Colin Bird, Executive Chairman, Galileo Resources (GLR.L) Interview

Sale of Star Zinc project & Strategy Update

Galileo Resources plc ("Galileo" or the "Company") announces that on 3 March 2021 it entered into a conditional agreement with Siege Mining Limited ("Siege") in relation to the ceding of ownership and operation of the Star Zinc Project (the "Star Zinc Project") for US$750,000 (being US$200,000 in relation to the large-scale exploration licence 19653-HQ-LEL (the "Star Zinc Project Licence") (the "Licence Consideration") and US$550,000 for Galileo ceding its participation in the Star Zinc Project and all exploration information which it has in relation to the Star Zinc Project (the "Project Assets") (the "Project Consideration"). Galileo will also be paid a royalty (proportion share) based on future sales of zinc from the Star Zinc Project for Galileo allowing Siege to use Galileo's information, know-how and commercial experience in relation to the Star Zinc Project (the "Agreement") .`
Colin Bird Chairman & CEO said:

" The Star Zinc project is a small but high-grade deposit situated in the expanding outskirts of Lusaka in Zambia in relative close proximity to housing, schooling and social amenities. The project lends itself to highly selective mining in a small area and as such is suitable for a small-scale community project involving artisanal mining operations and sorting of ore off-site. Galileo has interreacted with stakeholders to develop a solution for the mining and operation of the project which will benefit all stakeholders with Siege a local Zambian mining company taking on the operation of the project whilst having access to Galileo's information, know-how and commercial experience "

https://www.share-talk.com/colin-bird-executive-chairman-galileo-resources-glr-l-interview/