Business
Glenover Strategic Update
Glenover Strategic Update.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8519F Galileo Resources PLC 30 May 2013 \n \n\n\n30 May 2013\nGalileo Resources Plc (AIM: GLR)\n \nGalileo Resources Plc \n(\"Galileo\" or the \"Company\")\n \n Glenover Strategic Update \n \nGalileo, the emerging African Rare Earth exploration and development company, announces that following the strategic review of the very positive Preliminary Economic Assessment (\"PEA\") of its South African Glenover Rare Earth Project (\"Glenover Project or the Project\") (announced 7 March 2013) it will focus on the development of the rare earth element (REE)-bearing phosphate-rich breccia (\"REE-P breccia\") resource and going forward to commit future funding and management to where most value can be derived. \n \nThe focus on development will include: \n \n· on-going testwork in Germany and China to optimise the REE recovery processes (including physical separation and sulphuric/nitric acid hydrometallurgical based flowsheets);\n \n· recovery of phosphate and co-products to saleable value-add fertiliser products for local and global markets; and\n \n· assessing the potential for recovery of high-value scandium and niobium by-products. \n \nThe directors, in their review, believe the large Glenover Project would be more than able to satisfy domestic markets with REE, phosphate and fertiliser products. Galileo is unusual, in being a rare-earth junior with potentially valuable co-product phosphate and scandium. The Project has strong site and regional infrastructure and holds an attractive basket of rare earth elements including the critical high-value medium-REEs comprising Nd, Pr and Eu, which represent more than 28% of the total REEs in the deposit.\n \nThis strategy is expected to generate a project with a high degree of optionality in terms of products produced, project processing and location, in light of the logistics for the Project for consumables and product shipping. \n \nThe table below shows the PEA resource estimate for the REE-P breccia resource, on which the Company intends strategically to continue to focus for development. \n \n\n\n\n\n\n\n\nSAMREC Code Resource category\n\n\nTonnes\nMillion\n\n\nAttributable b to Galile...