TIDMGLR
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 GBP419,627 compared to a loss of
GBP 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, Tel +44 (0) 20 7581 4477
Chairman
Andrew Sarosi, Technical Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited
- Nomad Tel +44 (0) 20 7628 3396
Roland Cornish/ James Biddle
Beaufort Securities Limited
- Broker Tel +44 (0) 20 7382 8416
Jon Belliss / Elliot Hance
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of
Galileo will be held at at Fladgate LLP, 16 Great Queen Street,
London, WC2B 5DG on 29 September 2016 at 11:00 a.m.
Chairman's Report
Dear Shareholder,
On 17 November 2015 we acquired an interest in the Concordia
concession which is situated in the Okiep district of the Northern
Cape. The Okiep district was one of the largest copper producing
provinces in the world until the mid-1920's receiving a revival
during the Second World War. Sporadic operations existed thereafter
until deep mines were either exhausted or depleted. No significant
mining has been carried out during this century since the model for
production was deep underground/high grade. The last 20 years of
copper mining has seen the average global mine copper grade drop
from 1.3% to 0.6% with large open pits replacing deep underground
mines. This trend is continuing and forecasters are predicting that
the average mine head grade will decrease even further. The Okiep
district has never been seriously investigated for open pit
possibilities. Galileo commissioned independent modelling of
historical data and came to the conclusion that significant
potential exists for a world class, mid-grade, open pit copper
mine. The Company has made several announcements concerning various
areas within the concession all of which have been positive and
supports our proposition. The Operations Report covers Concordia in
detail and contains a table which gives us a sizeable target which
is growing the more work we do. On 21 April 2016, we announced that
we had entered into a farm-out agreement with Orogen Gold Plc for
them 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.
Galileo has the right to match future expenditures over a further
30 months or dilute to a 25% interest. The joint venture is
detailed in the Operations Report.
Our 34% interest in the Glenover phosphate project has been
under option to Fer-Min-Ore for the period under review and up
until this report. Potential purchasers have been conducting due
diligence and test work to determine suitability of the product for
their processes. Whilst significant progress has been made,
Fer-Min-Ore have yet to receive a firm offer consistent with their
option arrangement.
On 30 August 2016 we announced that the option would lapse and
we would work with Fer-Min-Ore to pursue two possibilities for
value enhancement or sale. The Nevada claim payments have all been
paid and the properties are in good title standing until the end of
August 2017. The North American resource investment market has
improved dramatically resulting in a renaissance in Nevada and
corporate interest in our properties. Nevada is seen as very
prospective for both copper and gold and mid-tier mining companies
are seeking to boost their metal inventories while junior companies
are seeking prospective targets in reliable jurisdictions, such as
Nevada. All of this has resulted in Galileo considering corporate
activities around some or all of its Nevada interest.
On 30 August 2016 we announced that we have sold the Gabbs
claims for USD2.5 million to a subsidiary of Waterton Precious
Metals Fund II Cayman LP. Funds have been deposited in our
bank.
On a more general note there appears to be a strengthening in
junior mining markets as well as more
developed company markets with some majors showing real gains.
This trend is forecasted to continue with the resource sector
gaining new favour relative to the fortunes of other sectors. The
fundamentals for copper, whilst only moderately improving during
the year, show long term positive sentiment. The previous three
years have seen exploration budgets slashed and new mine
development plans shelved.
This inevitably will lead to a shortfall in supply when new
supply is most needed towards 2020. This will result in the usual
reassessment of favourable exploration projects and should put
Galileo in a strong position over the coming years.
There is general analyst consensus that the demand for copper
will double by 2030, which in my opinion puts enormous pressure on
the requirement for new sizeable discoveries. The countries to
operate in are Chile, Zambia, Southern Africa and North America.
There has been a serious shortage of exploration expenditure and
new emerging projects are very much in short supply. Development in
this regard should be closely watched. The factors that dictate the
demand for copper are all strong, notwithstanding the uncertainties
that
geo-political risk carries. The forecast for developed markets'
GDPs (Gross Domestic Product) remains robust and whilst at the
moment it appears remote, this board still sees inflation around
the corner which should be good for commodities in general.
The Group reported a net loss per ordinary share of 0.3 pence
per share compared to a loss of 9.4 pence per share for the
comparative period last year.
I would like to thank my fellow board members and small
management team for their efforts during another year of
consolidation, disposal and new venture acquisition. I sincerely
hope that our work will, in the short and midterm, result in major
increase in shareholder prospects and value.
Colin Bird
Chairman
7 September 2015
Operations Summary
South Africa
Concordia Copper Project ("Concordia")
On 14 January 2015 Galileo entered into a Cooperation and Joint
Venture ("JV") Agreement ("JVA") with South African incorporated
entity SHIP, in respect of the Concordia Copper Project
("Concordia") in the Okiep copper mining district, in Northern Cape
Province of South Africa.
The Company's independent modelling by Minxcon Consulting (Pty)
Ltd ("Minxcon") of the historical geologic drill data on Concordia,
acquired through the JVA, confirmed the Company's prognosis of
significant potential for copper tonnes and grade on four initial
prospect areas. Post period under review, further modeling and
analysis of raw historical data on seven other areas in Concordia
confirmed the Company's prognosis for large-scale copper targets,
of which at least five demonstrate surface mining potential. The
Company has invited tenders for a programme for IP geophysics on
these prospective targets with the aim of targeting areas for
confirmation drilling and additional strike extension drilling in
order to generate compliant Mineral Resource estimates for the
Project.
