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.