Galantas Gold Corporation’s proposed new chief executive announced he would introduce a stronger operational team for the Canadian company at Cavanacaw mine in Omagh, Northern Ireland.
Mario Stifano will replace current CEO Roland Phelps who is to retire on the closing date of a private placement announced today.
The Canadian mining executive has previously raised more than $700 million in capital for mining companies such as Lake Shore Gold Corp (now part of Kirkland Lake Gold Inc), Cordoba Minerals Corp and Dore Copper Mine Corp.
Galantas said that Mr Stifano would be nominated as a representative of metals trading company Ocean Partners on the board following regulatory approval. He is expected to act as an observer following the closing date of a private placing.
POTENTIAL
“I am excited by the opportunity to lead Galantas forward,” said Mr Stifano.
“The current operation, brought to full production, provides an exciting opportunity in a highly prospective gold district.
“In line with the new capital and plans to move to full production, following the closing date, I plan to introduce a bolstered and experienced operating team.
“The company will also follow up on the significant exploration potential of numerous veins including the Joshua vein that intersected 21.6 metres of 9.9 grams per tonne gold on the major structure that hosts the world-class Dalradian gold project, as well as New Found Gold’s recent Queensway discovery.
“With the support of Ocean Partners as a critical long term offtaker and partner, we believe we can unlock significant value for all stakeholders and shareholders.”
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