Galileo Resources PLC Update regarding Orogen Gold JV on Silverton (0439F)
May 12 2017 - 10:17AM
UK Regulatory
TIDMGLR
RNS Number : 0439F
Galileo Resources PLC
12 May 2017
12 May 2017
Galileo Resources PLC
("Galileo Resources, "Galileo" or "the Company")
Update regarding Orogen Gold JV on Silverton
Galileo (AIM:GLR), the exploration and development mining
company with copper projects in South Africa, gold projects in
Nevada USA and a rare-earth project in South Africa, has now
received notification (see previous announcement 24 March 2017)
from Orogen Gold plc ("Orogen"), its JV partner in the Silverton
gold property ("Property") in Nevada, that following a change in
Orogen's strategy, it has ceased its mineral exploration
activities. Consequently, in accordance with the terms of the
Silverton Earn-In Agreement (the "Agreement"), dated 27 June 2016,
Orogen has formally withdrawn from the Agreement without recourse.
All interests in the Property and the data acquired by Orogen
revert to Galileo.
Claim fees for the Property have been paid to August 2017.
The Company is reviewing its options for the Property and will
keep shareholders updated of any developments.
A copy of this announcement is also available on the
website.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact:
Andrew Sarosi, Executive Tel +44 (0) 1752 221937
Director /020 7584 2155
Beaumont Cornish Limited Tel +44 (0) 20 7628 3396
- 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
END
MSCUUASRBNAVAAR
(END) Dow Jones Newswires
May 12, 2017 10:17 ET (14:17 GMT)
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Aug 2023 to Aug 2024