http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 12 Dec 2017 16:01:54 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Galileo Resources steps up activity on zinc and phosphate interests ]]> http://www.proactiveinvestors.co.uk/companies/news/188499/galileo-resources-steps-up-activity-on-zinc-and-phosphate-interests-188499.html Galileo Resources PLC (LON:GLR) has decided to reduce its interest in the Concordia copper project in South Africa to 15% from 51%.

The junior said drilling in the summer had not provided enough of an understanding of the geology to warrant further exploration.

READ: Galileo advancing on several fronts with multi-commodity focus

As a result, the company has agreed with partner Shirley Hayes to reduce its interest.

Recent months have seen Galileo step up work at the Glenover phosphate prospect while drilling has just got underway at its most recent acquisition, the Star zinc project in Zambia.

The company acquired 51% in Star, where its partner is BMR Group.

A drilling programme provisionally for up to 1.750 metres started this month and will target a mix of resource confirmation and resource enlargement.

Colin Bird, chief executive, said it “is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective. On completion of this drilling programme, we intend to commence a preliminary economic assessment.”

READ: Drilling to commence at Galileo’s Star Zinc joint venture

Elsewhere, a mining permit application has just been lodged at Glenover, in Limpopo South Africa, which is potentially a rare earths as well as a phosphate producer from the stockpiles of material and historical workings. A pilot plant phosphate flotation study to produce phosphate concentrate is underway.

Galileo posted a more than halved loss of £212,000 on the six months to September and closed the period with cash holdings of £1.1mln.

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Fri, 08 Dec 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188499/galileo-resources-steps-up-activity-on-zinc-and-phosphate-interests-188499.html
<![CDATA[News - Galileo advancing on several fronts with multi-commodity focus ]]> http://www.proactiveinvestors.co.uk/companies/news/188283/galileo-advancing-on-several-fronts-with-multi-commodity-focus-188283.html Galileo Resources PLC (LON:GAL) has a wide spread of assets across several jurisdictions, but the latest acquisition, a 51% stake in the Star zinc project in Zambia, looks like it will now move to the fore as a flagship.

 

Star zinc project

Galileo holds Star in joint venture with BMR Group (LON:BMR), and is now setting the pace with drilling and other exploration work that will both confirm existing resource data and go towards building an expanded JORC resource. The plan is then to incorporate these resource numbers into an economic study and move the project into the next stage of development. Consultant CSA Global has been appointed to oversee the resource calculation work

Chief executive confident of significant progress

The drilling programme, says chief executive Colin Bird, “is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective. On completion of this drilling programme, we intend to commence a preliminary economic assessment.”

Other work is ongoing too, according to Bird.

“We have completed the grid soil sampling programme and will be reporting on this shortly,” he says.

Strong commodity price background

The context in which this work is taking place is pretty favourable – zinc is one of the better performing commodities of the past year or too, and the price looks set to remain pretty robust, even if further significant upswings are now unlikely.

“The mid to long-term price forecast prospects for zinc are strong and this exceptionally high grade property shows all the potential to be a future contributor to global zinc production,” says Bird.

Diverse portfolio of other assets

Galileo also has several precious metals projects in the US, and the Concordia copper project in South Africa. These add a certain strength in depth in terms of commodity diversification and jurisdictional risk.

Rare earths option

There’s also the Glenover rare earths projects, which may yet come into its own as rare earths continue to be in demand for use in electronic consumer goods and magnets.

 

 

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Tue, 05 Dec 2017 14:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188283/galileo-advancing-on-several-fronts-with-multi-commodity-focus-188283.html
<![CDATA[News - Drilling to commence at Galileo’s Star Zinc joint venture ]]> http://www.proactiveinvestors.co.uk/companies/news/188167/drilling-to-commence-at-galileos-star-zinc-joint-venture-188167.html Drilling on the Star zinc project in Zambia, held in joint venture by Galileo Resources PLC (LON:GLR) and BMR Resources (LON:BMR), is due to start this week.

The drilling will provisionally encompass up to 1,750 metres and will go towards both resource confirmation and resource enlargement.

READ: Galileo lines up consultants to assist with exploration of Zambian zinc

Consultant GeoQuest Limited will undertake the drilling work, while CSA Global will work on the resource estimate.

"This imminent drilling programme is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective,” said chief executive Colin Bird.

READ: Galileo to drill Star zinc project in Zambia

“On completion of this drilling programme, we intend to commence a preliminary economic assessment. We have completed the grid soil sampling programme and will be reporting on this shortly. The mid to long-term price forecast prospects for zinc are strong and this exceptionally high grade property shows all the potential to be a future contributor to global zinc production."

In a note to clients, analysts at SPAngel commented: “Previous reports and non-JORC compliant mineral resource estimates have indicated that the Star deposit is a small but high grade deposit with zinc grades of around 20% zinc at a cut-off grade, higher than the resource grade of many deposits,  of 14% zinc.”

They added: “With its long history in mining, we consider Zambia to be a relatively attractive area for mining and exploration and look forward to the results of the drilling and the subsequent resource estimate and preliminary economics and to any indications of expansion potential for the Star deposit.”

In afternoon trading, Galileo Resources shares were 7.8%, or 0.1p higher at 1.38p.

 -- Adds broker comment, share price --

 

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Mon, 04 Dec 2017 07:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188167/drilling-to-commence-at-galileos-star-zinc-joint-venture-188167.html
<![CDATA[News - Galileo lines up consultants to assist with exploration of Zambian zinc ]]> http://www.proactiveinvestors.co.uk/companies/news/186783/galileo-lines-up-consultants-to-assist-with-exploration-of-zambian-zinc-186783.html Galileo Resources PLC (LON:GLR) has appointed Africa Technical Consultants Limited to assist and provide services for an environmental and exploration programme at the Star zinc project in Zambia 

The work will involve an environmental update, including engaging and meeting with interested parties in preparation for the collecting of soil samples. The plan is to undertake a drilling programme in due course.

READ: Galileo to drill Star zinc project in Zambia

Soil sampling will be undertaken with portable XRF (X-ray fluorescence) spectrometry over a 400m x 200m grid pattern covering the accessible and exploitable areas of the licence

The initial programme and assessment is expected to take six weeks.

READ: Galileo Resources joint venture picks up Star Zinc

"We have completed a review of the project and now have much greater confidence in being able to enlarge the size of the estimated pit,” said chief executive Colin Bird.

“Furthermore, we believe that there now exists considerable potential for other zinc mineralisation types in the deposit and we will aggressively pursue this concept. On completion of this programme and its assessment, we will design a drill programme aimed at confirming the current resource estimate and testing the project's prognosis for an enlarged resource. "

 

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Mon, 06 Nov 2017 08:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186783/galileo-lines-up-consultants-to-assist-with-exploration-of-zambian-zinc-186783.html
<![CDATA[News - Galileo to drill Star zinc project in Zambia ]]> http://www.proactiveinvestors.co.uk/companies/news/185043/galileo-to-drill-star-zinc-project-in-zambia-185043.html Following a review of a conceptual study carried out at the Star zinc project in Zambia in 2015, Galileo Resources PLC (LON:GLR) has decided to undertake a fast-track drilling programme.

The study showed that at current metals prices, the project could deliver an IRR of 77%. It shows an NPV of US$18 mln at a 10% discount and offers payback in a year on capital expenditure of US$9.1mln.

READ: Galileo Resources joint venture picks up Star Zinc

But Galileo intends to upgrade the current non-compliant resource with the new drill programme at a cost of around US$350,000, to be funded from existing cash resources.

Some twinning will be undertaken to bring existing data up to JORC standards, while new drill testing will take place to the east and west to extend the known mineralisation and in new ground to the south.  

READ: Galileo Resources shares leap over 20% on positive broker comment to Star Zinc project option exercise move

"I am pleased that we are advancing a fast track exploration programme for the Star zinc project,” said Colin Bird said in a statement.

“Our initial review suggests that the project could potentially be developed as a viable stand-alone project without adding further to the resource. However, we believe that the resource could potentially be much bigger and therefore a large proportion of our exploration will focus on increasing the size of project resource and contained zinc metal.”

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Wed, 04 Oct 2017 11:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185043/galileo-to-drill-star-zinc-project-in-zambia-185043.html
<![CDATA[News - Galileo Resources joint venture picks up Star Zinc ]]> http://www.proactiveinvestors.co.uk/companies/news/183434/galileo-resources-joint-venture-picks-up-star-zinc-183434.html Galileo Resources PLC (LON:GLR) told investors that its joint venture partner has agreed to complete the acquisition of Star Zinc in a deal worth US$1mln.

Enviro Processing Zambia Limited, a subsidiary of Galileo’s partner BMR Group, agreed to pay Bushbuck Resources a total of US$1mln in cash to acquire Star Zinc.

The cash consideration is being paid in multiple tranches, with some US$130,000 already released to Bushbuck and a further US$400,000 was paid on September 4 – US$300,000 will be due before November 28 and US$170,000 will be due before February.

READ: Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group

Galileo, meanwhile, has a separate arrangement with BMR whereby it supported the Bushbuck transaction with US$591,000 of funding and it will receive a 51% equity stake in the Enviro unit.

