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Galileo Resources’ Glenover PEA expected in Q1 2013

Galileo Resources’ Glenover PEA expected in Q1 2013


Galileo Resources (LON:GLR) says the completion of the preliminary economic assessment (PEA) for the Glenover rare earth project is expected in the first quarter of next year.

This comes as initial reports of mine design, modelling work and environmental work - all of which will form part of the pending study – were released today.

Also, the retesting of surface stockpiles has defined additional resources, with the stockpile resource increasing 8% to 2.94mln tonnes from 2.723mln tonnes.

The proposed mine is expected to have a low stripping ratio of 1.5 to 1, and the geotechnical report has indicated strong wall rock competency. Also, based on metallurgical results so far, it is expected that a high grade marketable rare earth product can be produced.

"We are particularly pleased with the potential increase in tonnage of the stockpiles and that the open pit design is not adversely affected by potential poor rock stability,” said chairman Colin Bird.

“So far, all of the fundamentals that 'make or break' the outcome of this important PEA are particularly positive and we look forward to the completion of the PEA in the New Year."

Galileo currently has a 31.66% interest in the Glenover project, which is located in South Africa, and it has the option to acquire up to 73.73%.


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