Q4 Production: up 255%
nice numbers released for Q4 today, at London AIM website. (see below)
(by my own rough estimates, these number will mean income for Q4 of over %500k, and income for the year of around $1.66million)
This mining stock is a screaming buy, and is poised to continue to increase production, all funded by internal cash flow. No downside here!
Today's release below:
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - 'GAL'
GALANTAS ANNOUNCES RICHARD CREW AS CHIEF OPERATING OFFICER AND Q4 TRADING UPDATE
Date : 7th February 2012. Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted producer/developer/explorer with a 100% interest in Ireland's only operating gold mine, is pleased to announce the appointment of Richard Crew (47) as Chief Operating Officer. Mr Crew was General Manager at the Company's Omagh Minerals Ltd subsidiary (OML) since June 2010 and has overseen the expansion in production and development of the Omagh gold mine.
The Company also announces provisional production figures for the last quarter of 2011 (Q4).
Concentrate production in the last quarter of 2011 saw a 255% increase compared to 2010. At 740.2 wet tonnes, the increase is due to improvements in the processing plant and to milder winter conditions than the unusually adverse conditions experienced in 2010. During the whole of 2011, concentrate production was up by 55% compared to 2010, even though the early part of the first quarter of 2011 was affected by the same adverse winter conditions as noted in Q4 2010.
The metal contents of shipped concentrate are estimated as follows,
Q4 2011 production
Gold 47,251grams 1,519oz
Silver 148,135grams 4,763oz
Lead 80,765KGs
Gold Equivalent 1,711oz
2011 production for the year
Gold 201,515grams 6,479oz
Silver 531,296grams 17,081.57oz
Lead 280,943KGs
Gold Equivalent 7,307.50oz
The production, metal and sales figures are provisional and subject to averaging or umpiring provisions under the concentrate off-take contract with Xstrata Corporation, detailed in a press release dated 3rd October 2007. Detailed audited financial results for the quarter and year are expected in the usual timeframe, by the end of April 2012.
The Company is pursuing an aggressive exploration program on its Omagh property and is pleased to announce the addition of a sixth core-drilling rig that is being mobilised to the site.
This disclosure has been reviewed by Roland Phelps (President and CEO), who is qualified under the meaning of N.I 43-101 and who has also reviewed this release for the purposes of AIM requirements. The information is based upon operating data prepared under his supervision.
Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.
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