Last checked at 21 Oct 2011 12:08
For immediate release 21 October 2011 Galileo Resources Plc ("Galileo" or the "Company") Update on Progress at the Glenover project
The Board of Galileo Resources Plc ("Galileo") is pleased to announce progress at the Glenover Rare Earths Joint Venture project in South Africa.
Key points:
* Six diamond drilling core boreholes completed with one currently in
progress totalling
more than 1,000 metres, adjacent to the former phosphate open pit.
* Airborne geophysics programme completed comprising aeromagnetic and radiometric surveys over a 100 square kilometre area. * Mineralogical test work progressed and report awaited. * US$ 1.7 million purchase of historical data and intellectual property paid to Fer-min-Ore Pty Limited.
The Company will be announcing the results of the aforementioned work programme as they become available over the coming months.
Colin Bird, Executive Chairman, said: "We are wasting no time in assessing the potential of this project and will continue with our partners aggressively to acquire significant raw data in order to direct the project in the most appropriate direction to add shareholder value in the shortest possible time."
For further information, please contact: Tel +44 (0) 207 581 4477
Colin Bird Chairman & CEO Richard Wollenberg Tel +44 (0) 1784 437 444 Non-Executive Director Beaumont Cornish Limited Tel +44 (0) 20 7628 3396 Nominated Advisor and Broker Roland Cornish James Biddle Note:
Galileo Resources currently has an 11.5% interest in the Glenover Project and has the option, via additional stage payments as set out in the Company's Admission Document, to earn up to a maximum interest of 73.73%.
Technical Sign-Off
Andrew Sarosi, Technical Director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of The Institute of Materials, Minerals and Mining, is a 'qualified person' as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew Sarosi's supervision and he has approved the release of this announcement.
Technical Glossary
Diamond dilling (core) boreholes: the method of obtaining rock core by drilling boreholes with a diamond impregnated bit
Airborne geophysics:. the practical application, from an aircraft, of physical methods (such as seismic, gravitational, magnetic, electrical/electromagnetic and radiometric) to measure the physical properties of rocks, and in particular, to detect the measurable physical differences between rocks that contain ore deposits
Aeromagnetic: airborne geophyics using magnetic methods
Radiometric:- the measurement of the radioactivity of rocks
Mineralogical testwork : the study, usually under microscope, of the nature and characteristics of the minerals that are present in rocks