Appeal against Galantas planning consent fails
Aim- and TSX-V-listed Galantas Gold’s plans to bring the Omagh underground mine, in Northern Ireland, to commercial production received a major boost owith a dismissal of an appeal against its planning consent.
The Court of Appeal on Friday ruled that the appeal had failed and confirmed the planning consent for an underground mine on the former openpit gold-mine site.
Galantas, which earlier in the day requested an Aim trading halt pending the judgement, resumed trading at 13:00 London time, with the stock soaring 35% to 8.48p a share. In Canada, the company hit a new 52-week high at C$0.14 a share.
The miner also confirmed that the proposed private placing of between £3.2-million and £4-million, or C$5.1-million and C$6.8-million, would proceed. The funding is required to bring the Omagh mine to commercial production.
The Omagh mine has started limited production of gold concentrate from feed produced in development of the underground Kearney vein.
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