Galantas appoints ACA Howe (UK) for Resource Report
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol – ’GAL’
GALANTAS APPOINT ACA HOWE INTERNATIONAL (UK) TO UNDERTAKE INTERIM RESOURCE REPORT
Date : 22nd March 2012. The Directors of Galantas Gold Corporation “the Company”, the AIM and TSXV quoted producer/developer/explorer with a 100% interest in Ireland's only operating gold mine, are pleased to announce that the Company has awarded the estimation and reporting of an Interim Resource for the Omagh Gold Project to ACA Howe International Ltd (Howe UK).
This independent report is to be prepared to Canadian National Instrument (NI) 43-101 standard. Subject to fulfilment of the anticipated laboratory results timetable, it will include drilling results and analyses received to April 2nd, 2012 and will identify all resources discovered at that date. Expected to be published by the end of May 2012, it will also comment upon the Company’s Underground Mining Scoping Study. The Mining Scoping Study contains likely cost estimates for the establishment and operation of an underground mine, the mining method, support, backfilling detail, tailings storage and an expanded processing plant of the same type as the existing operating plant. The existing plant utilises high recovery, safe & low toxicity, froth flotation processing and produces a concentrate sold under a life of mine off-take agreement with Xstrata Corporation.
The drilling program currently has six rigs operational, will continue after April 2nd, 2012 and a second Interim Report to (NI) 43-101 standard is expected to be prepared during Q4 2012. As of March 15th2012, approximately 6373 metres (53 holes) have been drilled, since March 2011, in the anticipated 15,000 metre program. In February 2012, with a sixth rig operational, 1257 metres have been drilled. Approximately 7 holes, drilled but not assayed, are expected to have been completed (or nearly completed) by April 2nd and will be carried over to the second Interim Resource Report, with the results of drilling of the remainder of the program. An updated assay report disclosure will follow the April 2nd deadline, or earlier if available.
Roland Phelps, President & CEO, Galantas Gold Corporation, commented;
“I am very pleased Howe UK have agreed to undertake this important task. The NI 43-101 standard is an exacting format but forms the core of our resource disclosure for shareholders. The interim report will put our drilling results in perspective in terms of ounces of gold in the ground, provide commentary on commercial aspects of our recent discoveries, provide a base for continuation of the drilling program and allow outline planning for an underground mine to proceed. The encouraging results so far are the product of a lot of hard work and expertise by the geological and support team, for which I thank them.”
Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.
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Galantas Gold Corporation
Jack Gunter P.Eng – Chairman Investor Relations Consultant
Roland Phelps C.Eng – President & CEO Courtenay Heading (Maclir Consulting Ltd)
Email: firstname.lastname@example.org Email : c.heading@Galantas.com
Telephone : (UK) +44 (0) 7624 424 455
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Charles Stanley Securities (Nominated Adviser)
Mark Taylor / Luke Webster
Telephone +44 (0)20 7149 6000