Last checked at 
LONDON (Alliance News) - Galantas Gold Corp Thursday said its loss widened in the first half of 2015 as the company prepares to restart operations at its Omagh gold mine in Ireland after being granted planning consent in the second quarter.
The development miner reported a wider net loss totalling CAD1.1 million in the first half of 2015, from the CAD798,703 loss a year earlier. The company generated its maiden revenue in the half, but this only amounted to CAD14,897.
That loss was wider because administration and sales costs rose in the period, partially offset by lower amounts of depreciation and a smaller foreign exchange loss.
The company's flagship asset is the Omagh mine in Ireland, where production is currently suspended. However, the company was granted planning consent in the second quarter which means it can begin an underground operation at the mine.
"The underground mine will utilize the same processing methods and will be the first underground gold mine, of any scale, in Ireland. The robust results of the recent economic study, now with the positive planning determination, are expected to lead to the establishment of a sound business based on the Omagh gold property," said the company.
"The strategy is to establish the underground mine as soon as finance is available and look for further expansion of gold resources on the property, which has many un-drilled targets," it added.
The company reported a cash balance of CAD198,696 at the end of June, which is less than half the CAD458,849 held at the end of June 2014.
"Our open pit gold mine, operated until recently, is the only one in Ireland. It had excellent environmental standards, monitored with detailed studies by NIEA and used a safe processing methodology to produce a smelter concentrate. We recently completed a substantial fund-raising which is being used to push our exploration and mine development plans forward," said Chief Executive Roland Phelps.
Galantas shares were down 4.1% to 4.55 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.