14th Apr 2020 14:10
(Alliance News) - Galileo Resources PLC on Tuesday said it has agreed an arrangement with BMR Group PLC to secure the licences to its Star Zinc and Kashitu zinc projects in Zambia.
The exploration company said the arrangement will see it assuming the the rights to Enviro Mining Ltd and its wholly-owned Zambian subsidiaries, excluding the Kabwe small scale mining licence 7083-HQ-SML and the rights to property and plant held by Jubilee Group Metals in relation to the Kabwe project.
Enviro Mining is BMR Group's Mauritian subsidiary.
Galileo Resources said it will pay nothing to fulfil the arrangement due to it already having earned-in the rights to the Star Zinc and Kashitu projects.
"This arrangement completes, subject to Ministry approval, all matters necessary for Galileo actively to pursue mining development of the Star Zinc project and accelerate exploration of Kashitu. The two projects combined has the potential for a significant Zinc development in Zambia," said Galileo Chief Executive Colin Bird.
The stock was trading 43% higher at 0.48 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
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