RCS - Galantas Gold Corp - Planned Solar Power Generation Facility At Omagh

Galantas GoldAnnouncement

10/07/2024 07:00

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RNS Number : 6822V  Galantas Gold Corporation  10 July 2024

 

 

GALANTAS GOLD ANNOUNCES PLANNED SOLAR POWER GENERATION FACILITY AT OMAGH GOLD
PROJECT, NORTHERN IRELAND

 

JULY 10, 2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that
it has agreed in principle to a proposal from G&F Phelps Ltd. to develop a
solar power facility at the Cavanacaw Gold Mine at the Omagh Project in County
Tyrone, Northern Ireland.

 

The two-megawatt facility, with battery storage, is expected to significantly
boost power generation on site and provide lower cost power than existing
diesel generation, at a significantly lower carbon footprint.

 

The proposal anticipates G&F Phelps renting rehabilitated land comprised
of former tailings cells and a filled southern section of the former open pit.
G&F Phelps is expected to provide the majority of capital required for the
project, recouping the cost from the power generated. The proposal is subject
to a detailed cost study, impact assessment and planning permission from
regulatory authorities.

 

Surplus power from the solar facility is expected to be exported to the local
grid.

 

G&F Phelps is a shareholder of Galantas, to which it has also provided
loan finance. It is controlled by former Galantas CEO, Roland Phelps.

 

Mario Stifano, CEO of Galantas, commented: "On-site solar power generation can
reduce mine operating costs, lower our carbon footprint and reduce the
requirement for fuel transportation onto the project site, resulting in fewer
traffic movements locally. It is a "win-win" for the Company and the
environment."

 

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.

 

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: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, Elliot Peters

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 news 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 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 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 issues; 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 news
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 news release, except as required by law.

 

 

 

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