Galileo Resources releases "milestone" PEA for Glenover rare earth project Colin Bird, Chairman & CEO of Galileo Resources (LON:GLR), tells Proactiveinvestors that the preliminary economic assessment (PEA) is good news and shows that the Glenover project "works". Colin now has his sights set on a drill programme for Glenover in the next couple of months and then to pre-feasibility and final study stage for the asset http://www.proactiveinvestors.co.uk/companies/stocktube/1796/galileo-resources-releases-milestone-pea-for-glenover-rare-earth-project--1796.html
7 Mar '13
Arrived hmm not bad but not transformational need REEs to become more expensive:)
2 Mar '13
Looking good ...no PEA yet...could it be there is no economic case yet to mine the REEs?
11 Feb '13
Your here too! As well as JKX...following me:)
9 Feb '13
Galileo Resources (LON:GLR) has found "significant" high-grade rare earth mineralisation at a second target on the Nkombwa Hill project in Zambia. It follows rock chip sampling and the highest find was recorded at 22.32% TREO (total rare earth oxide). Notably, the firm said the mineralisation was in rock with very low contents of acid-consuming minerals, which suggests the rare earths could be readily leachable at low acid cost. The firm says it can now progress to establishing a resource at the project. It carried out 353 rock chip samples at what is called the "central" target. Of these, 111, or 36%, assayed more than 2% TREO with an average assay of 4.17% TREO. The complete suite of samples averaged 1.7%TREO, Galileo told investors. Several areas of continuous rare earth mineralisation were identified, the largest being over 350 metres (m) long and 40-80m in width. Executive chairman Colin Bird said: "The results of this sampling programme extend the area of high-grade rare earth mineralisation we have identified in the Nkombwa Hill Project. "We can now progress towards establishing a resource, and in order to achieve this, have already started work on establishing a suitable access road to the top of Nkombwa Hill. Drilling will commence as soon as the heavy summer rains end in late March 2013."
9 Feb '13
“It doesn’t work on its own,” the Galileo boss says. “But as a peripheral to what we have at Glenover and Zambia it might be a nice little project. I may look at differently when I get involved here.” Financially, the group is well placed to meet its immediate needs with around £2.5 million in the bank and a further £2 million-worth of shares in the mining investment group Praetorian it can sell at any juncture. Mining and development plans are so well advanced Galileo has a lead on its rivals. For Bird it is a case of maintaining and making the most of this advantage, which he reckons is a “marketing issue”. By this he means finding the right partners process his rare earths and end users to buy the product. “Whatever you do in life you don’t play at it,” Bird says. “We at Galileo are going to be very aggressive in our approach to other companies.” It will be interesting to see how this interlocking of the various component parts of a vertically integrated business will occur. “We are very well placed, but that place doesn’t last forever,” says Bird. “So I’m going to plan and announce our position in rare earths space. There will be more losers than winners. “We have a very good project and supporting project behind and a smaller one after that. We’ve got our cards and now we are playing them. “You should look out for and see some corporate manoeuvering that should be good for shareholders.”
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