EDITOR: | December 10th, 2012

Galileo Resources: Glenover Rare Earth Project PEA Update

| December 10, 2012 | No Comments

December 10, 2012 (Source: Galileo Resources) — The Board of Galileo Resources Plc (AIM: GLR), the emerging African Rare Earth exploration and development company, reports positive and significant progress on the Preliminary Economic Assessment (PEA) of its Glenover Rare Earth Project in South Africa, a joint venture with Glenover Phosphate (Pty) Ltd (“Glenover”).

As part of the PEA, Galileo through Glenover, and lead contactor GBM Minerals Engineering Consultants Limited (“GBM”), commissioned independent and recognised resource industry consultants to undertake a review of Glenover’s  resource estimate (announced 17 April 2012), to generate PEA confidence level mine design including pit optimization and financial modelling, as well as an environmental study; the initial results of these reports are now available.

PEA Progress – Significant Highlights:

  • The Glenover Resource Statement (announced April 2012) has been independently reviewed (‘the Review”) including data on the Rare Earth Oxide (REO) distribution applicable to the Resource Estimate (see Rare Earth Oxide Ratios table herein)*
  • The relative density (RD) of surface stockpiles and their volumes were retested and redefined respectively, the net effect of which increased by 8 % the reported Inferred stockpile resource to a gross amount of 2.940 million tonnes
  • from 2.723 million tonnes reported in the Glenover Carbonatite Geological and Resource Report – August 2012
  • The mining geotechnical report was completed indicating strong wall rock competency characteristics
  • The open pit planning determined a low stripping ratio of 1.5 to 1 (tonnes to tonnes)
  • An enviromental study was completed which showed no fatal flaws in this area
  • Extensive metallurgical testwork is being carried out and the results to date suggest that a high grade marketable REO product can be produced 
  • Engineering, costing and marketing studies are progressing to schedule
  • Completion of the PEA is anticipated in early Q1 2013

* The Resource was compiled by GeoConsult International and the Competent Person is Mr Pete Siegfried with professional registration with MAusIMM. The total tonnage for the in-situ material is 26.243 Mt (Indicated & Inferred).

Colin Bird, Executive Chairman of Galileo Resources, said: “We are particularly pleased with the potential increase in tonnage of the stockpiles and that the open pit design is not adversely affected by potential poor rock stability. So far, all of the fundamentals that ‘make or break’ the outcome of this important PEA are particularly positive and we look forward to the completion of the PEA in the New Year.”

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