Galantas Announces Strategic Review
August 09, 2013 (Source: Marketwired) — Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) announced today that the Board of Directors has determined to undertake a strategic review of its business and opportunities, including a possible sale or joint venture of all or part of its Northern Ireland properties.
To enable this objective, the Board has established a Special Committee comprised of three of the independent directors to supervise and engage in the strategic review. Further announcements regarding the review will be made when the Board of Directors approves a course of action or as the Board of Directors deems appropriate. In the meantime, senior management and employees will continue to focus on day to day operations and building its business for the future.
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Roland Phelps, President & CEO, Galantas Gold Corporation, said, “The Omagh gold property has produced excellent results to date, with good potential to expand. Our enthusiasm to develop it further from open pit to underground mine remains high”.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including potential actions or activities, related to the Omagh Gold project and a strategic review. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of strategic opportunities, 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, the performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: factors affecting the sourcing, evaluation and negotiation of opportunities, gold price volatility; discrepancies between actual and estimated production, actual and estimated metal grades and geologically interpreted widths, actual and estimated metallurgical recoveries; actual and estimated costs; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press 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.
Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.
Neither 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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