Galantas Gold Share Discussion Threads

[nobbygnome] 05/8/2016 10:46

My 50k caused the first tick up followed by a 7.5k which caused the second. The point about the Canadian price and the fact that it had been considerably higher during yesterday persuaded me it was worth paying 8p. From a TA point of view it looks very good for further progress if we hold this rise today.

GLA

Nobby

[panagos] 05/8/2016 10:25

just ticked up

[panagos] 05/8/2016 09:02

Hi Nobby,

When the judicial report is out of the way in 6 weeks this should be re-rated to a more snesible valuation for what's on the table.

[nobbygnome] 05/8/2016 08:40

Tried to buy 50k and was quoted 8p! I did buy a few by spreadbet through Spreadex but I don't think they actually cover there positions in the market.

There is very little stock available so don't hang around if you want a few. The chart is looking very encouraging for a break upwards.

Nobby

[panagos] 04/8/2016 16:29

INVESTMENT OVERVIEW
Galantas hopes to strike gold literally with Omagh mine
Share
08:22 04 Aug 2016
Shares in Galantas are up over 63% since the beginning of January
Galantas hopes to strike gold literally with Omagh mine
INVESTMENT
OVERVIEW: GAL
THE BIG
PICTURE
The Omagh mine is Ireland's only gold mine
Northern Ireland isn't exactly known for its gold mining industry but one small company hoping to change that is Toronto and London listed Galantas Gold Corp (LON:GAL,CVE:GAL).

A look at the recent share chart shows the momentum, with the shares are up over 63% since the beginning of January.

Further interest has been sparked by a positive cash call last month, which was oversubscribed and brought in almost C$1.466mln.

Taking part was legendary mining financier and investor Ross Beatty, who acquired over 12.8mln shares for C$1.01mln and now owns over 28mln shares in the miner, or almost 21%.

Funds raised should clearly see the company through its main operational focus for the rest of 2016, which is centred on exploration and legal matters.

Ireland's only gold mine

Mining is suspended at the moment at the firm's Cavanacaw mine, on which the group is focused but the potential game-changer moment came last summer, when the firm received the long-awaited planning consent to build an underground mine on the site.

The open pit operations had only recently ceased at the mine, which lies three miles outside Omagh in County Tyrone and 1.5hrs drive west of Belfast.

The overall project area under licence has been expanded to 766.5 sq km.

It's not the only gold player in an area, gaining attention. Next door is the Curraghinalt project near Omagh and the village of Gortin, which is being developed by the much larger Dalradian Resources Inc (LON:DALR, TSX:DNA), which is now moving towards a production decision.

Metallurgical tests, part of the feasibility study, showed that gold recoveries over 94% are achievable with a simply processing circuit.

The resource, of 2.1mln ounces in the measured and indicated category, consists of 16 separate narrow veins

So what's on offer?

Galantas has previously revealed it has identified around 500,000 ounces of the yellow metal with around 32,000 ounces in the highest confidence measured category. The previous open pit mine generated about a tonne of gold.

Then miner said it would be looking to develop a "small" underground mine initially, before expanding at the site, which is said to have a long term 15 year life span.

There is also an opportunity to expand the resources as exploration has shown.

Capital costs are kept low by the fact there is already a processing facility, offtake contracts and tailings facility in place.

The initial investment to get the underground mine up and running has been put at £10mln and the firm said last summer it was working on financing options now, said Phelps, adding it was likely to consist of bank financing and an equity portion.

A judicial spanner in the works?

In a blib in the landscape, in March this year, the firm reported that a judicial review would be heard into the planning consent it received in 2015.

The firm has said an individual has obtained leave from Belfast High Court to bring the review, which is expected to be heard between September 27 and September 29.

They plan to challenge the actions of the Department of Environment Northern Ireland (DOENI) in granting planning for underground mining beneath the existing open pit.

The firm has not said a great deal about this as the case proceeds other than it will lay to rest any dispute regarding the status of the consent.

Significantly perhaps, it certainly hasn't stopped some work proceeding and the firm has progressed some restoration and some advance works related to underground development, inclduing ramp down through the existing open pit.

Chairman Roland Phelps has said: "We’ve now done rehabilitation work on three tailings cells that have been completed.

"They’re nicely grassed now. We’ve also made the pit wall safe where we’re going to put the portal. And we’ve met the licence preconditions on dust-monitoring and sound-monitoring."

Exploration also showing further potential

In the three months to March 30 this year, 1,298 metres were drilled, bringing the total number of metres for the programme to 3,602m and in January, the firm identified the largest accumulation of gold discovered so far.

That was a 13 metre intersection at the Joshua vein showing gold grades 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.

Also the firm found new high grade vein called 'Kestrel' in an under-explored area of the formerly producing property.

Share
Giles_55af4ddca6481.jpg
Giles Gwinnett

[the big fella] 04/8/2016 16:17

What's with the pricing of that last trade 16779 @ 9.6095p - 2p+ over the published offer?

[bmw30csl] 25/7/2016 14:33

busy here! Anyone got any news?

[panagos] 05/7/2016 11:13

1. Gold price is going only one way: UP
2. GBP operation Ccy is crashing against CAD, which is the reporting CCY
3. September is going to sort out the permit
4. Ross Beaty and R. Phelps loading up with more shares / supporting the company

All good news.

