mine plan will outline a staged production plan, estimating the initial production
levels, followed by staged expansions of production. The Company believes this will be a lower capital cost
pathway of de-risking the growth in production, while the Company continues its focus on exploration and
expanding its mineral resources at Omagh. The forthcoming mine plan will involve mining both the Joshua
and Kearney veins, leveraging QME's highly skilled workforce and state-of-the-art original equipment
manufacturer (OEM) mining equipment.
Mario Stifano, CEO of Galantas, commented: “We are thrilled that QME is progressing our mine plan.
QME's extensive mining experience across Europe, including its notable involvement in the development
and bulk sampling of Dalradian’s nearby gold project located just 20 km away from Omagh, positions them
as an ideal partner for this endeavour.
“Furthermore, QME’s commitment to the success of the Omagh Project is exemplified by its significant
shareholding (3,194,444 shares) in Galantas. We look forward to providing further information on our mine
strategy next month.”
QME was founded in 1985 and is an experience d mining services provider engaged in mine
development and the supply of new and re-manufactured equipment for underground and open pit use.
QME is currently engaged in mining contracts in Ireland and Portugal and has prior experience in mining
projects in the Republic of Ireland, Northern Ireland and Scotland. Current and past clients include Tara
Mines, Dalradian Gold, Lundin Mining and Barrick Gold.
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.
The information contained within this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR.
Upon the publication of this announcement, this inside information is now considered to be in the public
domain.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange
and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the
OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value
by 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 VMS deposit in Scotland.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger, Samuel Littler
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Broking)
Telephone: +44(0)20 3470 0470
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 results of exploration and mine
development programs at the Omagh Project and Gairloch 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 fact ors 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, includin g: 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 issue s; and defective title to mineral claims or property. These factors and others
that could affect Galantas’ 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 releas e 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.