News

October 22, 2008

Galantas Gold Enjoys A Fruitful Relationship With Xstrata, Now That The Omagh Gold Mine Looks To Be Coming Good At Last

By Alastair Ford

Galantas Gold represents something of a turnaround story. In a market where some companies are turning decidedly bad, it’s nice to have some good news in the opposite direction. Last year the company suffered from problems with plant and problems with grade down on the Omagh gold mine in County Tyrone, Northern Ireland. This year most of those problems have been put right, and though Galantas was still loss making when it issued its last set of financials earlier in the year, there’s some likelihood that it may have put its loss-making days behind it, once the next set of financials are released at the end of November.

Roland Phelps, Galantas’s long-standing chief executive, and a principal shareholder too, won’t give any clear hints as to whether profits are just around the corner or not. He’s mindful that a close period is just about to descend upon him, and in any case, Galantas has only recently provided a fairly comprehensive update on third quarter activities. “We had”, says Mr Phelps simply, “our best ever quarter”.

For those who need a quick refresher, it's useful to remind ourselves that Galantas...