Strategy Update

RNS Number : 1724O

Galantas Gold Corporation

14 September 2011

 



GALANTAS GOLD CORPORATION

TSXV & AIM : Symbol GAL

GALANTAS REPORTS STRATEGY FOCUS ON MINING AND EXPLORATION

DATE: 14^th September 2011

Galantas Gold Corporation (the Company), a gold producer and explorer in Northern Ireland, reports today that it will examine joint venture opportunities related to its premium Irish gold jewellery business. The change of strategy permits management to focus on development of the Company as a precious metal producer and explorer, whilst retaining value from past investment in its fine jewellery business.

The Company is engaged in an aggressive exploration program, with 15,000 metres of drilling concentrated on known veins near the existing mine. Galantas holds exploration rights to 435 square kilometres of Northern Ireland and operates an open-pit gold mine at its Omagh, County Tyrone property. An Environmental Impact Assessment related to a planning application for underground mining is underway.

This disclosure has been reviewed by Roland Phelps, C.Eng MIMM, (President & CEO Galantas Gold Corporation), a qualified person under the meaning of N.I 43-101.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including exploration and business focus intentions, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results,  the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production,  actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Enquiries

Galantas Gold Corporation                                                                                                                                                         
Jack Gunter P.Eng - Chairman                                                                          Investor Relations Consultant
Roland Phelps C.Eng - President & CEO                                                         Courtenay Heading (Maclir Consulting Ltd)
Email: [e-mail]                                                           Email : [e-mail]                          
Website: www.galantas.com                                                                           Telephone : (UK) [phone]  
Telephone:  [phone]

Religare Capital Markets                         
Telephone: [phone]                  Nick Harriss/Ben Jeynes

Beaufort International Associates Ltd
Telephone: [phone]                  Barry Gibb/Saif Janjua (Corporate Finance), Niall Carrig (Corporate Broking)                                                                             

 

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