Business
Sale of Gabbs Gold-Copper Property for US$2.5 m
Sale of Gabbs Gold-Copper Property for US$2.5 m.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5773I Galileo Resources PLC 31 August 2016 \n\n \n \n \nHEADLINE ALTERATION\n \nThe headline for the Galileo Resources Plc announcement released on 30 August 2016 at 07.00 under RNS No 3573I should read \"Sale of Gabbs Gold-Copper Property for US$2.5 m\"\n \nThe announcement text is unchanged and is reproduced in full below.\n \n \nFor immediate release\n \n30 August 2016\nGalileo Resources Plc\n(\"Galileo\" or \"the Company\")\n \nSale of Gabbs Gold-Copper Property in Nevada USA and new Ferber claims acquired\n \n \n \nHighlights \n· Sold Gabbs property in Nevada for USD 2.5 million (GBP1.9 million) in cash.\n· 210 claims added to the Company's highly prospective Nevada Ferber property \n· Funds will allow aggressive exploration of the South African Concordia Copper project\n· Gabbs sale removes requirement for capital raising and consequent share dilution in mid-term.\n \nColin Bird Chairman and CEO said: \"The Gabbs sale allows us to focus on the Concordia copper project in South Africa, where the management has gained most of its success and experience. The cash received will cover our short-to-medium-term working capital. The Board agreed to the sale based on its strategy to focus on copper and particularly in Southern Africa.\" \n \nGalileo (AIM: GLR), the exploration and development mining company, and its wholly owned subsidiary St. Vincent Minerals US Inc (SVMUS) are pleased to announce the execution of, and closing under, an Asset Purchase Agreement (the \"Agreement\") with a subsidiary of Waterton Precious Metals Fund II Cayman, LP (Waterton). Under the terms of the Agreement, Waterton has purchased the Company's advanced Gabbs gold-copper property in Nevada for a consideration of US$2.5 million cash. The reason behind the sale, amongst other things, is the Company's strategic decision to reduce exposure to gold exploration and focus instead on exploration and funding on its Concordia copper project in Namaqualand, Northern Cape Province in South Africa. The Company retains its greenfield Ferber copper-gold and Crow Springs gold properties in Nevada, for which the Company continues to seek JV/farm-out partners or sale a...