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galileo resources plc (2GA) Details

Galileo Resources Plc, through its subsidiaries, exploits, explores, and develops natural resources in South Africa. It primarily develops rare earth elements, aggregates, and iron ore and manganese projects. The company’s flagship property includes the Gabbs gold-copper property located in the Fairplay Mining District in Nye county, Nevada consisting of 355 unpatented lode claims and 1 patented lode claim which constitute a 6,900 acre contiguous claim block. Galileo Resources Plc is based in London, the United Kingdom.

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galileo resources plc (2GA) Key Developments

Galileo Resources Plc Announces Consolidated Earnings Results for the Year Ended March 31, 2014

Galileo Resources Plc announced consolidated earnings results for the year ended March 31, 2014. For the year, the company reported operating loss of £2,991,626, loss for the year of £4,164,494 or 4.7 pence per basic and diluted share, net cash used in operating activities of £803,401, purchase of financial assets of £84,554 compared to the operating loss of £1,071,164, loss for the year of £1,839,828 or 2.2 pence per basic and diluted share, net cash used in operating activities of £1,114,785, purchase of financial assets of £4,627,147 for the previous year.

Galileo Resources Plc, Annual General Meeting, Sep 30, 2014

Galileo Resources Plc, Annual General Meeting, Sep 30, 2014., at 11:00 GMT Standard Time. Location: the Pelham Hotel, 15 Cromwell Place.

Glenover Phosphate/Rare Earth Project Moves Closer to Development

Galileo announced the results of the intense 2013 test programme, which the company believes has added significant value to both its investment in Glenover Phosphate (Pty) Ltd. and the Glenover Phosphate Rare Earth project. Glenover advanced critical metallurgical test work to pre-feasibility study (PFS) status. Reports from the recently completed major process study in China suggest that a nitric acid process could produce more highly saleable products, than those from the sulphuric acid process, which include mixed rare earth oxides, nitro-phosphate and calcium nitrate fertilisers. Internal project finance studies suggest that Glenover could be viable from these fertiliser products alone thus making the cost of rare earth oxide production potentially much lower than previously anticipated. The reports indicate that niobium can also be recovered, which provides Glenover with the potential to an additional increased high value by-product. Process optimisation work in Germany is moving towards improving project fundamentals by increasing recoveries and streamlining the flow sheet. Marketing and logistic work is advancing towards achieving a world class phosphate rare earth project located on the Natal coast of South Africa.


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