Galantas Gold Announces Completion of Trial Stoping Program at Omagh Gold Project, Northern Ireland

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TORONTO, June 18, 2024 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (hereinafter referred to as “Galantas” or the “Company”) is pleased to announce the successful completion of its trial decommissioning program. At the Kavancaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland.

Mario Stefano, CEO of Galantas, commented: “The trial has brought a high level of understanding to the mine development process and helped us conclude that the Kavanacau mine can be mined successfully, using the long and backfill mining method. The trial discontinuation has provided sufficient information to achieve a high level of confidence for the program Successful shutdown in the future.

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Interim revenues from concentrate sales total approximately $1,103,000 in 2023 and approximately $207,000 in the first quarter of 2024. Net proceeds from concentrate sales are offset against development assets, until the mine begins commercial production.

Six stoppages were successfully mined and backfilled using a narrow vein, a modified Avoca Longhole Openhole method, in two separate blocks. The minimum stop width was 2.2 meters and the stop length was 10 to 15 metres. The vertical distance between the stop levels was approximately 8 m from surface to ground. After the success of the experiment, the company plans to increase the distance between the levels to 12 metres. Relatively low grade mine areas were selected for the trial to assess the suitability of the mining method and also to serve as a training project for locally trained mining operators.

A total of 3,175 tons of mineral materials were successfully extracted from the six stations during this phase in a safe and controlled manner. Reconciliation was completed for two of the breakpoints, and scores returned an average increase of 113%* from the score given in the technical report “Resource Estimation, Preliminary Economic Evaluation and Detailed Feasibility Study for the Omagh Gold Project, County Tyrone, Northern Ireland” dated 26 July 2014 and introduced on September 4, 2014.

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Trials have resulted in an improved two-day cycle from initial shutdown to completion of backfill, which reduces the potential for dilution and also facilitates the process. This mining method can now be applied to more than 240 stops already planned in the Kearney and Joshua areas, with grades ranging from 2.0 grams per tonne gold to 17 grams per tonne gold.

* Higher grade adjustments may not be indicative of future grade adjustments.

Qualified person

The scientific and technical information regarding production and development contained in this press release has been reviewed and approved by Brendan Morris, who, by virtue of his education, experience and professional association, is a qualified person within the meaning of NI 43-101. Mr. Morris is not considered independent under NI 43-101 because he serves as the Chief Operating Officer of Galantas Gold Corporation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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About Galantas Gold Company

Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange's AIM Market, both under the symbol GAL. It also trades on the OTCQX exchange under the symbol GALKF. The Company's strategy is to create shareholder value through the operation and expansion of gold and resource production at the Omagh Project in Northern Ireland, and the exploration of the Gairloch Project which hosts the gold-containing VMS deposit at Kerry Road in Scotland.

inquiries

Galantas Gold Company
Mario Stefano: CEO
Email: info@galantas.com
Website: www.galantas.com
Tel: +44(0)28 8224 1100

Grant Thornton UK LLP (EIM Nomad)
Philip Secret, Harrison Clark, Elliot Peters
Tel: +44(0)20 7383 5100

SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Parker (sales and brokerage)
Tel: +44(0)20 3470 0470

Forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including the results of the exploration and mine development programs at the Omagh Project and the Gairloch Project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements or strategy, including: gold price fluctuations; discrepancies between actual and estimated production, recoveries and actual and estimated mineral yields; Mining operational risks and geological uncertainties; regulatory restrictions, including environmental and liability regulatory restrictions; Sovereign participation risks; The speculative nature of gold prospecting; mitigation; a race; loss or availability of key personnel; additional financing requirements; uncertainties relating to planning and other licensing issues; and defective ownership of mineral claims or property. These and other factors that could affect Galantas' forward-looking statements are discussed in more detail in the section entitled “Risk Factors” in Galantas' Management's Discussion and Analysis of Galantas' Financial Statements and elsewhere in documents filed from time to time with Canadian provincial securities regulators and regulatory authorities. The other. These factors should be carefully considered, and persons reviewing this news release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.

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