17th Nov 2015 11:19
LONDON (Alliance News) - Galileo Resources PLC on Tuesday said it has signed a memorandum of understanding with Shirley Hayes ipk (Pty) Ltd to earn-in and acquire up to an 80% interest in the Concordia Copper Project in the northern Cape Province of South Africa.
The mining company said it will earn-in 51% of the project for ZAR10.0 million, while a further 29% interest can be acquired through the issue of 30 million shares at the price at the time of issuance in Galileo following completion of the earn-in.
The Concordia Project covers a large copper mineralised area in an historically prolific copper mining district which has not yet been completely studied for its open pit potential, Galileo said.
The company added that five potential mineralised pit zones have been identified within a 10 kilometre squared radius on the Concordia Project area covering 36,372 hectares.
"This opportunity ticks every box of our search criteria and the acquisition could only have been achieved in the current environment. We believe Concordia has extremely good prospects for potentially delineating a world class "superpit" copper resource and mine. The world demand for copper is forecasted to rise with shortfalls projected from 2025 and onwards. This is a large project in a mature mining jurisdiction," Chief Executive Colin Bird said in a statement.
Shares in Galileo were trading flat at 1.50 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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