Galileo Resources – Glenover Project Update

Galileo (AIM: GLR) is pleased to announce that its 36%-owned subsidiary, Glenover Phosphate (“Glenover”), has accepted a Heads of Agreement (the “Heads”) from a major phosphate/fertiliser producer (“MPP”) for the acquisition and supply to MPP of raw phosphate rock (“Phosphate Rock”) in the form of flotation concentrate from Glenover’s phosphate-rare earth project (“the Project”) in the Limpopo Province of the Republic of South Africa.

Colin Bird CEO commented:

“Galileo and JV partner Ferminore have been in discussions with various interested groups concerning the development of the Project. One group has already carried out extensive bench scale testwork and on this basis has entered into a preliminary offtake agreement, with pilot scale scale testing remaining the main hurdle to a binding agreement.

Importantly too, is the fact that the rare earths (and niobium) in the ore, an asset of value, would still be available for future beneficiation. The board is pleased that the potential exists by way of this Heads to realise a significant return on the Company’s initial investment in the Project.”

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