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Tuesday, 31st October 2006 (3677 views)

Galantas Gold is hoping that the luck of the Irish rubs off on its gold mining project in Omagh, Northern Ireland.

The site was previously owned by Rio Tinto and predominantly operated for "tax purposes", according to vice president of exploration at Galantas, Moe Lavigne.

It is estimated that the site at Omagh will return a profit of between £5 million and £8 million per year on 35,000 ounces of gold.

Mr Lavigne expressed his intention to focus some of the company's attention on the production of gold jewellery and trinkets, stating: "We've already sold £300,000 of jewellery from the test rock we sent to South Africa – 85 per cent of those sales were wedding bands."

He added: "And there's a big market out there. Not just Ireland, but a huge market on the eastern seaboard of the USA."

Full production is expected to begin at the end of the year when a processing hanger, used to sift for gold, is fully operational.

Canadian-based Galantas Gold owns a 100 per cent interest in the Irish subsidiary Omagh Minerals and the company also runs Galantas Irish Gold, the firm that will produce jewellery from the gold mined at Omagh.

 

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