TSX-V-listed Galantas Gold has entered into a loan agreement for $1.06-million with Ocean Partners to continue development of the Omagh gold project, in Northern Ireland.
Thanking Ocean Partners for their support, Galantas CEO Mario Stifano stated that the mine would enter production by the end of the first quarter.
The loan will be repaid in six months, with an option of further extending that.
Omagh will produce 9 000 oz of gold concentrate this year, at an average grade of 5.5 g/t and an all-in sustaining cost (AISC) of $1 150/oz. In 2023, production is expected to increase to 17 800 oz at an average grade of 8 g/t and an AISC of $1 350/oz.