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Monday, 23rd January 2006 (6718 views)

A Northern Irish gold mining firm is seeking to list itself on the London-based Alternative Investment Market, the Sunday Times reported.

Galantas Gold, an exploration company which has its own mine in Omagh and produces its own range of jewellery, is already listed in Toronto. But the company now wants to give investors closer to home access to the firm.

The company currently has a market value of C$18 million (£8.8 million) and is hoping that the AIM floatation will raise £1 million. After around £250,000 in costs is swallowed by the cost of the listing, it will invest the rest in its mine.

"We've hundreds of Irish shareholders and this will allow them to follow the stock closely," said Galantas' president Moe Lavigne.

"We listed in Toronto first because it's the world's biggest stock market for mining and mineral exploration companies."

He added that the company will start fully mining its Omagh site before the summer of 2006, producing 30,000 ounces each year. It had gained planning permission for the site in 1995 but decided that it would be uneconomical to continue after world prices slipped.

Instead it used gold obtained from exploration in Omagh for its exclusive range of jewellery.

 

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