An 18-month work programme is now planned for the Star Zinc assets, with an estimated cost of US$250,000, and it aims to complete a preliminary economic assessment of the assets.

By supporting the funding of future work programmes it is envisaged that Galileo will increase its interest in the assets up to 85%.

Galileo chairman Colin Bird, in a statement, said: "We are pleased that the acquisition of Star Zinc has been effected expeditiously.

“The parties will now cooperate to complete formal transfer of the Zambian licence including government consent.

“We look forward to formalising the project JV agreement and pursuing aggressively our work programme to take the project forward including increasing the Star Zinc resource."

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Tue, 05 Sep 2017 08:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183434/galileo-resources-joint-venture-picks-up-star-zinc-183434.html
<![CDATA[News - Galileo Resources shares leap over 20% on positive broker comment to Star Zinc project option exercise move ]]> http://www.proactiveinvestors.co.uk/companies/news/183321/galileo-resources-shares-leap-over-20-on-positive-broker-comment-to-star-zinc-project-option-exercise-move-183321.html Galileo Resources PLC (LON:GLR) saw its shares leap over 20% higher today in reaction to Thursday’s news the group is s to exercise its option to acquire the Star Zinc project in Zambia through a joint venture to be established with BMR Group PLC (LON:BMR), with broker comment possitive.

In late afternoon trading, Galileo shares were 22.7%, or 0.42p higher at 2.30p.

In a note to clients today, ‘house’ broker Beaufort Securities  said the “potential to acquire an interest in the Star Zinc project is positive news for Galileo.”

READ: Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group

The broker’s  analysts said: “We note that zinc prices continue to be well supported on the back of dwindling inventories caused by declining global production.

“The availability of primary zinc deposits is diminishing and the Star Zinc project has a non-JORC compliant resource of 0.3Mt grading 20.2% Zn which remains open along strike and at depth. “

They added: “We look forward to the completion of the settlement agreement followed by a formal JV agreement with BMR as well as confirmation of the non-JORC resource.

“In the meantime, we maintain our speculative buy on the stock.”

In its statement yesterday,  Galileo said it has entered into a binding agreement with BMR to conditionally advance the firm US$591,600 - at an interest rate of 12% per annum - which is intended to be used for the purpose of completing the exercise of the Star Zinc project option.

The AIM-listed firm plans to subscribe for a 51% equity stake in the joint venture through a newly created special purpose vehicle, to be named Enviro Mining Limited, which will be financed by the cancellation of the loan to BMR

READ: Galileo Resources signs terms sheet to advance Glenover project

Beaufort Securities yesterday completed a placing of 54,672,500 new ordinary shares in Galileo at a price of 2.0p each to raise £1,093,450 before expenses.

The group said, in addition to its acquisition of interest in the Star Zinc project, it intends to use the proceeds of the placing to fund, amongst other things, follow-up exploration and drilling on its US gold property in Nevada, and advancing the company's Glenover Phosphate project in South Africa.

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Fri, 01 Sep 2017 14:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183321/galileo-resources-shares-leap-over-20-on-positive-broker-comment-to-star-zinc-project-option-exercise-move-183321.html
<![CDATA[News - Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group ]]> http://www.proactiveinvestors.co.uk/companies/news/183259/galileo-resources-to-acquire-star-zinc-project-in-zambia-through-joint-venture-with-bmr-group-183259.html Galileo Resources PLC (LON:GLR) has announced it is to exercise its option to acquire the Star Zinc project in Zambia through a joint venture to be established with BMR Group PLC (LON:BMR), and has raised around £1mln via a placing to fund the move and other projects.

In a statement today,  the AIM-listed firm said it has entered into a binding agreement with BMR to conditionally advance the firm US$591,600 - at an interest rate of 12% per annum - which is intended to be used for the purpose of completing the exercise of the option.

READ: Galileo Resources says preliminary drilling results show Concordia copper project "promising and well worth pursuing

Galileo plans to subscribe for a 51% equity stake in the joint venture through a newly created special purpose vehicle, to be named Enviro Mining Limited, which will be financed by the cancellation of that loan.

In late afternoon trading, Gallielo shares held steady at 2.38p, while BMR shares jumped over 30%, or 1.00p higher to 4.25p. 

Colin Bird, Galileo’s chairman and CEO said: "This joint venture with BMR on the Star Zinc property gives us a position in the very promising Star Zinc resource close to Lusaka, Zambia.

“The availability of primary Zinc deposits is diminishing and Star Zinc is open ended in both directions and depth with the strong possibility of other similar occurrences within the concession boundaries.

“Our first step will be to confirm the current non JORC resource, followed by trenching and sampling of other areas and thereafter drilling."

Beaufort Securities raises over £1mln via placing

Galileo also announces that the company's broker, Beaufort Securities, today completed a placing of 54,672,500 new ordinary shares at a price of 2.0p each to raise £1,093,450 before expenses.

The group said, in addition to its acquisition of interest in the Star Zinc project, it intends to use the proceeds of the placing and a director's subscription to fund, amongst other things, follow-up exploration and drilling on its US gold property in Nevada, and advancing the company's Glenover Phosphate project in South Africa.

Full-year losses narrow

The expansion plans came after Galileo reported full-year results in a separate statement earlier today which saw its loss narrow as the disposal of its US gold asset was offset by a foreign exchange boost.

The AIM-listed miner sold the Gabbs gold-copper property in Nevada for US$2.5mln cash in August 2016 for which it booked a £469,259 loss.

Galileo reported a total comprehensive loss for the year ended March 31 2017 of £16,675, narrower than the £784,499 loss posted a year earlier thanks to a foreign exchange gain of £1.4mln, versus a £364,872 currency loss the previous year.

The firm’s headline loss for the year was £1.4mln after the Gabbs disposal, compared to a £419,627 loss a year earlier, with operating expenses rising to £871,776 compared to £435,862 the year before.

READ: Galileo Resources signs terms sheet to advance Glenover project

Looking ahead, Galileo simply noted that drilling at the Concordia project has been completed and the results are under review.

In June, a major phosphate producer confirmed its desire to undertake a two-phase pilot plant phosphate flotation Galileo’s 34%-owned Glenover project in South Africa.

In his statement, Galileo’s chairman Colin Bird concluded “we remain committed in our quest to identify a large resource, which will be transformational for the Company and its shareholders.”

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Thu, 31 Aug 2017 15:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183259/galileo-resources-to-acquire-star-zinc-project-in-zambia-through-joint-venture-with-bmr-group-183259.html
<![CDATA[News - Galileo Resources shares jump as it says preliminary drilling results show Concordia copper project "promising and well worth pursuing" ]]> http://www.proactiveinvestors.co.uk/companies/news/182336/galileo-resources-shares-jump-as-it-says-preliminary-drilling-results-show-concordia-copper-project-promising-and-well-worth-pursuing--182336.html Galileo Resources PLC (LON:GLR) saw its shares jump 18% higher today after it said preliminary results of the initial 14-hole drilling programme at its Concordia copper project in South Africa were "promising and well worth pursuing".

The AIM-listed firm said its induced polarity geophysical survey was less effective than traditional testing methods, but Galileo said copper sulphide mineralisations were intersected "more consistently" in drill holes targeted by traditional exploration methodology.

READ: Galileo Resources still keeping powder dry on Concordia option

The company said drilling of basic rock bodies identified by outcrop, limited ground magnetic survey and previous aeromagnetic survey data, intersected encouraging "potentially mineable" near-surface copper mineralisation with good grades.

Galileo said the best holes were GSPD 008, 011 and 014. GSPD 008 intersected 6 metres from 23 metres to 29 metres downhole, assaying 0.90% copper.

The firm said it has committed all of the funds required for a 51% earn-in to Concordia under the terms of the cooperation and joint venture agreement with Shirley Hayes IPK.

Galilleo’s chief executive Colin Bird said: "At a previous strategic discussion with Shirley Hayes, it was decided to continue to drill a number of holes to test for continuity and extension of mineralisation and this we intend to do.

“After final expenditure of the balance of committed funds and full assessment of results thereafter we will advise SHIP of our future level of interest.”

In late afternoon trading, Galilleo shares were up 18.2%, or 10.5p to 3.25p.

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Fri, 11 Aug 2017 16:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182336/galileo-resources-shares-jump-as-it-says-preliminary-drilling-results-show-concordia-copper-project-promising-and-well-worth-pursuing--182336.html
<![CDATA[News - Galileo Resources still keeping powder dry on Concordia option ]]> http://www.proactiveinvestors.co.uk/companies/news/182135/galileo-resources-still-keeping-powder-dry-on-concordia-option-182135.html Galileo Resources PLC (LON:GLR) is to keep its powder dry before triggering its option to acquire more of the Concordia copper project in the Northern Cape Province of South Africa.

In a stock market statement on Tuesday afternoon the explorer told investors that it continues to analyse and consolidate results from an initial drill programme, completed in May.

Those results will inform Galileo’s eventual decision over Concordia, it confirmed.

“The company intends to fully understand these results before making a decision to continuing with further exploration on the project,” Galileo said.

