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LONDON (Alliance News) - Galantas Gold Corp Wednesday reported a wider second quarter loss before general, administrative and other expenses, due to a lack of revenue following the suspension of production in the fourth quarter of last year.
In a statement, Galantas said it made a CAD161,617 loss before general administrative and other expenses in the three months ended June 30, compared with CAD110,201 in the corresponding period last year. Galantas reported no revenue in the six month period. It had reported CAD532,856 in revenue in the second quarter of 2013 and CAD888,532 over the first half. This was only partly offset by lower cost and expenses of operations.
However, Galantas said its second quarter net loss narrowed, falling to CAD296,603 from a CAD357,663 net loss in the corresponding period last year. This was primarily due to an unrealized gain of CAD210,000 on fair value of derivative financial liability.
Over the first six months of the year as a whole, Galantas' net loss was broadly flat on last year, creeping up to CAD798,703 from CAD798,217.
"Following the suspension of production during the fourth quarter of 2013 due primarily to lower concentrate gold grade coupled with falling gold prices, there were no shipments of concentrates sales from the mine during the second quarter and first six months," Galantas said in a statement.
"The company continues to review the economics of continuing production through the processing of tailings cells," Galantas added.
Galantas also said that discussions continued with the planning services in Northern Ireland during the first half of 2014 with regards to the planning application for an underground mine plan and accompanying Environmental Statement which were submitted in 2012.
The company said it "understands" that a timeline in the fourth quarter of 2014 is possible for a final determination, but said it should be noted that the timeline for delivery of the determination is not within its control.
Galantas shares were Wednesday up 4.0% at 3.25 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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