Oh dear. Very bad news indeed. Sadly I suspect there is a political and personal agenda in play here linked to the individual behind the judicial review. If you believe the RNS then it reads very much like a discriminatory decision. I feel sorry for the individuals affected. The whole set up here just doesn't feel transparent.
I know it's mind bending isn't it. Just think how Galantas must feel?
They had 3 months to make the decision and looks like they'll use all 3 months available, they are an absolute joke.
Still great progress made by Galantas, they have amazing knowledge of the site and all the expertise of former employees to tap in to. They just need a break from the authorities for a change. Seem to be doing everything they can to stop them mining gold and boosting their local economy!
Now the courts are holding everything till February next year. You would think that in the present climate for Ireland they would want to see production as soon as possible but now the courts haven't got the time for this hearing.
Boards are very quiet which is a good sign. This one is very much under the radar. That should change this week - hopefully. This company has the potential for a 30 - 40k oz low cost mine with a LOM of as much as 20 years IMO.
Much of the infrastructure is already in place and the capex is comparatively small. Should be a very interesting quarter for this company.
I don't expect it to be long before we hear news of the financing deal too.
Anyone still here? Quiet board is sometimes an indicator of good value.
Looks like we're finally into the most important month of this company's life. Should be the start of a transformational period as we go from explorer to producer once the decision goes the right way end of this month. I imagine the financing will be wrapped up pretty quickly with gold flying around £1,000/oz, well above the £750/oz in their economic study. Hopefully mainly through debt rather than equity.
Great news out today, Could significantly reduce the debt pile should the area identified be viable.
2016 The Great Irish Share Valuation Project (Part II):
Company: Galantas Gold Corp (GAL:LN)
Last TGISVP Post: Here
Market Cap: GBP 7.2 M (assuming the latest Placing/Debt Exchange)
Price: GBP 5.25p
[NB: Most shareholders will be happy with the London listing, but I should highlight GAL:CN may actually offer better liquidity.]
Dont let the prices from my last GAL write-up fool you the company did a 5-for-1 consolidation shortly thereafter, so todays share price is actually lower. But not by much, which is rather surprising, as nothings really changed here granted, final planning approval was given last year for the underground gold mine well, it was meant to be final, but an individual managed to spike it, so its dragged out til Sep-2016 when its before the court again. [Presumably, the same indefatigable individual whos been a thorn in their side all along surely they could have hired some unemployed ex-paramilitary for next to nothing, and sorted the problem once & for all?!]
However, they did manage a resource upgrade, so that helps Im still comfortable with my long-term $150 per proved oz in-the-ground gold valuation, so in this instance Ill apply a 50% discount to their 32 K of measured oz & a 75% discount to their 148 K of identified oz (ignoring inferred resources, at this point). The company has CAD 0.6 million of cash on hand, CAD 0.8 million of net payables, CAD 3.8 million of related party debt (which, of course, presents a potentially serious risk for minority shareholders), CAD 2.4 million gross from the new placing/debt exchange (presuming it goes ahead), plus we also need to adjust for a CAD 1.7 million annual cash burn:
((32 K Measured * 50% + 148 K Indicated * 25%) * $150 per oz * 1.3026 USD/CAD + CAD 0.6 M Cash 0.8 M Net Payables 3.8 M Related Party Liab + 2.4 M Placing * 95% 1.7 M Annual Cash Burn) / 1.9048 GBP/CAD / 138 M Shares = GBP 2.6p
Galantas remains substantially over-valued. God knows how many more years it takes here before an underground mine actually goes live, if ever which means the resource component (i.e. the major component!) of my valuation could be academic at best!? Not to mention how the development of the mine would actually be funded
Price Target: GBP 2.6p
For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
There is definitely gold in commercial quantities (subject to current POG etc). I hope common sense prevails again with the resulting outcome of the judicial challenge by one individual to the planning consent granted last year for an underground mine. Outcome by end of Sep 16.
