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Monday, 26th June 2006 (3254 views)

Gold mining company Galantas has announced what it calls "substantial progress" in the construction of its Omagh gold mine in Ireland.

A good proportion of the mine's infrastructure is now nearing completion, if not already at a conclusive stage, the company has said and it hopes to have the mine fully operational at some point in 2007.

Short term reports of productivity at Ireland's only gold-producing site are also positive.

Galantas expects first cash flow from the project by early autumn 2006 and thereafter to reach full production, thought to be around 30,000 ounces of gold per year, in a matter of months.

Galantas was primarily a gold jewellery manufacturer but has since branched into the mining sector in order to reap the benefits of procuring its own sources of the raw materials needed to advance the business.

 

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