“The company awaits completion of this work by consultants Minxcon and remains in discussions with Shirley Hayes in this regard. 

“A further announcement will be made once Galileo has had the opportunity to review and assess the information generated by the initial drilling programme.”

Earn-in for Concordia

A deal was agreed back in late 2015, seeing Galileo potentially earning into as much as 80% of the Concordia project.

Through an initial earn-in phase the company could acquire 51% of the project by spending some 10mln Rand (approximately £470,000 at that time) and a further 29% could be acquired through the issue of 30mln new Galileo shares to the seller.

Galileo boss Colin Bird, back then, said Concordia had “extremely good prospects for potentially delineating a world class 'super-pit' copper resource and mine”.

In June this year, following the completion of Galileo’s drill programme, the company agreed an extension to the deadline for the share issue – moving it out to July 31.

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Tue, 08 Aug 2017 14:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182135/galileo-resources-still-keeping-powder-dry-on-concordia-option-182135.html
<![CDATA[News - Galileo Resources signs terms sheet to advance Glenover project ]]> http://www.proactiveinvestors.co.uk/companies/news/180461/Galileo-Resources-signs-terms-sheet-to-advance-Glenover-project--180461.html Galileo Resources PLC (LON:GLR) has signed a term sheet with its partner Fer-Min-Ore at the Glenover phosphate/rare earth project to advance it to a stage where it obtains a mining right. 

Galileo will fund the execution of the mining right application by a loan convertible into 4% of the equity in Glenover Phosphate Proprietary, which would take its holding up to 38%.

Conversion will be 2% on acceptance of the mining right and 2% on formal grant of the Mining Right.

The Term Sheet is valid for 24 months or until formal grant of the mining right. 

Colin Bird, chief executive,said: "The mining right will provide optionality to Glenover to pursue best route for development of the Project. We are currently testing various scenarios for development and will keep shareholders advised."

Last month, a major phosphate producer confirmed its desire to undertake a two-phase pilot plant phosphate flotation study at Gleover, which is in South Afrcia.

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP, Galileo said at the time.

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Thu, 06 Jul 2017 11:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180461/Galileo-Resources-signs-terms-sheet-to-advance-Glenover-project--180461.html
<![CDATA[News - Galileo Resources doing extra prep work on its sampling programme at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/179875/galileo-resources-doing-extra-prep-work-on-its-sampling-programme-at-concordia-179875.html Galileo Resources PLC (LON:GLR) said consultants are hard at work analysing samples from the recent drilling programme at its Concordia Copper project in South Africa.

Around three-fifths of assay results have now been received from the drilling programme, and are undergoing quality assurance/quality control (QA/QC) checks. The processing of the remaining samples is on hold pending the outcome of the QA/QC checks.

The company said the assay stage of the programme is taking longer than originally expected, partly because the company drilled twice as many holes as initially planned, while it has also decided to put all the data onto a common coordinate grid system.

“Our geological consultant Minxcon continues with modelling the raw data, the aim of which includes testing the drilling against the IP [induced polarity] geophysics anomalies identified earlier and incorporating new ground magnetic survey data.  On completion of these activities, which are taking longer than scheduled (now target for end July), we will be able to develop, if appropriate, a drilling programme towards resource definition,” revealed Colin Bird, chief executive officer of Galileo.

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Tue, 27 Jun 2017 08:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179875/galileo-resources-doing-extra-prep-work-on-its-sampling-programme-at-concordia-179875.html
<![CDATA[News - Major phosphate producer set to carry out pilot plant study Galileo Resources’ Glenover project ]]> http://www.proactiveinvestors.co.uk/companies/news/179095/major-phosphate-producer-set-to-carry-out-pilot-plant-study-galileo-resources-glenover-project-179095.html A major phosphate producer has confirmed its desire to undertake a two-phase pilot plant phosphate flotation study at Galileo Resources PLC’s (LON:GLR) 34%-owned Glenover project in South Africa.

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP, Galileo said.

Two options

At the moment, the unnamed MPP has a couple of options of how it moves forward with the study.

Phase one for both scenarios is the same and will see it carry out a water and ore variability study, something which it is made a start on already.

While that gets underway, the MPP is deciding between one of two options that will follow phase one.

Option A would see the MPP produce 16 tonnes of phosphate concentrate through the pilot plant study. That option would cost around US$195,000.

The other, more expensive option would see the MPP produce 32 tonnes of phosphate concentrate. That would come at a cost of US$305,000.

Potential for a significant return on investment

“Galileo and Glenover JV partner (Ferminore) have been in discussions with various groups concerning the development of the project,” said Galileo chief executive Colin Bird.

“I am pleased that the potential exists by way of this agreement to realise a significant return on the company's initial investment in the project.”

Galileo has appointed a South Africa-based consulting group to execute a mining right application for the project whilst the study is taking place.

Importantly for the explorer, rare earths from the ore tailings would still be available for future beneficiation.

Shares ticked 1.3% higher to 9.9p shortly before market close.

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Mon, 12 Jun 2017 15:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179095/major-phosphate-producer-set-to-carry-out-pilot-plant-study-galileo-resources-glenover-project-179095.html
<![CDATA[News - Galileo Resources shines as it completes exploratory drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/177797/galileo-resources-shines-as-it-completes-exploratory-drilling-at-concordia-177797.html Galileo Resources PLC (LON:GLR) zipped higher on Monday after the explorer completed its initial drilling programme at its Concordia copper project in the Northern Cape Province of South Africa.

The programme was initially supposed to comprise up to six reverse circulation drill holes, but Galileo ended up drilling 14 holes in the Homeep and Shirley trends totalling 2,170 metres.

The first set of analytical results on the samples is due by the end of this month (May), while a second set is expected by the end of June.

Even without the results to hand, the fact that six holes on the Shirley trend yielded visible copper mineralisation in the drill chippings is an encouraging early sign.

Drilling a success on all counts

Back in February when Galileo kicked off drilling at Concordia, it said the focus was on testing the reliability of geophysics anomalism in identifying mineralisation targets.

It concluded today that the drilling was a success given that the results confirm the “validity, reliability and usefulness of IP geophysics” as a means for directing future exploration.

“We eagerly await the analytical results of the drill samples,” said chief executive Colin Bird.

“The Shirley and Homeep Trends will be remodelled and the strategy for further drilling established. 

“We consider the drill programme a success and consider our in-house model for Concordia is developing favourably towards a major copper resource.”

Galileo commits funds to earn-in a 51% interest in Concordia

On top of the results, Galileo told investors it had committed 100% of the funds required to earn-in a 51% interest in the company owning the project.

The company now has 30 days to decide whether to continue with exploration and development of the project.

Assuming it chooses to do just that, Galileo will issue 30mln new shares to Shirley Hayes, after which Galileo’s stake in Concordia will rise to 80% as a result.

Shares gained 6% to trade at 7.55p.

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Mon, 15 May 2017 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177797/galileo-resources-shines-as-it-completes-exploratory-drilling-at-concordia-177797.html
<![CDATA[News - Galileo Resources plays down recent share price surge ]]> http://www.proactiveinvestors.co.uk/companies/news/174050/galileo-resources-plays-down-recent-share-price-surge-174050.html The board of Galileo Resources PLC (LON:GLR) has played down the company’s recent share price hike, telling investors that there are “no new material developments”.

The shares have spiked more than 75% over the past week and are up again today.

Galileo suggested it didn’t know what was behind the rise as it reminded the market about where it is with its various projects.

It said its principal focus remains at its Concordia copper project in South Africa, where an exploratory drilling programme is underway to test several mineralisation targets.

As announced last summer, Galileo has farmed out an interest in its Silverton gold prospect in Nevada, USA, to Orogen Gold PLC (LON:ORE).

Shares were up 2% to 8.19p shortly before close of play on Wednesday.

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Wed, 01 Mar 2017 15:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174050/galileo-resources-plays-down-recent-share-price-surge-174050.html
<![CDATA[News - Galileo surges as it starts drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/173184/galileo-surges-as-it-starts-drilling-at-concordia-173184.html Galileo Resources PLC (LON:GLR) revealed drilling is set to kick off today at its Concordia copper project in the Northern Cape Province of South Africa.

The drilling programme will initially comprise up to six reverse circulation drill holes down to 300 metres depth.

The drilling programme is exclusively focused on testing the reliability of geophysics anomalism in identifying mineralisation targets, Galileo said.

"The initial drill programme is designed essentially to establish a correlation between the geophysics and sulphide mineralisation and attach potential copper grades to the geophysics chargeability levels,” said Colin Bird, Galileo’s chief executive officer.

“The drilling results, if successful, would prove that the geophysics will be an essential part of any future resources drilling programme and as such is very important. We look forward to the results and factoring its conclusions overall into our Concordia project," he added.

Shares in Galileo rose 6% to 4.08p in early deals.

