Shares in Galantas Gold (TSX, LON:GAL) climbed on Monday in London after the company announced it has reached the main gold vein in development works underground at its Omagh gold mine in Northern Ireland. Galantas Gold Corporation is pleased to report the underground development at the Omagh gold-mine, Northern Ireland, has reached the main Kearney gold vein. The stock jumped 12.5%, trading at 6.75p.
Galantas’ Omagh is Northern Ireland’s only producing gold mine. The firm, which kicked off the mine’s expansion last year after the open-pit site was exhausted, has said it expects to produce about 8,000 ounces next year. The decline tunnel is planned to be extended in depth, along with construction of a second means of egress (safety escapeway). Environmental monitoring continues to demonstrate compliance with the standards imposed by the regulatory authorities. Safety is a high priority and the zero lost time accident rate, since the start of underground operations, continues.