Galantas to report 1,400 ounces of gold

GALANTAS Gold, the Canadian-registered exploration company whose chief asset is Ireland’s only commercial gold mine, in Co Tyrone, is expecting to report nearly 1,400 ounces of gold in production levels for Q4 of 2008.

In a trading update, issued yesterday, the company which operates the Omagh Minerals Ltd subsidiary in the eponymous Co Tyrone town, added that an additional 3,695 ounces of silver and 50 tonnes of lead were produced after mining activity in Q4 of last year.

The first two months of this year have seen a significant drop in wet tonnage amounts, basically the amount of earth containing precious minerals that has been dug up.

On the upside, however, the company has extended operating hours at its Omagh-based processing plant to 128 hours per week, meaning work now covers the full working week. It said the average monthly price of gold in sterling terms has continued to remain strong.

Ireland’s place on the international gold mining map has become stronger in recent years.

Irish company, Conroy Diamonds & Gold — which operates a gold prospect at Clontibret in Co Monaghan is very hopeful of its assets becoming a commercial mine in the coming years.