Last checked at 12 May 2017 15:17
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accordance with the terms of the Silverton Earn-In Agreement (the "Agreement"), dated 27 June 2016, Orogen has formally withdrawn from the Agreement without recourse.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 Director | Tel +44 (0) 1752 221937 /020 7584 2155 |
Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle | Tel +44 (0) 20 7628 3396 |
Beaufort Securities Limited - Broker Jon Belliss | Tel +44 (0) 20 7382 8416 |