RE: Why the rise13 Apr 2022 12:40
1.25 is the resistance which needs to be broken before we see the share price rising. Lots of news also due soon .
Galileo Resources PLC - miner with projects in Botswana, Zambia and South Africa - Received ZAR50.7 million, around GBP2.4 million, from the Glenover asset sale, through the disposal of its indirect holdings via Galagen Pty Ltd to Johannesburg-listed Afrimat Ltd.
In addition, has gained GBP86,000 royalties from the first three shipments from the Star Zinc project sale agreement, and expects a further GBP335,000 from shipments that are subject to final weights and assays.
"This marks the start of earnings from the Star Zinc operation, which are progressing and will continue exporting more material. Our Ka****u operation will shortly be drilled with a view to a similar operation as Star Zinc but under Galileo's control for Galileo benefit other than 3rd party costs related to the Ka****u operation,"
Also received from Glenover Pty Ltd have been met, and that Glenover has elected that the mining right consideration be paid in cash, of which GBP523,000 is due to the company.
"I am pleased that the company has received confirmation that all conditions to acquire the Vermiculate Mining Right have been met and GBP523,000 is now due to the company. This is a further favourable step in the progressive sale of the Glenover Asset. The funds will be employed in releasing value from our lithium project in Zimbabwe and copper-gold projects in Southern Africa," says Chair and CEO Colin Bird.