 

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Wed, 15 Feb 2017 15:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173184/galileo-surges-as-it-starts-drilling-at-concordia-173184.html
<![CDATA[Media files - Galileo Resources boss 'delighted' to kick off drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6922/galileo-resources-boss-delighted-to-kick-off-drilling-at-concordia-6922.html Wed, 15 Feb 2017 10:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6922/galileo-resources-boss-delighted-to-kick-off-drilling-at-concordia-6922.html <![CDATA[News - Galileo exploration work yields encouraging results ]]> http://www.proactiveinvestors.co.uk/companies/news/171733/galileo-exploration-work-yields-encouraging-results-171733.html Galileo Resources PLC (LON:GLR) said the geophysics data from its field exploration and induced polarisation (IP) imaging programming of the Concordia Copper Project in South Africa had yielded some interesting results.

The chargeability 3D model for the Homeep East prospect correlates well with historic drilling activity, it told investors.

However the best three geophysics signatures are for areas that so far have not been tested. They “provide prime targets for exploration”, Galileo said.

The work also revealed the the potential for near surface ore bodies and an increase in “chargeability” at deeper levels.

This is “particularly encouraging” for Galileo, said chief executive Colin Bird, as most copper producers are confined to either mining limited tonnage of high grade material or bulk tonnage of low grade ore.

“Our results suggest we could be targeting a mix of the two and it is always beneficial to have a high-grade component in any bulk mining operation,” said Bird.

“The initial drill programme will be designed to establish a correlation of the geophysics with sulphides and attach potential copper grades to chargeability levels.”

Drilling is expected to get underway later this quarter.

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Tue, 17 Jan 2017 10:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171733/galileo-exploration-work-yields-encouraging-results-171733.html
<![CDATA[News - Galileo’s Silverton gold project dishes up decent drill results ]]> http://www.proactiveinvestors.co.uk/companies/news/171311/galileos-silverton-gold-project-dishes-up-decent-drill-results-171311.html Initial results from a reverse circulation drilling programme currently being undertaken on the Silverton Gold project in Nevada have yielded promising results.

Silverton is held by Galileo Resources PLC (LON:GLR) but the work is being undertaken by joint venture partner Orogen Gold PLC (LON:ORE), which is hoping to earn in to an initial 51% interest by spending US$400,000.

So far, Orogen has completed 1,274 metres of drilling on five holes at two initial targets at Silverton, with the longest mineralised intercept running at over 70 metres and grading 0.2 grams per tonne gold.

The best grade occurred across a width of 1.52 metres and rang in at 1.33 grams per tonne of gold.

"The results from the initial test drilling showed gold mineralisation persists at depth along the Silverton Fault over a wide interval,” said Galileo director Andrew Sarosi. However, the company did concede that a search for high grade feeder zones had failed to bear fruit. 

  

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Mon, 09 Jan 2017 08:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171311/galileos-silverton-gold-project-dishes-up-decent-drill-results-171311.html
<![CDATA[News - Higher copper prices to benefit Galileo in 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/170748/higher-copper-prices-to-benefit-galileo-in-2017-170748.html Natural resources explorer Galileo Resources PLC (LON:GLR) has told investors that the recent turnaround in the copper price will serve it well as it enters the New Year.

The copper price has added more than a third in recent weeks – partly due to the ‘Trump bump’ – to sit at around US$5,400 tonne.

Galileo’s main asset is Concordia, a copper project in South Africa.

“I am very pleased to report that the copper price has responded to the long term prognosis that copper will be in short supply as we approach 2020,” said chairman Colin Bird.

This will impact on our key project, Concordia.”

A full geophysics summary report from the project is due in January, and Bird said the initial results are “exciting”.

Following the report, drill testing at Concordia is expected to begin by mid-February, the company said.

For the six months to the end of September, Galileo posted a comprehensive loss of £538,000, compared to a loss of £171,000 for the same period in 2015.

The group’s cash position was fairly healthy though after it completed the sale of its Gabbs property in Nevada for US$2.5mln during the period.

As of 30 September, Galileo had a cash balance of £1.4mln.

Shares were down 2% to 1.58p.

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Tue, 20 Dec 2016 15:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170748/higher-copper-prices-to-benefit-galileo-in-2017-170748.html
<![CDATA[News - Galileo identifies three more drill targets at Concordia copper project ]]> http://www.proactiveinvestors.co.uk/companies/news/170543/galileo-identifies-three-more-drill-targets-at-concordia-copper-project-170543.html Galileo Resources PLC (LON:GLR) has identified several potential drill targets after completing the geophysics survey on the Shirley Trend at its Concordia copper project in South Africa.

The junior miner said the survey showed three high-chargeability zones from near surface to around 500 metres in depth, similar to those found in the Homeep Trend last month.

Chargeability effects are often associated with the presence of sulphide mineralisation, so high-chargeability zones are a good place to start initial drill tests.

“The results of our geophysics programme are highly encouraging with clear definition for drill hole targeting,” said chairman and chief executive Colin Bird.

“A limited drilling programme is expected to commence early in the New Year and on completion, the company will either elect to drill the Shirley Trend or extend geophysics to other areas.”

A final report collating all of the geophysical data on the Homeep and Shirley trends is expected in January which the company will use to plan the next exploration phase.

The total geophysics programme to data has only partially covered two of the 11 priority prospects on Concordia.

Shares were unchanged at 1.7p.

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Thu, 15 Dec 2016 13:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170543/galileo-identifies-three-more-drill-targets-at-concordia-copper-project-170543.html
<![CDATA[News - Galileo survey at Concordia provides further copper encouragement ]]> http://www.proactiveinvestors.co.uk/companies/news/168311/galileo-survey-at-concordia-provides-further-copper-encouragement-168311.html An initial induced polarisation survey undertaken at the Concordia copper project in South Africa by Galileo Resources PLC (LON:GLR) has yielded encouraging results.

The company focused on the most prospective area of Concordia, the Homeep trend, where copper has already been identified.

According to Colin Bird, Galileo’s chairman, the signature there was “so strong” that the company has elected to home in on it for a short period before moving on to conduct a more general survey.

Overall the survey data correlates well with historical drill data from Homeep, and confirms the existence of significant anomalies and chargeability.

Work is continuing,

 

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Tue, 01 Nov 2016 07:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168311/galileo-survey-at-concordia-provides-further-copper-encouragement-168311.html
<![CDATA[News - Galileo’s shares leap on gold exploration update ]]> http://www.proactiveinvestors.co.uk/companies/news/167912/galileos-shares-leap-on-gold-exploration-update-167912.html Shares in Galileo Resources PLC (LON:GLR) jumped by more than 15% in early trade on 25 October as the company announced the results of sampling on its Ferber gold project in Nevada, and that joint venture partner Orogen Gold (LON:ORE) had commenced drilling on the Silverton project, also in Nevada.

Of 23 rock chip samples taken at Ferber, 11 returned gold values exceeding 0.2 grams per tonne, while seven of those contained grades higher than a gram per tonne.

The highest recorded rock chip grade was 10.8 grams per tonne.

“We intend to follow this up with more detailed geochemical sampling with a view to identifying drilling targets,” said Galileo’s chairman Colin Bird.

“These encouraging results, together with Orogen’s announcement of the commencement of drilling on Silverton are exciting for the company since US exploration companies are showing much interest in the gold and copper potential in Nevada.”

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Tue, 25 Oct 2016 08:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167912/galileos-shares-leap-on-gold-exploration-update-167912.html
<![CDATA[Media files - Galileo Resources PLC could be drilling at Concordia as early as January ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5925/galileo-resources-plc-could-be-drilling-at-concordia-as-early-as-january-5925.html Thu, 08 Sep 2016 11:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5925/galileo-resources-plc-could-be-drilling-at-concordia-as-early-as-january-5925.html <![CDATA[News - Galileo to kick off geophysics at Homeep target ]]> http://www.proactiveinvestors.co.uk/companies/news/163087/galileo-to-kick-off-geophysics-at-homeep-target-163087.html Galileo Resources PLC (LON:GLR) will hunt for near-surface copper at the Homeep target at its Concordia project, starting next month, after modelling suggested high grades at the prospect.

The top three targets for open pit potential at the South Africa project have been ranked as Homeep, KoeelKop and Henderson.

The first phase of the IP study will be at the Homeep Trend.

Recent modelling work showed the potential over a very small portion of strike of the overall trend for 942,435 tonnes of ore grading 0.89% of copper.

This used a cut-off of 0.2% copper, which confirmed the expected high grade of the Homeep deposit, the firm said.

At a higher 0.5% cut-off, the tonnage was 838,061 at a grade of 0.96% copper.

Galileo chairman and chief executive Colin Bird said: "The Homeep Trend on Concordia has been chosen as the first site for IP since it has hosted at least two underground copper mines."

He added: "IP as a tool has had universal success in locating near surface massive and disseminated sulphide ore bodies and we are confident that this tool will work in the Concordia environment."

Galileo also announced today that its prospecting right for Concordia had been executed and valid for a further three years to August 17, 2019

"The prospecting right renewal has been executed and we are in good standing for a period, which will allow us to carry out well reasoned technical work and advance the project to its next stage of mining licence application," said Bird.

Separately today, Galileo also reported its results for the year to end March.

It reported a loss of £419,627 narrowed from a loss of £10.7mln for the same period last year - representing a loss of 0.3p per share against a loss of  9.4p per share in 2015.

