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Galileo Resources plays down recent share price surge

The stock has gained more than 75% over the past week
share price graph
"There are no new material developments," Galileo said in a statement this afternoon

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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Galileo Resources PLC Timeline

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