Galantas Gold tumbles on planning hitch

9th Jan 2015 14:22

An unexpected hitch in the planning process has sent Northern Ireland-focused miner Galantas Gold tumbling, requiring an extra £100,000 short-term loan provided by its chief executive officer (CEO).The AIM- and Toronto-listed company has been informed that further consultation procedures were needed in order to grant a planning permit for underground expansion of its open-pit property near Omagh, County Tyrone."The planning permit for the underground mine is approaching completion and is now expected during the first quarter of 2015."The company said it had been informed that further consultation was needed due to "a potential environmental improvement in the location of a storage area"."Although the potential environmental improvement is thought relatively minor and comes forward very late in the determination process, the company is advised that this change in the proposal is necessary prior to a decision being made." Galantas, which added that president and CEO Roland Phelps has provided £100,000 to his existing secured loan, said it had been told that no other changes were currently under consideration or required.