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Up 42% since October last year.

Ivanhoe has signed a MoU with the Zambian Mining Ministry to co-develop prospective projects throughout the country and are to be awarded a substantial licence package.

Ivanhoe's strategy is to replicate the same model of success that led to the discovery and development of the world class Kamoa - Kakula Cu complex in the DRC where they have discovered 50mt Cu over the last 20 years.

28001, right time, right place?

US$2586

Forecast $3000+ next year.

With the flexibility now built into the open-pit for grade, cut-off, volume, trucking distance and processing, etc, Luansobe has gone some way to de-risk a larger project. Revenues from the pit could easily fund further exploration, a feasibility study and contribute to construction for the u/ground/deeps. This is not a small scale proposition anymore but a larger project made more attractive to a wider range of potential partners/purchasers.

A good update, Luansobe has moved on considerably since the historic podcast quote 'mining by September'.

More scope for the open-pit. Deeper, shallower, variable cut-offs offering more choice on volumes excavated trucked for processing at a location to be determined.

Thinking appears to have shifted from a small-scale open-pit producing 5/6kt Cu a year for 10 years with upside (u/g + deeps) to focussing on the latter and a larger scale operation altogether.

Beyond the capability of Galileo alone, a top/mid tier miner brought in to develope the project. Cash flows generated from the open-pit payable to Galileo/Statunga? could be used to maintain the equity component arranged with the JV/partner through to revenues for the larger project. The larger the cash flow the larger the equity percentage is only one scenario out of many.

This project is getting bigger and better.

From the last diagram in the RNS, a long section of trench No 1, highlights the 50m section of 1.11g/t Au. Within this section is 20m @ 2.23g/t Au, twice the grade. This section falls roughly around the centre of the 50m and corresponds to the 'intrusive alteration' as shown.

Could this be a taster of what's below?

The tip of an iceberg maybe?

Try the S.Roast interview Sp 26 dated 24th June. The position with Luansobe is spelt out and is crystal clear.

With gold holding above US$2400 having made $2484 last week, opportunity is not in short supply.

10p short to medium term, 25p long term?

Cont...

(< 70m) to delineate a preliminary resource. Leave the deeper (upside) exploration for another day.

Gold price back on the rise again with major banks (B of A) forecasting upwards of $3000/oz in 12-18 months. Might be worth spending a few quid on Bulawayo. A similar (scout) drill programme to Kamativi last year which, at first attempt, discovered Lithium in all ten holes with best result of 4m @ 1.03% Li2o from 35m (KSDD001) could draw some attention to the prospect. We were led to believe Galileo were in discussions with third parties interested in Kamativi until the Lithium price crashed some 80% subsequent to these results.

Luansobe, a gem, producing 5-6000t/yr Cu for 10 years as a starter open-pit. Minimal upfront costs, site strip, back-actor excavator loading 50 - 100t dump trucks run over private land (Galileo - IRH/Mopani) direct to the plant. Later move underground with known mineralisation to 1250m, then the 'Deeps' or a combination thereof. ESE along strike Mufulira at 2km+ below surface producing over 1% Cu. 20km WNW along trend circa 2000m deep, Kobold is discovering 5% Cu. It does appear however, until sentiment improves in this sector Galileo are having to play the 'long game' with Luansobe.

Shinganda a copper/gold prospect, Phase III drilling to commence end of Q3. Best result so far 50m @ 1.5% Cu from around 15m below surface (Phase1). Shallow drilling this time(

US$265m for the 84% of shares Salim don't already own for 1.9 mt Cu + 1.5 moz Au and the next shovel ready Copper - Gold project in S. Australia is an absolute steal imo. Another example of just how depressed valuations are in this sector.

Oriole Resources are exactly the sort of company Eric Sprott in particular invests in. Early stage exploration for orogenic gold style mineralisation in new and under explored territory. An Investor of this stature on the share register would be transformational for Oriole.

Sprott? Rick Rule?

The next 'Gold Rush' and Cameroon is taking shape!

Had to resort to his toe nails as he has no fingernails left. Lol.

Have to disagree with what's written here and I am pleased Mr Bird hasn't sold out at the first available opportunity. Early stage bull market with little or no momentum/interaction as yet with the junior's.

Take as long as you like Mr Bird if that's what fair value takes.

"Everthing comes to he who waits."

So what's the hurry?

Costs remain the same, every additional $ on the price goes straight to the bottom line and profit.

Luansobe contained copper.

56kt Open pit - $2.24Bn

97kt U/ground - $3.88Bn

Total (LOM revenues) - $6.12Bn.

Plus the 'Deeps'

Pierre Andurand a former Goldman Sachs trader who now manages approximately US$2 Bn at Andurand Capital reckons copper will peak at around US$40,000 in 5 years, the time it will take for supply to catch up!

Another way to look at it is, the longer it takes the better the price. Anybody can give the assets away!

At Kamativi, the Lithium price crashed 80% last year due to a number of reasons with no return to former levels predicted anytime soon. Any deal would have been adjusted accordingly and it therefore makes good sense not to deal at that time. The upside for Galileo is during the depressed (Lithium price) times, unviable Lithium assets could go off-line or are cancelled altogether making Kamativi with minimal capex/opex as the Chinese have invested a considerable amount in building processing facilties next door an even more attractive acquisition.

At Luansobe, IRH and the Mufulira complex, the scenario is similar. An improving copper market will lead to an increasing price for Galileo's products.

Anyone for Poker?