Since March 31, significantly, the group sold the Gabbs gold-copper property in Nevada, USA for US$2.5 million cash to a  subsidiary of Waterton.

In April, it struck  a farm-out agreement with Orogen Gold Plc (LON:ORE) to explore on its Silverton gold project 80 km north east of Tonopah, Nevada.

Orogen can carry out an exploration programme to earn a 51% interest over 18 months with Galileo having the right to match future expenditures over a further 30 months or dilute to a 25% interest.

Galileo shares gained 0.98% to 1.54p on the day.

  WATCH - Galileo chief out to find “tomorrow’s copper”   ]]>
Wed, 07 Sep 2016 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/163087/galileo-to-kick-off-geophysics-at-homeep-target-163087.html
<![CDATA[News - Galileo raises US$2.5mlm from Nevada disposal ]]> http://www.proactiveinvestors.co.uk/companies/news/129807/galileo-raises-us25mlm-from-nevada-disposal-129807.html Galileo Resources (LON:GLR) has sold its Gabbs property in Nevada for US$2.5mln (£1.9 mln) cash to help fund its copper exploration in South Africa.

Colin Bird, Galileo’s chief executive, said: "The Gabbs sale allows us to focus on the Concordia copper project in South Africa, where the management has gained most of its success and experience.

"The cash received will cover our short-to-medium-term working capital."

Galileo acquired Gabbs in 2014 when it bought St Vincent Minerals US's portfolio of Nevada properties for C$4.3mln.

Elsewhere in Nevada the junior has expanded its other interests at Ferber and Crow Springs, with a further 210 claims added at Ferber after a quitclaim by a major mining company

Galileo is looking for a joint venture or to farm-out these properties having arranged a farm-out in June with Orogen Gold at the Silverton gold property..   

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Tue, 30 Aug 2016 08:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129807/galileo-raises-us25mlm-from-nevada-disposal-129807.html
<![CDATA[News - Galileo Resources identifies more targets at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/129579/galileo-resources-identifies-more-targets-at-concordia-129579.html Galileo Resources PLC (LON:GLR) has identified two more high priority copper targets at the Concordia project in South Africa.

There are now seven high priority targets at Concordia, while Minxcon Consulting, which carried out the desktop analysis of historical data, had identified 27 other potential targets.

As a result, Galileo estimates the project contains 799mln host lithology tons, which contain 50% mineralised host at a mean grade 0.57% copper.

Minxco also ranked the targets for open pit potential with Homeep, KoeelKop and Henderson the top three.

Colin Bird, Galileo’s chairman and chief executive, said the area is huge and the open pit model was never previously investigated in this area. 

“The targeted conceptual tonnage and copper grade compare very favourably with global projects currently being developed or at an advanced feasibility study stage.”

Next stage exploration will involve IP geophysics to better define the targets before undertaking drilling. 

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Mon, 22 Aug 2016 16:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129579/galileo-resources-identifies-more-targets-at-concordia-129579.html
<![CDATA[News - Galileo Resources completes earn-in deal on Nevada property with Orogen Gold ]]> http://www.proactiveinvestors.co.uk/companies/news/127524/galileo-resources-completes-earn-in-deal-on-nevada-property-with-orogen-gold-127524.html Galileo Resources PLC (LON:GLR) has executed the previously announced earn-in deal with Orogen Gold PLC (LON:ORE) over the Silverton gold-silver property in Nevada.

The latter has the right to earn an initial 51% interest over the 6 sq km claim area through spending US$400,000 on exploration over 18 months.

Galileo executive director: "Andrew Sarosi, executive director, said: "We are pleased to have concluded this agreement with Orogen, which allows for an outside party to fund the exploration of Silverton.

"Orogen's due diligence, which included a site visit with Galileo, has already identified additional targets not only to the shear zone reported previously but also to targets not highlighted in the most recent reports and adds to the company directors' belief in the overall prospectivity of the property.

"Further news will be released as results from initial drill testing become available."

Orogen had already begun focused a re-mapping and sampling programme to confirm sites for an initial diamond drilling  phase, Galileo said.

Assays reported by previous explorer Newcrest in 2003 showed intersections of up to 7.62metres (m) at 2.29g/t gold and 10.67m at 1.0g/t.

As reported in April, Orogen can earn 51% by spending US$400,000 on exploration within 18 months and take a further 24% through US$1.5mln of additional exploration in the following 30 months.

Galileo retains the right to participate pro rata after Orogen's initial 51% earn-in.

Read the Galileo Big Picture article here.

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Mon, 27 Jun 2016 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127524/galileo-resources-completes-earn-in-deal-on-nevada-property-with-orogen-gold-127524.html
<![CDATA[News - Galileo Resources says eleven targets now at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/127158/galileo-resources-says-eleven-targets-now-at-concordia-127158.html An independent desktop review has now identified eleven potential target areas at the Concordia copper project in South Africa, said Galileo Resources (LON:GLR).

Five of these have near surface potential said Colin Bird, Galileo’s chief executive, with tungsten potential also identified in historic mining areas.

Low-cost ground investigation comprising detailed mapping, induced polarisation (IP) geophysics and geochemistry is planned next. 

Bird said: "When we embarked on this exercise we were optimistic that our current view would be confirmed independently.

“We expect to complete phase 1 (desktop study) in early July and immediately progress to ground-truthing and possibly resource modelling with current available data.

“A bonus of this exercise has been the discovery of wolframite trends on the property; wolframite being a primary ore mineral of tungsten, the current 180-day ore price of which is up by some 10% to date.”

Galileo can earn-in a 51% beneficial interest in Concordia copper project with R10mln (approximately £500,000) of exploration over 14 months. 

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Wed, 15 Jun 2016 12:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127158/galileo-resources-says-eleven-targets-now-at-concordia-127158.html
<![CDATA[Media files - Galileo chief out to find “tomorrow’s copper” ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5144/galileo-chief-out-to-find-tomorrows-copper-5144.html Tue, 14 Jun 2016 09:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5144/galileo-chief-out-to-find-tomorrows-copper-5144.html <![CDATA[News - Galileo Resources delivers high grades in a prolific copper area ]]> http://www.proactiveinvestors.co.uk/companies/news/126560/galileo-resources-delivers-high-grades-in-a-prolific-copper-area-126560.html Investors who want to know what happens when you deploy veteran mining entrepreneur Colin Bird in one of the world’s most prolific copper producing regions have two directions in which they can look: the past, and the future.

The past speaks for itself. Colin was instrumental in the development and the eventual sale of Kiwara Resources for a nine-figure sum, having proved a concept, sunk a few drill holes and sold to First Quantum at the height of the market.

Kiwara had ground in Zambia, which alongside the Democratic Republic of Congo on the other side of the border, occupies most of the region known locally and globally in mining circles as the Copperbelt.

Kiwara’s getting on for 10 years ago now, and is beginning to fade from the memories of investors who subsequently went through one almighty mining bust.

But those who want to know how it’s done may yet get an object lesson from Mr Bird himself again, as he positions Galileo Resources (LON:GLR), once solely a fertilizer play, strategically across an area of South Africa with its own admirable track record of copper production.

“It was one of the biggest copper mining areas of the world,” says Bird.

The obvious questions then, are how much copper is left and how does Galileo plan to get it out?

It’s a bit early to answer that second question in detail, but the first question is straightforward enough, and just goes to show that as times change, so do opportunities to turn a dollar or two.

“We found that the cut-off grade used by the earlier miners was 0.8%,” says Bird. That may not mean much to non-specialists, but the salient point is that nowadays copper miners can mine economically at grades much lower than that.

“The average grade of copper mines in the world has dropped from about 1% to about 0.6%,” explains Bird.

It’s as simple as that: all of a sudden, the Galileo ground became highly prospective.

“We extended our search of the area,” continues Bird, “and we found more higher grade areas. I think we’re onto something, I really do.”

Of course, working up a prospect like Concordia isn’t easy when money is as hard to come by as it has been in the mining sector over the past couple of years.

But here Galileo has an ace up its sleeve. Instead of spending large amounts of hard currency drilling up ground that’s already been gone over before, Galileo can fall back on old data gathered by former owners between 1960 and 1990.

“We’ve got a massive database and we’re just interrogating that,” says Bird. “We’re modelling the lithological package in discrete units. Once we’ve created our model, we’re going to drill.

That will probably require new money to come into the company, but for the time being the company’s not too badly off.

“There’s RND3.5 mln in the bank,” says Bird, “and I try not to do any placements.” As a big shareholder himself, Bird’s as worried as anyone about dilution and about getting the maximum bang per buck.

The next news is therefore likely to state that the model holds together, and that a new resource is in the pipeline.

Certainly, by October Bird is hoping to have some idea of tonnes and grade as well as an emerging mine plan. There’s likely to be news on the net present value of Concordia by then too, and Bird has some confidence it’s going to be good.

“On the global drawing board of emerging copper projects, this will be in the top two or three,” he says.

If that turns out to be correct, it will only go to confirm the investment potency of mixing Colin Bird and copper-rich jurisdictions.

