Galantas Gold posts loss of £1m but hopes Omagh mine will get green light this year
Galantas Gold recorded a loss of CAN$1.8m (£1m) for 2015 amid the continuing suspension of its Omagh mine, according to its annual results.
However, the company said it was still hopeful for a brighter future when a judicial review set for September will determine whether mining can resume at its site in Co Tyrone.
If the review allows for the mining of gold, silver and lead to go ahead, it would mean a further 15 years of work at the existing mine at Cavanacaw.
Galantas' president and chief executive Roland Phelps yesterday spoke of the company's "increased confidence" following its exploration efforts.
"Our exploration efforts continue to bear fruit and demonstrate the potential of the area under license.
"The true width (13 metres) of the recent high grade (9.9 g/t) gold intersect cored on Joshua vein gives us increased confidence that the geological model being developed will greatly assist our near term mining project." The 2015 loss was considerably less than its 2014 loss of CAN$5.3m (£2.9m).
And Galantas faced a small increase in its cost of sales compared to 2014 while recording a cash in bank figure of CAN$1.5m (£0.8m) by the end of last year.
Galantas has said it anticipates 130 people will be working on the mine with total wages of £4m when it is fully operational.
A spokesman added: "The underground mine will be the first underground gold mine, of any scale, in Ireland.
"The strategy is to establish the underground mine as soon as finance is available and look for further expansion of gold reserves on the property, which has many undrilled targets."
An individual applied for a judicial review after the Department of the Environment gave planning permission in June last year.
Minerals firm Dalradian Resources, which operates the Curraghinalt mine in Co Tyrone, has said that Northern Ireland has the world's seventh richest undeveloped seam of gold.