Galileo Resources PLC Lapsing of Agreement to sell interest in JV (4344I)
August 30 2016 - 7:14AM
UK Regulatory
TIDMGLR
RNS Number : 4344I
Galileo Resources PLC
30 August 2016
For immediate release
30 August 2016
Galileo Resources Plc
("Galileo" or "the Company")
Glenover Phosphate option cancelled by mutual consent
Galileo (AIM: GLR), the exploration and development mining
company, announces that the option granted to Fer-Min-Ore to
acquire or otherwise commercially collaborate with other third
parties (as renewed on 26 February 2016) has lapsed by mutual
consent. The option expired on 28 August 2016 and the parties have
agreed to jointly advance the project.
Highlights
-- Galileo and Fer-Min-Ore mutually agreed to terminate the
option agreement which expired on 28 August 2016
-- Galileo and Fer-Min-Ore agree to jointly work and cooperate
on alternatives currently being evaluated by Glenover Phosphate
(Pty) Ltd
-- During the option period test work was carried out which
negated any processing problems which might have occurred in
producing phosphate products
-- Minimal, relatively low cost further pilot test work may be
required to confirm laboratory findings
Colin Bird Chairman and CEO said:" Opportunities in the
phosphate industry have resulted in Fer-Min-Ore and Galileo
reconsidering their relative positions concerning prospects for the
Glenover project. The conclusion was that at least two specific
strategic opportunities exist and there is considerable scope for
value enhancement. Galileo and Fer-Min-Ore are currently preparing
a strategy for the mid-term."
Further details are available from the Company's website which
details the Company's project portfolio as well as a copy of this
announcement: www.galileoresources.com
ENDS
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact:
Galileo Resources PLC Tel +44 (0) 20 7581 4477
Colin Bird, Chairman
Andrew Sarosi, Executive Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited Tel +44 (0) 20 7628 3396
- Nomad
Roland Cornish/James Biddle
Beaumont Cornish ted -
Nomad
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382 8416
Jon Belliss
This information is provided by RNS
The company news service from the London Stock Exchange
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