19:51 Tue 01 May 2018
Galileo Resources - Glenover Phosphate - update
("Galileo" or "the Company")
Glenover Phosphate-Update
Galileo (AIM: GLR) is pleased to announce that further to the Heads of Agreement ("Heads") announced
The Company also announces, that Glenover's Environmental Impact Assessment/Management Programme ("EIA/EMP") in relation to its application for a mining right, which application was accepted (announced
Highlights
· All criteria to facilitate the Project towards the objective of commencing production continue to be met
· Negotiations continue positively with MPP on a DSA for long term (minimum 15 years) supply of Phosphate Rock
· Testwork, a Condition Precedent by MPP, to confirm suitability of the Phosphate Rock for its phosphate/fertilsier process has progressed with positive results to date acceptable to MPP.
· A final Condition Precedent to test a bulk 30-tonne sample of phosphate rock in MPP's process is scheduled over the next two months
· The EIA/EMP for the Project in terms of the Mining Right Application remains on schedule: draft EIA/EMP has been submitted to interested and affected parties for comment (closing date
· Rare-earths (and niobium) in the tailings of any future processing of Phosphate Rock by MPP, would be available to Glenover for recovery and further beneficiation
· On successful grant of a
Editor's Note
The Heads included the following material terms:
- MPP requires further pilot scale work to determine the suitability of the Phosphate Rock in its process as one of the main conditions precedent, and further capital expenditure by the MPP for the second phase pilot scale test work will be subject to the Parties agreeing on the main commercial terms in the Heads (These have been agreed);
- The Flotation Plant will be built at the mine site and funded and owned by Glenover;
- The MPP will purchase Glenover Phosphate Rock (33% P2O5 content) at international market prices;
- The Heads is subject, among others, to the second phase of Investigation comprising technical and pilot plant work, including the production of 30 tonnes Phosphate Rock for piloting by MPP (this remains outstanding) , being successful and to the incorporation of the terms of the Heads into a Definitive Supply agreement ("Condition Precedent"); and
- The termination date of the Heads is
The above Conditon Precedent is expected to be carried out by MPP over the next two months. Therefore the time-lines above for concluding the Heads/Definitive Supply Agreement has been agreed to extend to
The Project is located approximately 90 km northwest of the town of Thabazimbi in the Waterberg region of
Glenover Phosphate Resource (SAMREC compliant) 1
Resource |
Resource |
Tonnage |
P2O5 |
|
Class |
Mt |
(%) |
Apatite-Haematite Breccia |
Measured |
|
|
Indicated |
7.407 |
17.57 |
|
Total Measured & Indicated |
7.407 |
17.57 |
|
Inferred |
0.274 |
15.83 |
|
|
|
|
|
Surface Stockpiles |
Inferred |
2.685 |
22.21 |
Total |
Measured indicated & inferred |
10.37 |
18.73 |
1 Data contained in the Preliminary Economic Assessment (PEA) referred to in RNS announcement of
Further details as set out in past announcements are available from the Company's website, www.galileoresources.com, which details the Company's project portfolio as well as a copy of this announcement:
You can also follow Galileo on Twitter: @GalileoResource
Technical Sign-Off
ENDS
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
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Tel +44 (0) 20 7581 4477 |
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Tel +44 (0) 1752 221937 |
Beaumont Cornish Limited - Nomad and Joint Broker
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Tel +44 (0) 20 7628 3396 |
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Tel +44 (0) 20 7399 9400 |
Technical Glossary:
Inferred Mineral Resource: that part of a Mineral Resource for which volume or tonnage, grade and mineral content can be estimated with only a low level of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited in scope or of uncertain quality and
reliability.
Indicated Mineral Resource: that part of a Mineral Resource, for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological or grade continuity but are spaced closely enough for continuity to be assumed.
Measured Mineral Resource: that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.
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