Business
Trading Update
Trading Update.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6603A\n Galileo Resources PLC\n 30 September 2020\n \n \n \n \n For immediate release \n \n \n \n \n \n 30 September 2020\n \n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n Dissemination of a regulatory announcement that contains \n \n \n inside information according to Regulation (EU) number 596/2014 (MAR)\n \n \n \n \n Trading Update\n \n \n \n \n Galileo Resources plc (\"Galileo \"or the \"Company\") further to its announcement of 4 September 2020 regarding the publication of its audited accounts for the year ended 31 March 2020 by 31 December 2020 the Company announces the following trading update in relation to the Company's operations, cash position and the publication of results.\n \n \n \n \n \n \n \n \n Trading Update:\n \n \n \n \n \n The summary is except where indicated for the period from 1 April 2020 to date and arranged in the following order, projects by country, corporate, fundraising and performance metrics.\n \n \n \n \n \n \n \n \n \n Zambia: \n \n \n Star Zinc Project (\"Star Zinc\") & Kashitu Prospect (\"Kashitu\")\n \n \n \n On 14 April 2020, the Company agreed with BMR Group plc (BMR) an optimal arrangement for executing the conditions in the Binding Heads of Terms (announced 13 September 2018) with BMR's Mauritian subsidiary, Enviro Mining Limited (EML), in connection with title to the licences for the Company's Star Zinc and Kashitu zinc projects in Zambia.\n \n \n On 24 June 2019 the Company announced that it had acquired the Kabwe Residual Rights, which includes the Kashitu Zinc willemite prospect and the Sale Shares, being the 15% of the shares in Enviro Zambia Limited that it did not previously own increasing the Company's beneficial interest in the Star Zinc project to 95% (previously 80.75%).\n \n \n On 26 June 2019 the Company announced the completion of an independently reported initial inferred resource estimate (\"MRE\") in accordance with JORC 2012, for the Company's Zambian Star Zinc project near Lusaka. The MRE reported inferred zinc resources with a reasonable prospects of future economic extraction of approximately 500,000 tonnes at 16% zinc for 77,000 tonnes of contained metal above a cut-off grade of 2% zinc. This includes approximately 340,000 tonn...