 

 

 

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Tue, 31 May 2016 14:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126560/galileo-resources-delivers-high-grades-in-a-prolific-copper-area-126560.html
<![CDATA[News - Emerging exploration model at Concordia has Galileo Resources excited ]]> http://www.proactiveinvestors.co.uk/companies/news/125765/emerging-exploration-model-at-concordia-has-galileo-resources-excited-125765.html Galileo Resources PLC (LON:GLR), the exploration and development mining company, has identified another exploration area of interest, Homeep East, at its Concordia project.

The company has been trawling through the recently acquired extensive database of information on the project, in South Africa, and likes the look of Homeep East.

The exploration area, located some 14 kilometres (km) south-east of Rietberg - the first exploration area identified on the concession – hosts a population of holes drilled in order to examine the presence of copper (Cu) and its association with rock mineralisation type.

Previously exploration at Homeep East identified wide mineralised down-hole runs of 43 metres (me) to 49m thick, with weighted-average assays ranging from 1.14% Cu to 0.88% Cu.

High-grade intersections include 19.8m assaying 1.21% Cu; 29.9m assaying 1.23% Cu; and 7.7m assaying 1.27% Cu.

The company also announced the results of the independent non-code compliant resource ore-body modelling on the Klondike prospect.

Klondike, which is on the south-western edge of the Concordia concession in the Northern Cape of South Africa, is one of five identified and drilled open-pitable prospects hosting potential massive bulk Cu-mineralised zones. The additional areas, such as Homeep East, identified by the company will add to this list of potential prospects.

Klondike was independently modelled at 2.10mln tonnes assaying 0.63% from surface to 200 meters (m) down, and at 2.51mln tonnes assaying 0.57% Cu at a 0.2% Cu cut-off.

Modelling and optimisation continues on other prospects within the concession and on

identifying key trends and structures driving the mineralisation, Galileo said.

"These again are good results adding to our growing Concordia copper data base. Large tracts of diorite throughout the concession appear to have been ignored or only partly explored and dismissed. The emerging exploration model is exciting in its potential for both size and higher than normal copper grades for surface mining. We continue to work through our acquired data base," said Colin Bird, chairman and chief executive officer of Galileo.

Shares in Galileo were off 0.01p at 1.11p in afternoon trading.

 

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Tue, 10 May 2016 15:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125765/emerging-exploration-model-at-concordia-has-galileo-resources-excited-125765.html
<![CDATA[News - Galileo identifies another copper zone at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/125284/galileo-identifies-another-copper-zone-at-concordia-125284.html Galileo Resources PLC (LON:GLR) has identified a potential new copper deposit, Rietberg, close to the surface at the Concordia project in South Africa.

Rietberg is approximately 10km northwest from the Wheal Julia deposit and contains numerous thick high grade intersections, said the company.

Galileo is working through the historical database at Concordia and said best results at Rietberg were 11.0m at 5.0% copper within 25m of surface, 18.3m at 2.68% Cu from 64m and 64.3m at 1.11% Cu from 70m.

Other areas in Concordia have also being identified with similar characteristics to Rietberg, Galileo said.

Colin Bird, chief executive, said: “Open pittable copper ore close to surface is not the norm in the copper mining industry.”

A mixture of high and low grade bodies are beginning to emerge, he added, which could be phased to feed a central processing plant providing potential flexibility and optionality.

Galileo has the right to earn-in a 51% beneficial interest in the Concordia copper project through spending R10mln (approximately £500 000) over 14 months on exploration and development. 

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Wed, 27 Apr 2016 08:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125284/galileo-identifies-another-copper-zone-at-concordia-125284.html
<![CDATA[News - Galileo Resources agrees Nevada gold farm out ]]> http://www.proactiveinvestors.co.uk/companies/news/125098/galileo-resources-agrees-nevada-gold-farm-out-125098.html Galileo Resources PLC (LON:GLR) has agreed terms for an earn-in of a majority stake in the Silverton gold/silver property in Nevada with Orogen Gold PLC (LON:ORE).

Orogen can earn 51% of the property  by spending US$400,000 on exploration within 18 months and then take a further 24% through US$1.5mln of additional exploration in the following 30 months. 

Colin Bird is an executive director of both Galileo and Orogen but abstained from the negotiations. 

Assays reported by previous explorer Newcrest in 2003 showed intersections of up to 7.62m at 2.29g/t Au and 10.67m at 1.0g/t.

Galileo said the agreement will allow it to continue with its key focus on copper.

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Thu, 21 Apr 2016 15:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125098/galileo-resources-agrees-nevada-gold-farm-out-125098.html
<![CDATA[News - Galileo Resources pleased with latest Concordia orebody re-work ]]> http://www.proactiveinvestors.co.uk/companies/news/124749/galileo-resources-pleased-with-latest-concordia-orebody-re-work-124749.html Galileo Resources PLC (LON:GLR) said the potential for the Concordia copper deposit has been franked by a re-modelling of the Whyte West deposit.

Re-modelling of two other prospects at Concordia (Wheal Julia and Koeelkop) sent Galileo’s share price sharply higher when released at the end of March.

Consultant Minxcon, which based its models on geologic core logging and assays of 26 drill holes, said copper tonnes and grade were significant and similar to large copper open pits being mined globally

Whyte's West modelled at 15.09mln tonnes grading 0.54% Cu at a 0.35% Cu cut-off

At a 0.2% Cu cut-off, tonnage rises to 34.6mln tonnes grading 0.39% Cu. 

Colin Bird, Galileo’s chief executive, said: "Again this is a pleasing result that confirms the Concordia area hosts significant copper potential.

“The current work continues to demonstrate the propensity for the project to add to what is already known in the area." 

Galileo can acquire 51% of Concordia (in the Northern Cape province of South Africa) for £500,000 worth of exploration over 14 months, which it can increase to 80%.

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Wed, 13 Apr 2016 11:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124749/galileo-resources-pleased-with-latest-concordia-orebody-re-work-124749.html
<![CDATA[News - Galileo Resources PLC flags South African copper potential ]]> http://www.proactiveinvestors.co.uk/companies/news/124211/galileo-resources-plc-flags-south-african-copper-potential-124211.html Shares in Galileo Resources PLC (LON:GLR) jumped by nearly 14% to 1.05p in early trade on 30th March, after the company said it had completed the first phase of an ongoing work programme on its new Concordia copper project in Northern Cape, South Africa.

Galileo announced the completion of a deal to acquire a 51% interest in Concordia in January in return for a commitment to spend at least £500,000 working up the project.

According to the terms of that deal, the spend has to take place within 14 months of the January signing and Galileo has clearly wasted no time in cracking on, encouraged by the prospects of rich pickings in what has long been recognised as a prolific copper producing region.

Accordingly, the company has identified two specific prospects on Concordia as initial targets – Koeelkop and Wheal Julia – and set independent consultant Minxcon to work on them.

Minxcon has now remodelled the orebodies on both and reported back. Based on historic core log and assays from 64 holes on Koeellop and 40 holes on Wheal Julia, Galileo is now confident in saying that tonnes and grade are “significant” and “similar to large copper pits being mined globally.”

Minxcon estimates that Koeelkop contains 4.19 mln tonnes of ore grading 0.59% copper, while Wheal Julia contains 37.69 mln tonnes grading 0.55% copper, both at a 0.35% cut off grade.

At a 0.2% cut off that rises to 10.92 mln tonnes for Koeelkop and 62.55 mln tonnes at Wheal Julia.

Using the current spot price of around US$4,900, that equates to over a billion dollars’ worth of metal in the ground, in which context it’s no wonder Galileo’s shares are on the move.

“Concordia has the potential to progress to a large mining prospect and current work has demonstrated the existence of many potential opportunities within the concession not previously recognised,” said Galileo’s chairman Colin Bird, a veteran of at least one big copper success in the past.

“We intend to fast track the modelling to an initial mine concept and thereafter direct our work to confirming and expanding the model.”

Meanwhile, work is continuing on other prospects within the Concordia concessions, and on generating a more detailed understanding of the mineralisation patterns across the whole property.

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Wed, 30 Mar 2016 13:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124211/galileo-resources-plc-flags-south-african-copper-potential-124211.html
<![CDATA[News - Galileo Resources PLC pleased with remodelling of Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/124164/galileo-resources-plc-pleased-with-remodelling-of-concordia-124164.html Remodelling of the Koeelkop and Wheal Julia prospects at its Concordia concession in South Africa has confirmed significant copper grades, Galileo Resources PLC (LON:GLR) said.

The remodelling, by Minxcon and the first stage of an agreed work programme at the licence, indicated grades were similar to large copper open pits being mined globally.

Koeelkop modelled 4.19mln tonnes at 0.59% Cu and Wheal Julia 37.69 mln tonnes at 0.55% Cu at a 0.35% cut-off.

Colin Bird, Galileo’s chief executive, said: "This modelling confirmation is well received and verifies our own work.

“Concordia has the potential to progress to a large mining prospect and current work has demonstrated the existence of many potential opportunities within the Concession not previously recognised.

“We intend to fast track the modelling to an initial mine concept and thereafter direct our work to confirming and expanding the model."

