Update regarding Orogen Gold JV on Silverton

 RNS Number : 0439F

Galileo Resources PLC

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accordance with the terms of the Silverton Earn-In Agreement (the “Agreement”), dated 27 June 2016, Orogen has formally withdrawn from the Agreement without recourse.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

 


This information is provided by RNS

The company news service from the London Stock Exchange

 

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