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Galileo Resources sells Star zinc project in Zambia for $750K
StockMarketWire.com
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Galileo Resources said it had entered a conditional agreement with Siege Mining to sell its stake in the Star zinc project for US$750,000.
Galileo would also be paid a royalty based on future sales of zinc from the Star Zinc Project for allowing Siege to use its information, know-how and commercial experience in relation to the project.
The company intends to use the proceeds and any future royalty payments arising from the agreement for general group working capital purposes and for additional work on its current and future projects.
The company reached the conclusion that a local company in Zambia would be better served to bring the project online, while allowing the company to participate in future success of the project.
Following the sale, the company will focus its effort on its Kalahari exploration activities in Botswana where it has 15 licences in the Kalahari copper belt.
At 9:26am: (LON:GLR) Galileo Resources share price was 0p at 0.95p
Story provided by StockMarketWire.com
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