In January, Galileo negotiated a deal to acquire a 51% interest in Concordia in the Northern Cape Provinc.

It must spend R10mln (£500,000) over a 14 month period to earn its stake, which it can take up to 80%.

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Tue, 29 Mar 2016 16:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124164/galileo-resources-plc-pleased-with-remodelling-of-concordia-124164.html
<![CDATA[News - Galileo Resources PLC builds international portfolio ]]> http://www.proactiveinvestors.co.uk/companies/news/123810/galileo-resources-plc-builds-international-portfolio-123810.html Galileo Resources PLC (LON:GLR) has been keeping busy in spite of the difficult mining markets.

In January 2016 it signed off on a deal to acquire a 51% interest in the Concordia copper project in the Northern Cape Province of South Africa. The company must spend ZAR10 mln (£500,000) over a 14 month period to earn its stake. It will then have the opportunity to go to an 80% interest by issuing 30 mln Galileo shares to the vendor, local entrepreneur Shirley Hayes.

Galileo followed up this acquisition by raising £375,000 via a placing in early March in order to fund its work commitments.

Chief executive Colin Bird and chairman Richard Wollenberg both took sizeable chunks.

 

THE BUSINESS

Concordia represents the latest string to the Galileo bow, as the company has taken interests in a number of assets across a range of commodities and jurisdictions. Galileo started out life on Aim primarily as the owner of the Glenover phosphate asset in South Africa. This is now the subject of an agreed US$4mln sale to Fer-Min-Ore, although both parties have just agreed to extend the closing date for the transaction to August.

Since those early days, the company has also gone on to acquire interests in US precious metals exploration assets. The Ferber copper and gold project in Nevada is probably the most promising of these, as its less than 20 kilometres away from a major discovery that’s been made by Pilot Gold (TSE:PLG) at Kinsley Mountain.

But other promising prospects include Gabbs, Silverton, Esmerelda and Crow Springs, all further to the east in the same vicinity, and all prospective for gold.

 

FROM THE BOSS

Colin Bird scored a notable success in the last mining boom when he packaged up and sold Kiwara and its Zambian copper projects to First Quantum (LON:FQM) for US$260 mln. Whether he can repeat that trick with Galileo remains to be seen. But he notes in commentary on the Nevada portfolio that certain segments of the mining industry are beginning to talk about that area as “the new Carlin Trend.” And, as everyone in mining knows, the Carlin Trend is one of the most prolific gold producing areas in the world.

Meanwhile, on Concordia, he also has high hopes. “Concordia has extremely good prospects for potentially delineating a world class “superpit” copper resource and mine,” he says. He also reckons that major shortfalls in copper supply will begin to show through in 2025, so a little while to wait yet, but perhaps the timing for any development at Concordia will actually be propitious.

“This is a large project in a maturing mining jurisdiction,” he says.

 

WHAT THE BROKER SAYS

Shard Capital argues that value could be unlocked from Gabbs in the future. “Our early stage internal estimate of revenues that may be available from Gabbs provides evidence that it is a significant asset and well able to support the market’s current valuation.”

The broker goes on: “We believe that it is the right time in the mining cycle to be starting this kind of development work and the equity has attractions for gold watchers and mining fundamentalists alike, but it is definitely not one for the widows and orphans fund.

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Thu, 17 Mar 2016 12:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/123810/galileo-resources-plc-builds-international-portfolio-123810.html
<![CDATA[Media files - Galileo Resources confident on copper price recovery in medium term ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/4497/galileo-resources-confident-on-copper-price-recovery-in-medium-term-4497.html Thu, 17 Dec 2015 09:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/4497/galileo-resources-confident-on-copper-price-recovery-in-medium-term-4497.html <![CDATA[News - Galileo Resources pounces on potentially world-class copper super-pit ]]> http://www.proactiveinvestors.co.uk/companies/news/119270/galileo-resources-pounces-on-potentially-world-class-copper-super-pit-119270.html Resource development company Galileo Resources (LON:GLR) has provisionally agreed to acquire a majority stake in the Concordia copper project in South Africa.

Galileo is to earn-in 51% of the project in the north Cape Province by spending 10mln rand, which is roughly £470,000.

It will have the option of acquiring a further 29% interest in Concordia by issuing 30mln Galileo shares following completion of the earn-in.

The Concordia project covers a very large copper mineralised area in a copper mining district that historically has been prolific but which has not yet been completely studied for its open pit potential.

Five potential mineralised pit zones have been identified within a 10 square kilometre radius on the Concordia project area covering 36 372 hectares.

Galileo considers the previous focus on steeply dipping veins (underground mining) is not now appropriate, and preliminary modelling supports this prognosis, indicating major surface mining potential.

There is a huge database available for initial examination with 123,000 metres of drilling results to study.

“This opportunity ticks every box of our search criteria and the acquisition could only have been achieved in the current environment,” said Colin Bird, chief executive officer of Galileo.

“We believe Concordia has extremely good prospects for potentially delineating a world class 'super-pit' copper resource and mine. The world demand for copper is forecast to rise with short falls projected from 2025 and onwards. This is a large project in a mature mining jurisdiction," he added.

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Tue, 17 Nov 2015 08:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119270/galileo-resources-pounces-on-potentially-world-class-copper-super-pit-119270.html
<![CDATA[News - Galileo Resources agrees further extension to US$4mln sale ]]> http://www.proactiveinvestors.co.uk/companies/news/110369/galileo-resources-agrees-further-extension-to-us4mln-sale-110369.html Galileo Resources (LON:GLR) has agreed a second extension to the deal to sell its stake in the Glenover phosphate project to joint-venture partner Fer-Min-Ore.

The US$4mln deal will now be completed before February 28 next year.

The terms of the deal – first outlined in January and reiterated in May – remain the same.

Resource development company Galileo owns just under 34% of the project, which is sited in South Africa’s Limpopo Province.

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Fri, 28 Aug 2015 08:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110369/galileo-resources-agrees-further-extension-to-us4mln-sale-110369.html
<![CDATA[News - Galileo Resources has the gift of the Gabbs ]]> http://www.proactiveinvestors.co.uk/companies/news/106875/galileo-resources-has-the-gift-of-the-gabbs-106875.html “There is a suspicion that this is a new Carlin Trend emerging,” says chairman Colin Bird of Galileo Resources (LON:GLR). 

For the avoidance of doubt the Carlin Trend is one of the most prolific gold producing regions of the world, situated in the heart of one of the world’s most friendly mining jurisdictions, Nevada, and in the past hundred years or so has accounted for more than 70mln ounces of gold.

In the world of gold mining it is the place to be. 

So for Bird to say that Galileo is sitting on part of what might be the next Carlin Trend is no small claim. 

But in making it he has several things running in his favour. First, the Galileo property he’s referring to, Gabbs, already boasts over 1.6mln ounces of gold equivalent using a 0.4 gram per tonne cut off. 

And, as Bird noted early on in his own evaluation of the project, if the cut-off is lowered to 0.2 grams the head grade remains relatively unaffected but the overall resource goes up to nearly four million ounces. 

So there’s gold and plenty of it. And if the company’s acquisition of Gabbs hasn’t exactly lit a fire under its share price over the past year or so, though there’s plenty of time yet. 

“If it isn’t valuable today it will be tomorrow,” says Bird. And he’s right. The market may not be backing exploration with any real enthusiasm just at the minute, but there will come a time when a potential four million ounce gold resource will be just what the doctor ordered.

Let’s back up a little as we ask: what does being part a trend say about the wider prospectivity? 

The answer to that is less concerned with Gabbs itself, but with the activities of another company working in the neighbourhood, Pilot Gold. 

The Carlin Trend lies some way to the north east of where Pilot and Galileo are both working on the south-western border of Nevada. The work Pilot is doing at its Kinsley Mountain project appears to have found something new, rather than an extension of the Carlin Trend. 

But, as Pilot says in its literature on Kinsley Mountain, the mineralisation there is “Carlin-style”. And when the Pilot team says something like that it’s worth sitting up and taking notice. The previous company they worked on was called Fronteer Gold. Fronteer worked up another “Carlin-style” project in Nevada and then sold it on to Newmont, the regional superpower, for US$2.3bn.

Already Pilot Gold has been hitting some spectacular grades at Kinsley, and Bird has no doubt that in time the benefits of that work will accrue to Galileo too.

“Just by proximity we’re in the right space,” says Bird. Specifically, Gabbs is just twelve kilometres away from Kinsley Mountain.

But while work continues at Gabbs and indeed at Kinsley, Bird is also keeping his eye out for other deals. 

One such will be the sale of the company’s South African phosphate and rare earths project, which is now at stage where it needs serious capital spent on it. Of more long-term significance to Galileo shareholders though are likely to be Bird’s proposed forays into the copper space.

Gabbs already boasts significant copper mineralisation as part of the larger gold equivalent resource. It also has a copper target on the Crow Springs property to the south of Gabbs. But he wants more. 

“I’m looking at a couple of things,” he says. “I’ve always been a copper bug. By 2030 we’ll need twice as much copper as we’ve got now.”

