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Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) shares doubled in value in Wednesday morning's early deals, after announcing it has entered a share purchase agreement to acquire 100% of the Andacollo Oro gold project in Chile’s Coquimbo region. The company said the agreement, signed on 6 January, is expected to be a fundamental acquisition under TSX Venture Exchange rules. It highlighted that the past-producing open pit heap leach operation is about 55 kilometres southeast of La Serena at an elevation of 1,100 metres and has existing infrastructure, permits and historical technical data. Galantas cited a historical report stating the project produced a cumulative 1.12 million ounces of gold between 1998 and 2018, with peak annual production of about 135,000 ounces, and said the site is non-operational. The deal features a total cash consideration is US$32 million, structured as staged payments over four years, subject to regulatory approvals. On closing, Galantas expects US$4.5 million of consideration, comprising the assumption of about US$3 million of debts and a US$1.5 million payment to Sol de Oro Mining Ltd shareholder Robert Sedgemore. It also expects to issue 91,313,890 common shares to former project owner Luis Catril, subject to approvals. “This transaction represents a clear step-change in the scale and profile of Galantas," said chief executive Mario Stifano. Galantas noted a historical mineral resource estimate report measured and indicated resources of 2.02 million ounces of gold and inferred resources of 5.06 million ounces. But added it is not treating the estimates as current resources or reserves and plans to prepare an updated NI 43-101 technical report. In London, Galantas shares were up 10.38p or 101% to change hands at 20.63p.
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