This petition was stalled in parliament since 12th Aug 15; finally green lit on 12th feb 2016.
The FCA don't even reply on the matter, now is your chance to have your say.
If you hate seeing buys reported as sells etc!!!!!!
Has already been sent to Martin Lewis, Daily Mail, Moneyweek & Watchdog.
My local MP supported this petition by writing to the petitions committee to help un-stall it.
Theres 650 MPs in Westminster, So have you written to your MP? 649 to go!
If this petition doesnt reach 10,000; then imo we might as well have not bothered as it will almost certainly be filed B1N; @ 10,000 the government should respond. We are currently getting approx. 100 new signatures a week, but need 3x that amount to reach the target with only 15 weeks to go.
At 5000 I will send this to the PM & the chancellor as well as my MP again.
So If you havent yet signed or indeed have but havent passed it on to others, then nows the time to do so. If each person who has signed can get just one other person to sign then we will double the total immediately. I have posted to all aim listed gas n oilies, currently doing the footsy 100. But I can only do so much to push this. Really need you guys & gals to help. Thanks to all who have signed so far.
We really need a social / media savvy individual to help generate more interest in this.
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - 'GAL'
GALANTAS DRILLS 13 METRES OF 9.9g/t GOLD ON OMAGH PROPERTY AND DISCOVERS NEW HIGH GRADE GOLD VEIN.
25th January 2016. Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted gold explorer & developer has received encouraging core drilling results from its Omagh Gold Property, near Omagh, County Tyrone, Northern Ireland.
A new drilling programme commenced on the Joshua vein at the Omagh mine site in September 2015. Results, tabulated below, include (Core 155) a 13 metre (true width) intersect with a Gold grade of 9.9 g/t (grams per tonne), 30.3 g/t Silver and 0.6% Lead, at an estimated vertical depth of 117.2 metres. This is the widest high-grade gold vein drilled on the Omagh property and represents the largest accumulation of gold discovered here so far.
In addition, recent drilling (Core 154) has encountered new high grade mineralisation in an under-explored area. A new vein (Kestrel) has been discovered, located approximately 70 metres west of the Joshua vein. The drill results assayed 35.8 g/t Gold, 85.8 g/t Silver and 4.9% Pb over 0.7 metres true width at an approximate depth of 42.4 metres. It was earlier reported (16th September 2015) that a particular area of interest lay to the west of Joshua, where historic geochemical and geophysical anomalies exist. The discovery is of particular note because mine land extends westwards up to some 450 metres from Joshua vein and underground mining is permitted on this part of the mine land ownership (freehold). There is the possibility that a narrow, high grade gold intercept, drilled in core 153, some 156 metres north, represents a northern extension of the new vein. However, the distance between the cores is too far to extrapolate with any degree of certainty. The discovery does not completely explain the gold anomalies expressed at surface and further drilling is planned.
Both the Kearney and Joshua veins strike in excess of 830 metres north-south. The current drilling programme aims to increase the known depth of the Joshua vein and both drill holes 153 and 155 achieved this in central and northern zones, respectively. The intersect on hole 153 reported below, at a vertical depth of 212 metres, is the deepest mineralisation reported for Joshua to date.
Roland Phelps, President & CEO of Galantas Gold Corporation said, "I am delighted with the drilling results so far. They continue to demonstrate why we believe Galantas holds an important high-grade gold property which we expect to be brought into production in the near term. The discovery of a new high grade vein within our permitted mining area and the remarkable gold accumulation demonstrated by the recent core on Joshua, is the result of years of hard work by the Galantas geological team, building an ever more detailed picture of the Omagh gold deposits."
Intersect width (m)
Dip at intersect
Estimated TRUE width (m)
Intersect vertical depth (m)*
Core loss %
Initial results from the new drilling programme. NOTE: All figures have been rounded to one decimal place.
*Intersect depth is a maximum estimate to the top of the intersect. Calculations of true width are based on a vertical vein.
The samples were taken by geological staff under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person (QP) for the program under NI 43-101 and
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