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Galantas Reports Results for the Quarter Ended March 31, 2019 and Announces Shareholders Meeting
TORONTO, May 21, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the "Company" or “Galantas”) is pleased to announce its financial results for the Quarter e
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, May 21, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the \"Company\" or “Galantas”) is pleased to announce its financial results for the Quarter ended March 31, 2019. Financial Highlights Highlights of the first quarter 2019 results, which are expressed in Canadian Dollars, are summarized below: Quarter Ended March 31 All in CDN$ 2019 2018 Revenue $ 0 $ 0 Cost and expenses of Operations $(70,026 ) $(24,066 ) Loss before the items below $(70,026 ) $(24,066 ) Amortization $(87,405 ) $ (64,249 ) General administrative expenses $(602,429 ) $(408,890 ) Unrealized gain on fair value of derivative financial liability $0 $ 10,000 Foreign exchange (loss) $(19,657 ) $ ( 37,293 ) Net (Loss) for the Quarter $ (779,517 ) $ (524,498 ) Working Capital (Deficit) $(2,702,004 ) $(5,123,420 ) Cash (loss) generated from operations before changes in non-cash working capital $(391,037 ) $(332,420 ) Cash at March 31, 2019 $ 3,767,187 $ 182,513 The Net Loss for the quarter ended March 31, 2019 amounted to CDN$ 779,517 (2018: CDN$ 524,498) and the cash outflow from operating activities before changes in non-cash working capital items for the quarter ended March 31, 2019 amounted to CDN$ 391,037 (2018: CDN$ 332,420). The Company had a cash balance of $ 3,767,187 at March 31, 2019 compared to $ 182,513 at March 31, 2018. The working capital deficit at March 31, 2019 amounted to $ 2,702,004 compared to a working capital deficit of $ 5,123,420 at March 31, 2018. Until the mine reaches the commencement of commercial production, which is expected to be later in 2019, all development expenditures are capitalised with net proceeds from sales deducted from development costs. Production/Mine Development In the first quarter of 2019 the Omagh gold mine continued limited production of gold concentrate from feed produced in the development of the Kearney vein. The plant, which produces a gold & silver concentrate using a non-toxic, froth-flotation process, is running on a batch basis from a stockpile of underground vein material plus additional feed produced from on-vein development operations. Underground development of a decline tunnel continued to be progressed during the first quarter of 2019 with fur...