Galantas Gold Corp (GALKF)

[downthehatch]

Updated 43-101 out today:
Galantas 43-101, July 3, 2012

Comments from CEO:
Roland Phelps, President & CEO, Galantas Gold Corporation commented, "The Preliminary Economic Assessment, which shows high Internal Rates of Return and low cash cost of production, in a politically stable jurisdiction, confirms our confidence in the Omagh property. We expect to continue to further invest in drilling and infra-structure, moving to a more detailed feasibility with the goal of establishing an underground operation around a target production of 50,000 ounces per year of gold in concentrate.

Discussions have already been initiated with potential lenders to gauge interest in financing opportunities based on debt, with encouraging results.

A further report is scheduled after the 15,000 metre drilling program is complete. Our permitting application for an underground mine, with accompanying Environmental Impact assessment, is now complete and expected to be filed in the week commencing 2nd July 2012."