Galantas Gold Corporation has announced its plan to develop a two-megawatt solar power facility at the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland. The facility, in collaboration with G&F Phelps Ltd., is expected to provide lower cost power than existing diesel generation, with a significantly lower carbon footprint. The proposal includes renting rehabilitated land and is subject to a detailed cost study, impact assessment, and planning permission from regulatory authorities. Surplus power from the solar facility is expected to be exported to the local grid.
G&F Phelps, a shareholder of Galantas, will provide the majority of capital required for the project and recoup the cost from the power generated. Mario Stifano, CEO of Galantas, highlighted the benefits of on-site solar power generation, stating that it can reduce mine operating costs, lower the carbon footprint, and decrease the requirement for fuel transportation onto the project site, resulting in fewer traffic movements locally.
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL, and on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit in Scotland.
The news 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 results of exploration and mine development programs at the Omagh Project and Gairloch Project. The company has no intention and undertakes no obligation to update or revise any forward-looking statements in this news release, except as required by law.