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Galileo raises £500,000 to kickstart zinc mining in Zambia

Galileo hopes to begin mining its Star Zinc project in mid-2020, as well as commencing an exploration study at its other Zambian location, Kashitu

Galileo Resources PLC -

Galileo Resources PLC (LON:GLR) has raised £500,000 through a share placing to advance its Star Zinc and Kashitu mining projects.

The AIM-listed miner issued 125mln shares to institutional and retail investors at a price of 0.4p, compared to 0.45p at market close on Thursday.

Galileo said that it hopes to start preparing an application for a small-scale mining permit at its 95%-owned Star Zinc project in Zambia, and begin mining in the second quarter next year.

An exploration study will also begin at Kashitu, which is thought to hold similar levels of zinc mineralisation to Star.

Elsewhere, the company holds a 38% stake in the Glenover rare earth project, and wholly owns the Ferber gold project in Nevada, USA.

Chairman Colin Bird and non-executive director Richard Wollenberg took part in the placing for 5mln and 0.5mln shares respectively.

Quick facts: Galileo Resources PLC

Price: 0.33 GBX

Market: AIM
Market Cap: £1.67 m

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on 2/5/19

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