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TORONTO, July 10, 2024 (GLOBE NEWSWIRE) — Galantas Gold Company (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Firm”) is happy to announce that it has agreed in precept to a proposal from G&F Phelps Ltd. to develop a solar energy facility on the Cavanacaw Gold Mine on the Omagh Challenge in County Tyrone, Northern Eire.
The 2-megawatt facility, with battery storage, is predicted to considerably increase energy era on web site and supply decrease price energy than current diesel era, at a considerably decrease carbon footprint.
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The proposal anticipates G&F Phelps renting rehabilitated land comprised of former tailings cells and a crammed southern part of the previous open pit. G&F Phelps is predicted to supply nearly all of capital required for the undertaking, recouping the associated fee from the facility generated. The proposal is topic to an in depth price examine, affect evaluation and planning permission from regulatory authorities.
Surplus energy from the photo voltaic facility is predicted to be exported to the native grid.
G&F Phelps is a shareholder of Galantas, to which it has additionally supplied mortgage finance. It’s managed by former Galantas CEO, Roland Phelps.
Mario Stifano, CEO of Galantas, commented: “On-site solar energy era can scale back mine working prices, decrease our carbon footprint and scale back the requirement for gasoline transportation onto the undertaking web site, leading to fewer site visitors actions regionally. It’s a “win-win” for the Firm and the atmosphere.”
Neither TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.
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About Galantas Gold Company
Galantas Gold Company is a Canadian public firm that trades on the TSX Enterprise Alternate and the London Inventory Alternate AIM market, each beneath the image GAL. It additionally trades on the OTCQX Alternate beneath the image GALKF. The Firm’s technique is to create shareholder worth by working and increasing gold manufacturing and assets on the Omagh Challenge in Northern Eire, and exploring the Gairloch Challenge internet hosting the Kerry Highway gold-bearing VMS deposit in Scotland.
Enquiries
Galantas Gold Company
Mario Stifano: Chief Government Officer
Electronic mail: information@galantas.com
Web site: www.galantas.com
Phone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, Elliot Peters
Phone: +44(0)20 7383 5100
SP Angel Company Finance LLP (AIM Dealer)
David Hignell, Charlie Bouverat (Company Finance)
Grant Barker (Gross sales & Broking)
Phone: +44(0)20 3470 0470
Ahead-Wanting Statements
This information launch incorporates forward-looking statements inside the which means of the US Non-public Securities Litigation Reform Act of 1995 and relevant Canadian securities legal guidelines, together with outcomes of exploration and mine improvement packages on the Omagh Challenge and Gairloch Challenge. Ahead-looking statements are primarily based on estimates and assumptions made by Galantas in mild of its expertise and notion of historic traits, present circumstances and anticipated future developments, in addition to different components that Galantas believes are acceptable within the circumstances. Many components may trigger Galantas’ precise outcomes, the efficiency or achievements to vary materially from these expressed or implied by the ahead wanting statements or technique, together with: gold worth volatility; discrepancies between precise and estimated manufacturing, precise and estimated metallurgical recoveries and throughputs; mining operational danger, geological uncertainties; regulatory restrictions, together with environmental regulatory restrictions and legal responsibility; dangers of sovereign involvement; speculative nature of gold exploration; dilution; competitors; lack of or availability of key staff; extra funding necessities; uncertainties concerning planning and different allowing points; and faulty title to mineral claims or property. These components and others that would have an effect on Galantas’ forward-looking statements are mentioned in better element within the part entitled “Danger Components” in Galantas’ Administration Dialogue & Evaluation of the monetary statements of Galantas and elsewhere in paperwork filed now and again with the Canadian provincial securities regulators and different regulatory authorities. These components needs to be thought-about rigorously, and individuals reviewing this information launch mustn’t place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to replace or revise any forward-looking statements on this information launch, besides as required by legislation.
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