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Tuesday, 31st October 2006 (2211 views)

A niche mining operation near Omagh in Northern Ireland is exploiting its position as the UK's only gold mine, profiting both through sales of the precious metal and selling its bespoke Irish gold jewellery globally.

Galantas Gold Corporation is building Ireland's first gold mine on a 189 square kilometre site that hosts a vein of high quality ore that the group hopes could produce up to 30,000 ounces of gold per year.

Rio Tinto first established the concern in the 1980s for tax purposes but the business has since been driven forward by ex-Rio Tinto employee Jack Gunter.

Now the exclusive holder of an Irish Prospecting Licence the firm got the final go-ahead to develop the County Tyrone site in 1995.

A lengthy planning period ensued, but production can now proceed after a guarantee that the firm will return the site to native peat bog when it closes.

President and CEO Roland Phelps said: "The team is close to achieving gold production at Omagh."

"With a continued exploration programme to build resources, we expect to show that Ireland, with its secure gold licensing regime, is host to a significant gold camp," added Mr Phelps.

Following significant input and a £1 million investment from a Welsh gold entrepreneur, Galantas has decided to exploit its unique Irishness by marketing and selling certified Irish gold jewellery internationally.

The firm has already sold £300,000 of jewellery derived from its test rock, with 85 per cent of the jewellery selling as wedding bands, for which there is a large international market.

Galantas is listed on the Toronto Stock Exchange and the UK's Alternative Investment Market.

 

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