Results for the Three and Nine Months Ended September 2010
This page and other parts of the website contain statements relating to the intentions of the management to develop mine production and jewellery production. Such statements are forward looking and readers are cautioned that these statements are subject to risk and uncertainties as further detailed in quarterly Management Discussion and Analysis published on www.sedar.comThis page and other parts of the website contain statements relating to the intentions of the management to develop mine production and jewellery production. Such statements are forward looking and readers are cautioned that these statements are subject to risk and uncertainties as further detailed in quarterly Management Discussion and Analysis published on www.sedar.com
Galantas Gold Corporation ('Galantas' or the 'Company') results for the Three and Nine Months ended September 30th 2010 have been published.
The Net Income for the three months ended September 30, 2010 amounted to $ 156,982 compared to a Net Loss of $ 164,988 for the three months ended September 30, 2009. The Net Income for the nine months ended September 30, 2010 amounted to $ 1,001,368 compared to a Net Loss of $ 689,326 for the nine months ended September 30, 2009. The main reason for the improved results in the nine months of 2010 is the increased production levels achieved during the first quarter together with the high gold prices that prevailed during the period. Production levels in the third quarter of 2010 were below those of the first quarter but above those of the second quarter.
Highlights of the Company's 2010 third quarter's and first nine months results, which are expressed in Canadian Dollars, are:
Third Quarter Ended September 30 Nine Months Ended September 30:
|Cost Of Sales||$1,118,007||$808,622||$4,125,974||$2,611,291|
|Income (loss) before the under-noted||$507,809||$(254,853)||$1,535,739||$104,286|
|General administrive expenses||$250,566||$337,022||$698,390||$959,271|
|Foreign Exchange/ (gain) Loss||$100,261||$(426,887)||$(164,988)||$(165,659)|
|Net Income (loss) for the period||$156,982||$(164,988)||$1,001,368||$(689,326)|
|Cash generated from operations||$293,844||$265,027||$1,591,691||$443,362|
Highlights of the Company's 2010 third quarter's and first nine months Production are summarised below:
Third Quarter Ended September 30 Nine Months Ended September 30:
|Gold Head Grade||4.75 g/t||3.64 g/t||4.74 g/t|
|Gold Grade Concentrate||g/t||131.9||85.1||119.7|
|Silver Grade Concentrate||g/t||298.9||174|
The production, metal weights and sales figures are provisional and subject to averaging or umpiring provisions under the terms of the concentrate off-take contract with Xstrata Corporation as detailed in a press release dated 3rd October, 2007.
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 Richard Crew, (General Manager), a qualified person under the meaning of N.I. 43-101, who is responsible for the production related technical information in this disclosure. Leo O'Shaughnessy is responsible for the financial information. The information is based upon local production and financial data prepared under their supervision, though some information is drawn from data prepared before Mr.Crew's tenure commenced.
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.
This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
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".