Business
Galileo signs a Heads of Agreement with REI
Galileo signs a Heads of Agreement with REI.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nFor immediate release 25 July 2012\n\n Galileo Resources Plc \n\n (\"Galileo\" or the \"Company\") \n\nGalileo Signs a Heads of Agreement with Rare Earth International to Earn-in to \n Rare Earth Opportunities in Zambia and Mozambique. \n\nThe Board of Galileo Resources Plc (\"Galileo\"), the AIM-quoted emerging African\nRare Earth exploration company, is pleased to announce that it has signed a\nHeads of Agreement (HoA) with Rare Earth International (REI) to earn-in to\ninterests in three rare earth projects (the Earn-In) in Zambia, Mozambique and\nSpain (the Projects). REI holds certain rights to explore and to acquire\ninterests in these Projects which are outlined in separate agreements with\nvarious holders of the projects' prospecting licence or mining concessions.\n\nThe AIM-quoted African Consolidated Resources plc (\"ACR\") is the 100% holder\nthrough its Zambian subsidiary of the prospecting licence to the rare earth\nproject in Zambia.\n\nUnder the terms of this HoA, the Company has been granted 30 days to conduct\ntitle due diligence on the Projects; this being the only condition on which\nthis HoA may be terminated. Should the Company receive sufficient results to\nthis due diligence the HoA will be unconditional and the Farm-In will come into\nforce.\n\nHighlights:\n\n * Galileo enters into an agreement with REI to earn-in to three rare earth \n projects located in Zambia, Mozambique and Spain.\n \n * Two boreholes historically drilled on Zambia's \"Nkombwa\" project (Nkombwa) \n intersected 4 to 6 metres thick intervals, with elevated REEs, which on\n re-assaying by REI (2010) revealed 5% and 8% total rare earth oxides\n (TREO).\n \n * Drill targets identified on Nkombwa following extensive surface sampling\n during 2011: the highest priority being a 25 to 50 metre wide zonewhere\n samples consistently reported more than 3% TREO,including a high proportion\n assaying 5% to 10% TREO over a sampling strike length of 350 metres.\n \n * Further samples scattered along a broad zone south east of the main rare\n earth mineralisiation assayed greater than 5% TREOincluding one outcrop\n sample assaying 23.6% TREO.\n \n * \"Xiluvo\" project in Mozambique has a gross amount of 1.1 million tonnesJORC\n compliant indicated resource (mainly soils) assaying 2.05% TREO(@ cut off\n 1% TREO) and 4.4% phosphate (P2O5).\n \n * ...