| | 27th August 2009. Galantas Gold Corporation (the Company), which has a 100% interest in an operating, open-pit, gold mine near Omagh, Northern Ireland, today announced its unaudited financial results for the second quarter, ending June 30th 2009. Highlights of the results are tabulated below. They should be read in conjunction with the full Unaudited Accounts, including notes and the corresponding Management Discussion and Analysis available on www.sedar.com and www.galantas.com .
HIGHLIGHTS
CDN$ |
Second Quarter
2009 |
Year to Date
2009 |
Second Quarter 2008 |
Year to Date
2008 |
Sales |
$ 1,648,243 |
$ 2,791,247 |
$ 650,565 |
$1,272,352 |
Mine Cost of Sales excluding Financing charges etc |
$ 1,149,926 |
$ 2,118,111 |
$ 693,104 |
$ 1,709,463 |
Financing, interest & other cash costs |
$ 134,198 |
$ 169,231 |
$ 94,732 |
$ 297,898 |
Profit/(Loss) before amortization, foreign exchange and non-cash costs |
$ 364,119 |
$ 503,905 |
($ 137,271) |
($ 735,009) |
Amortization, depreciation, foreign exchange and non cash costs |
$ 598,444 |
$ 1,028,243 |
$ 575,002 |
$ 1,123,183 |
Net Profit/(Loss) |
($ 234,325) |
($ 524,338) |
($ 712,273) |
($ 1,858,192) |
As noted in a Trading Update of 6th July 2009, production in the second quarter increased to approximately 1977 troy ounces of gold, 5972 troy ozs of silver and 90.4 tonnes of lead. The production and metal 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.
This release has been reviewed by Leo O’Shaughnessy, Chief Financial Officer of the Company and a Qualified Person, from information prepared under his direction.
Galantas Gold Corporation Issued and Outstanding Shares total 190,100,055.
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.
Enquiries
Galantas Gold Corporation
Jack Gunter P.Eng – Chairman
Roland Phelps C.Eng – President & CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Blomfield Corporate Finance Ltd
Nick Harriss
Telephone: +44 (0) 207 489 4500
Lewis Charles Securities Limited.
Kealan Doyle & Nicholas Nicolaides
Telephone: +44 (0) 207 456 9100
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