[panagos] 28/6/2016 19:54

gold uppound down vs cad (reporting ccy)all in our favour imhojust need to have a good outcome in sept

[nobbygnome] 28/6/2016 19:31

The Pound is down but gold is up as a result of Brexit so swings and roundabouts as far as I am concerned!

Nobby

[panagos] 28/6/2016 18:04

The wild card: Look at the last sentense. Guy who wrote could not even imagine it...

Galantas still active at Omagh ahead of judicial review
Share
15:00 26 May 2016
Galantas Gold remains active at the Omagh property, pending a judicial review due in September
Galantas still active at Omagh ahead of judicial review
Gold has risen strongly in sterling terms
What can we glean from the latest set of quarterly results from Galantas Gold Corporation (LON:GAL)?

Not much, certainly from the financial figures themselves, which showed revenues at a low-key C$28,000 and net losses at a mild C$373,345, down from the C$415,000 reported in the corresponding quarter in 2015.

More significantly perhaps, for a company which isn’t currently producing, there was nearly C$570,000 in the kitty at the period end, which ought to be enough to see Galantas through the crucial period when the judicial review into its license at the Omagh gold property in Northern Ireland is due to take place.

How serious an obstacle to a re-start of production this judicial review is likely to be is hard to say, but a clear indication of the Galantas view can be gleaned from the level of activity on the ground at Omagh over the past couple of months.

“We’re very enthusiastic,” says chairman Roland Phelps. “We’re getting on with the job in a small way.”

Most significantly, a ramp down through the existing open pit to where the proposed portal to the underground mine will be has been completed.

But that’s not all.

“We’ve now done rehabilitation work on three tailings cells that have been completed,” continues Phelps.

“They’re nicely grassed now. We’ve also made the pit wall safe where we’re going to put the portal. And we’ve met the licence preconditions on dust-monitoring and sound-monitoring.221;

The message here is plain. In the event of a favourable result, Galantas will be ready to go. After all, the company still has the license at Omagh until a judge says it hasn’t.

In the meantime, as far as the investment case for Galantas is concerned, there’s the price of gold to consider, but with a twist.

“I’m not surprised that we’ve seen a little bit of weakness in gold lately,” says Phelps. “That often happens at this time of year.” But the dollar-sterling exchange rate effect mitigates that weakness almost entirely.

In the last couple of weeks the sterling gold price has been better than it has been for over two years, notwithstanding the pull-back in dollar terms.

That makes Galantas an interesting way to play gold in a time of dollar strength, which of course there may be more of as the Fed talks rate rises over the summer.

The one wild card will be Brexit. But the polls for now at least are discounting that.

[doobydave] 14/6/2016 00:14

Nobby, you're one up on me, I couldn't visit when offered. Never mind.

Price action today mostly closed the gap - 14c in Canada = 8p here.

[panagos] 13/6/2016 14:29

Where 's the " going to 2p " research lad?

[nobbygnome] 13/6/2016 13:07

PS of course the 4 month lock-in period takes us beyond the court hearing in mid September. So assuming the challenge is thrown out we will be dealing with a completely different situation when they can sell.

[nobbygnome] 13/6/2016 12:53

>>DD

Yes I know the history and actually visited the mine a few years ago with TC. The point is that the price in Canada is 9p and there are buyers there (and here) with all the caveats you state. Of course gold is in vogue again with some people forecasting an eye watering rise in gold to $10,000 an ounce. Amazing.

However, the bottom line is the MMs are short because there are plenty of buyers and no sellers.

Nobby

[doobydave] 13/6/2016 12:35

Hello Nobby,

Oversubscription sounds good on the face of it, and the rise is easy on the eye, but I haven't forgotten the placing was discounted at 4p / CAD0.07875. If the rise is maintained, it leaves a lot of room for profit taking after the four-month hold period.

GAL remains a binary bet until legalities are finally sealed. After that, there'll be more fundraising and/or debt to build the mine - assuming a favourable outcome.

BTW I'm a long, long termer who hopes the light at the end of the tunnel isn't the proverbial oncoming train. On the plus side, it's survival to now is near-miraculous and testament to Roland's tenacity, not to mention personal commitment. I guess that's why I'm still in.

[nobbygnome] 13/6/2016 12:19

I am surprised there is no comment about the rise today! I think the MMs are short and getting shorter all the time. At some point they will have to cut their book and move it sharply higher especially if the price keeps on going up in Canada.

TC

You must be a happy man today......

GLA

Nobby

[nobbygnome] 11/6/2016 12:32

So the equivalent price here should be over 9p. It will be interesting to see if the MMs move the price before the market opens on Monday morning. I will certainly be trying to buy some by spreadbet if there is little or no price rise especially since the MMs have no stock as I said above.

GLA

Nobby

[panagos] 11/6/2016 12:13

Yep, Ross Beaty & Ronald Phelps loading up with more stock.http://m.marketwired.com/press-release/galantas-closes-over-subscribed-private-placement-tsx-venture-gal-2133334.htm

[panagos] 11/6/2016 12:09

Eeer...stock was 40% up in Canada on Friday...someone must have read the " going back to 2p" analysis!! :)

[nobbygnome] 10/6/2016 12:01

There is absolutely no stock available. I am being quoted 5.75p for 50k shares and they are bidding up for 150k at 5.35p on the RSP. Why don't the MMs just move the price.....

Nobby

[panagos] 06/6/2016 21:21

Simone wants cheap shares

[panagos] 06/6/2016 21:20

Some want's cheap shares.