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LONDON (Alliance News) - Galantas Gold Corp Friday said that the planning permit for an underground mine on its open-pit property near Omagh, County Tyrone in Ireland, is now expected during the first quarter of this year.
The gold producer said this is due to a potential environmental improvement in the location of a storage area, which it said will be subject to further consultation procedures.
"Although the potential environmental improvement is thought relatively minor and comes forward very late in the determination process, the company is advised that this change in the proposal is necessary prior to a decision being made," it said in a statement.
Galantas also announced that it has secured short term funding for the project, with an extra GBP100,000 being provided by G&F Phelps Ltd to its existing secured loan facility, which at the end of September stood at just over GBP1.2 million.
G&F Phelps is a company owned by Roland Phelps, president and CEO of Galantas Gold Corp, who is also a director of G&F Phelps.
Galantas shares were untraded Friday afternoon. The shares last traded at 3.06 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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