Galileo Resources Plc (LSE:GLR) entered into a Heads of Agreement with ACR’s JV partner Rare Earth International to earn-in interest inthe Nkombwa Hill Rare Earth Project in Zambia.
As quoted in the press release:
ACR, through its Zambian subsidiary, is the 100% holder of the Nkombwa Hill prospecting licence. As previously notified, REI holds the right to earn up to a 50% interest in the Nkombwa project in accordance with the terms of an agreement between REI and ACR and its wholly owned Zambian subsidiary, Fisherman Mining Limited, which holds the prospecting licence.
Chairman and Chief Executive Officer of Galileo, Colin Bird, commented:
“We are very pleased to enter as third party into this agreement. We regard the Nkombwa Hills project to have high potential against its peer group. Results to date from easily mapped outcrops and historical drilling make it an exciting target. I have always held the belief that to return shareholders value, companies must identify large tonnages with above average grades relatively close to infrastructure. Nkombwa Hill offers all of these features and its Zambian address makes it all the more attractive because of the transparent mining legislation and government support one receives in Zambia. We look forward to working with ACR to unlock to abundant shareholder value which obviously exists in the project.