Having said that, he’s also interested in relatively rapid returns. “I’m against the big porphyrys,” he says, citing six-or-seven year development horizons and low grades. Instead he’s interested in small tonnage operations with reasonable grades, running at around the 2% mark, and bigger near-surface systems.

“Galileo is going to be copper, copper, copper,” Bird says enthusiastically. And if anyone should argue that now is not the time to be putting together a portfolio of exploration assets, Bird has the perfect rejoinder.

“You can’t wait for the tide to turn,” he says. “If you hit the deck running when there is a change you can stand out from the crowd. I want to be there before it all starts.”

Remember, this is the man who sold his last copper company, Kiwara, for upwards of US$200mln. Will he do it again? Well, you wouldn’t bet against it.

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Mon, 18 May 2015 10:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/106875/galileo-resources-has-the-gift-of-the-gabbs-106875.html
<![CDATA[News - Galileo Resources set to raise £300,000 in placing ]]> http://www.proactiveinvestors.co.uk/companies/news/65741/galileo-resources-set-to-raise-300000-in-placing--76749.html Rare earths and gold explorer Galileo Resources (LON:GLR) announced plans to raise £300,000 via a placing of shares for working capital and so it can kick off exploration for copper and gold in Nevada.

The cash call, which will see 10mln shares issued at 3p each, is subject to the approval of shareholders of the firm's capital reorganisation plans announced yesterday.

The firm proposes to subdivide  around 114.5mln shares into one share of 0.1 pence and one deferred share of 4.9 pence each and a  general meeting will be held on February 13 this year, the firm said.

The reason behind the move is so it can create a differential between the nominal value of the firm's shares and their market price to allow for future share issues

On Wednesday, Galileo also announced the potential sale of its stake in the Glenover prospect in South Africa to partner Fer-Min-Ore Proprietary for US$4mln.

Galileo chairman Colin Bird said the Glenover phosphate project had now been advanced with Fer-Min-Ore to the point where significant new funds together with specific industry expertise were required.

Galileo shares were unchanged at 3.625p each.

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Thu, 29 Jan 2015 15:48:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65741/galileo-resources-set-to-raise-300000-in-placing--76749.html
<![CDATA[News - Galileo poised to sell Glenover stake ]]> http://www.proactiveinvestors.co.uk/companies/news/65705/galileo-poised-to-sell-glenover-stake-76712.html Rare earths and gold explorer Galileo Resources (LON:GLR) is poised to sell its stake in the Glenover prospect in South Africa to partner Fer-Min-Ore Proprietary for US$4mln.

Galileo chairman Colin Bird said the Glenover phosphate project had now been advanced with Fer-Min-Ore to the point where significant new funds together with specific industry expertise were required.

Meanwhile, Galileo is now focused on what it called "highly prospective" copper/gold projects in Nevada.

Galileo holds a 33.99% interest in Glenovo Phosphate Proprietary - 29% directly and 4.99% through its shareholding in Galagen.

Glenovo owns Galileo's joint venture interest in the project in Limpopo province.

The carrying value of Galileo's investment in Glenover as at March 31 last year was £2.3 million, which is around equal to the potential consideration of US$4 million, the firm noted, and if the proposed transaction is completed, the firm expects there to be no substantial effect on the group's net assets.

Galileo wants to use the proceeds for both working capital and to advance its copper-gold prospects in Nevada, including mapping, geochemical sampling, geophysics and drilling.

The offer is subject to conditions, including that it is completed within four months of concluding the sale agreement.

Separately, Galileo also announced a proposed reorganisation of its capital so it can create a differential between the nominal value of the firm's shares and their market price to allow for future share issues. Under UK company law, a company cannot issue new shares at a price that is below the nominal value of those shares. It must get shareholder approval for the reorganisation.

The firm proposes to subdivide the approximate 114.5mln shares into one share of of 0.1 pence and one deferred share of 4.9 pence each, it said.

A general meeting will be held on February 13 this year, the firm said.

Galileo shares added 3.45% to 3.75p.

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Wed, 28 Jan 2015 15:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65705/galileo-poised-to-sell-glenover-stake-76712.html
<![CDATA[News - Galileo Resources focused on existing assets ]]> http://www.proactiveinvestors.co.uk/companies/news/64704/galileo-resources-focused-on-existing-assets-75574.html Rare earths and gold explorer Galileo Resources (LON:GLR) is to direct its efforts on its two existing assets while the  climate for juniors remains so tough.

The group holds a stake in Glenover, a rare earth/phosphates prospect in South Africa, and Ferber a gold tenement in Nevada near to the recent gold discoveries at Long Canyon and Kinsley Mountain.

At Glenover, Galileo said the aim is strategic funding partnership to advance the project to full feasibility study.

At Ferber, and in light of recent major gold finds in Nevada, Galileo is reviewing historical production data as the basis of a future exploration program. 

Ferber is approximately 12 kilometres east of Kinsley Mountain, it added. 

Losses for the six months to September were £277,000 (2013:loss of £1.35mln). 


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Thu, 18 Dec 2014 13:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64704/galileo-resources-focused-on-existing-assets-75574.html
<![CDATA[News - Galileo Resources benefits from “significant period of progression” ]]> http://www.proactiveinvestors.co.uk/companies/news/61523/galileo-resources-benefits-from-significant-period-of-progression-72000.html Galileo Resources (LON:GLR) saw a “significant period of progression” according to chairman Colin Bird.

During the twelve months, to March 31, Galileo realised a number of its corporate achievements including the consolidation of its Glenover rare earth and phosphate project, as well as the acquisition of the St Vincent Minerals.

In the group’s results statement, Bird said: "The period under review has been a period of significant progression for the company.”

"The two projects now represent the core assets within the group and we believe respectively represent a significant strategic investment in Glenover which is well placed in both the phosphate and rare earth arenas and the Gabbs resource, which has the potential to become a world class copper/gold asset."

The pre-revenue mining junior reported a £6.4mln loss for the financial year.

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Mon, 08 Sep 2014 16:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/61523/galileo-resources-benefits-from-significant-period-of-progression-72000.html
<![CDATA[News - Galileo Resources expands Ferber project footprint ]]> http://www.proactiveinvestors.co.uk/companies/news/60155/galileo-resources-expands-ferber-project-footprint-70550.html Galileo Resources (LON:GLR) has consolidated its position in the Ferber project area, with the execution of lease and option agreements.

As a result the company’s wholly owned St Vincent Minerals subsidiary now has 102 unpatented mining claims, in Elko county, Nevada, spanning 2,377 contiguous acres.

The Ferber area has a history of gold and copper production, and the company is reviewing available data in light of recent discoveries in eastern Nevada.

"Galileo initially acquired St Vincent Minerals Inc on the basis of its flagship gold-copper porphyry deposit at Gabbs, Nevada,” said chief executive Brian Gavin. “Further review of SVM's property portfolio now indicates that Ferber could be a significant gold target in a newly emerging gold trend in eastern Nevada. 

“Recent new gold discoveries in the nearby region provide strong evidence for a mineralised system at Ferber, which makes the property a compelling target for reinterpretation and subsequent exploration."

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Mon, 21 Jul 2014 09:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/60155/galileo-resources-expands-ferber-project-footprint-70550.html
<![CDATA[Media files - Galileo predicts 'new gold rush' in Nevada ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/2543/galileo-predicts-new-gold-rush-in-nevada-2543.html Mon, 30 Jun 2014 08:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/2543/galileo-predicts-new-gold-rush-in-nevada-2543.html <![CDATA[Media files - Galileo Resources' Colin Bird says investors tired of political risk ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/2448/galileo-resources-colin-bird-says-investors-tired-of-political-risk--2787.html Fri, 16 May 2014 14:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/2448/galileo-resources-colin-bird-says-investors-tired-of-political-risk--2787.html <![CDATA[News - Galileo Resources completes St Vincent acquisition ]]> http://www.proactiveinvestors.co.uk/companies/news/58257/galileo-resources-completes-st-vincent-acquisition-68532.html Galileo Resources’ (LON:GLR) acquisition of Toronto-based St Vincent Minerals (SVM) is over the line, the potash and rare earths miner revealed.

The company has issued 26.2mln new shares at a strike price of 9p in exchange for all of SVM, which values the deal at £2.36mln (C$4.33mln).

It leaves SVM shareholders with around 23% of Galileo’s stock, with an eight-month lock-up period when they cannot sell the shares without Galileo’s written consent.

SVM’s Gabbs and Ferber gold-copper projects in Nevada, USA, attracted Galileo.

Brian Gavin, SVM’s founder, president and chief executive, is to become the chief executive of Galileo, taking over from industry veteran Colin Bird, who continues as chairman and joins the board of directors.

The company said its Glenover Rare Earths project in South Africa has advanced “to the point where strategic partners can be identified”.

Bird said: “We are pleased to have completed the acquisition of SVM, which provides Galileo with an advanced gold-copper project in the Gabbs property and a highly prospective Ferber project.

“There is a strong suggestion of new Carlin-style trends emerging in Nevada and Ferber is well positioned in this regard with similarities in geology and mineralisation.”

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Thu, 15 May 2014 07:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/58257/galileo-resources-completes-st-vincent-acquisition-68532.html