Galantas Gold Corporation announced its operating subsidiary had reached a formal agreement regarding blasting with the Police Service of Northern Ireland (PSNI) at its Omagh gold mine.
The Canadian gold miner, which has a 100% interest in Omagh gold mine, said: “The agreement provides the potential for a materially improved economic arrangement for an expansion of underground blasting, required for full production, to take place at the Omagh Mine.
“The agreement has followed a comprehensive review by the PSNI and regulators.”
Galantas president and chief executive Roland Phelps added that the agreement was the result of detailed co-operation between Galantas and the PSNI.
“I am pleased that the new arrangements, in which the company has heavily invested, have been formalised in this way.
“The previous arrangements, under which the company made around two kilometres of underground development, constrained the company’s ability to expand underground production.
“The new arrangements are designed to permit underground blasting to be expanded to achieve commercial production levels.
“The company is actively working with third parties on the financing arrangements required to recommence and expand blasting underground.”
Galantas said that underground maintenance activities and the processing of low grade stockpile material continued.
The miner added that there had been no lost-time incidents since underground mining began, and routine environmental monitoring of the operations demonstrate compliance with regulatory consents.
Galantas Gold Corporation’s assets include a 100% interest in a subsidiary, which has sole rights to a 435 km2 prospecting licence and associated mining leases in County Tyrone, Northern Ireland and licences in the Republic of Ireland.