Final Results and Notice of AGM

About this update from Galileo Resources Plc

RNS Number : 2228J Galileo Resources PLC 07 September 2016     Galileo Resources Plc ("Galileo" or the "Company" or the "Group")   7 September 2016   Audited Results for the year ended 31 March 2016 Notice of AGM   Galileo (AIM: GLR), the exploration and development mining company, announces its audited results for the year ended 31 March 2016.   Highlights for the period under review   ·     On 17 November 2015 the Company acquired an interest in the Concordia Copper concession, which is situated in the Okiep district of the Northern Cape Province of South Africa. The Okiep district was at one time one of the largest copper producing provinces in the world   ·     The Group reported a loss of £419,627 compared to a loss of £ 10,726,785 for the comparative period last year. The loss represents 0.3p per share against the loss in 2015 of 9.4p per share   Highlights post balance sheet   ·     Gabbs gold-copper property in Nevada USA sold for US$2.5 million cash to a  subsidiary of Waterton Precious Metals Fund II Cayman LP   ·     All  Nevada  property claim payments have been paid and the properties are in good title standing until the end of August 2017   ·     On 21 April 2016 executed  a farm-out agreement with Orogen Gold Plc to explore on our Silverton gold project 80 km north east of Tonopah, Nevada. The agreement allows Orogen Gold Plc to carry out an exploration programme to earn a 51% interest over 18 months with Galileo having the right to match future expenditures over a further 30 months or dilute to a 25% interest   ·     Option to dispose of our 34%  interest Glenover Phosphate (Pty) Ltd to  Fer-Min-Ore for US$4 million lapsed by mutual agreement  on 28 August 2016. Parties agreed to pursue several possibilities for value enhancement or sale     A copy of this announcement is available on the Company's website www.galileoresources.com The annual report, which includes the notice of AGM and Form of Proxy, is being posted to shareholders today. You can also follow Galileo on Twitter: @GalileoResource.     For further information, please contact: Colin Bird, Chairman   Tel +44 (0) 20 7581 4477 Andrew Saros...

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