USA
Silverton Property
Post period under review, the Company on 27 June 2016, concluded
an Earn-In Agreement with Orogen Gold Plc ("Orogen"), in terms of
which Orogen has the right to earn an initial 51% interest in
Galileo's 6km(2) Silverton gold/silver property in Nye County,
Nevada through exploration spend of USD400,000 over 18 month and
may earn an additional 24% interest in the Property through a
further exploration spend of USD1.5 million over a subsequent 30
month period. Colin Bird is a director and Chief Executive Officer
of Orogen Gold Plc. Site visits to Silverton identified a new
target with historic silver/gold workings along a cross structure.
Orogen as operator commenced a focused re-mapping and sampling
programme to confirm sites for an initial diamond drilling
phase.
Gabbs Property
Post period under review, the Company sold the Gabbs property
for USD 2.5 million (GBP1.9 million) in cash. The proceeds will
allow aggressive exploration of the South African Concordia Copper
project and removes the requirement in the short to mid-term for
capital raising with consequent share dilution.
Ferber Property
On 21 July 2015, the Company executed two Exploration Lease and
Option to Purchase Agreements to consolidate its land position at
its Ferber project, through its subsidiary, St Vincent Minerals US
Inc. Post period under review, the Company acquired further land
position following a quitclaim by another mining company of 210
unpatented claims around the perimeter of its Ferber property.
Crow Springs Property
The Company continued to review the geologic data and finalising
a property-mapping programme in order to understand better the
spatial relationship of the property with the Walker Lane trend and
the extent of the quartz monzonite porphyries on the property, the
geochemistry of which suggests mineralisation extends beyond the
outcrops of old rhyolite intrusions, These lithologies appear
similar to the lithology characteristics driving the neighboring
large Columbus Gold discovery.
Glenover Rare-Earth Phosphate Project ("Glenover Project")
Post period under review, the option since 28 January 2015, to
dispose of the Company's ownership of 34% in Glenover Phosphate
(Pty) Ltd, the holding company of the Glenover Project, Fer-Min-Ore
for USD4 million cash, expired on 28 August 2016. By mutual
consent, the option lapsed with the parties however, concluding
that at least two specific strategic opportunities existed and
there was considerable scope for value enhancement. The parties are
currently preparing a strategy for the mid-term. The Department of
Mineral Resources granted renewal of Glenover's prospecting right
on the Glenover rare earth phosphate concession to November
2017.
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE PERIODED 31
MARCH 2016
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS 31 MARCH
2016
Figures in Pound Sterling 2016 2015
========================================= ================ ============
Assets
Non-current assets
Intangible assets 2,667,062 2,487,111
Investment in joint ventures 1,868,370 2,257,137
Loans to joint ventures and subsidiaries 79,457 94,412
Other financial assets 556,078 369,543
================ ============
5,170,967 5,208,203
================ ============
Current assets
Trade and other receivables 20,453 20,321
Cash and cash equivalents 135,086 180,871
================ ============
155,539 201,192
================ ============
Total assets 5,326,506 5,409,395
========================================== ================ ============
Equity and liabilities
Equity
Share capital 23,854,957 23,153,707
Reserves 155,384 520,256
Accumulated loss (18,977,249) (18,557,622)
================ ============
5,033,092 5,116,341
================ ============
Liabilities
Non-current liabilities
Other financial liabilities 2,692 2,675
Current liabilities
Trade and other payables 292,722 290,379
================ ============
Total liabilities 293,414 293,054
================ ============
Total equity and liabilities 5,326,506 5,409,395
------------------------------------------ ---------------- ------------
These financial statements were approved by the directors and
authorised for issue on 7 September 2016 and are signed on their
behalf by:
Colin Bird Andrew Sarosi
Company number: 05679987
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31
MARCH 2016
Figures in Pound Sterling 2016 2015
============================ ========= =============
Revenue - -
Operating expenses (435,862) (10,772,494)
========= =============
Operating loss (435,862) (10,772,494)
Investment revenue 48,578 49,118
Finance costs (2) -
Fair value adjustments - 8,394
Loss from equity accounted
investments (32,341) (11,803)
========= =============
Loss for the year (419,627) (10,726,785)
========= =============
Other comprehensive income:
Foreign exchange movements
for the year (364,872) 3,208,498
========= =============
Total comprehensive loss
for the year (784,499) (7,518,287)
========= =============
Loss per share in pence
(basic) (0.3) (9.4)
========= =============
All operating expenses and operating losses relate to continuing
activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 MARCH
2016
Foreign
currency Share based
Share Share Total share Transaction Merger payment Total Accumulated Total
Figures in capital premium capital reserve reserve reserve reserves loss equity
Pound Sterling
============== ==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Group
Balance at 1
April 2014 4,415,359 17,188,573 21,603,932 (4,523,202) - 787,139 (3,736,063) (7,830,837) 10,037,032
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Loss for the
year - - - - - - (10,726,785) (10,726,785)
Other
comprehensive
income - - - 3,208,498 - - 3,208,498 - 3,208,498
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Total
comprehensive
loss
for the year - - - 3,208,498 - - 3,208,498 (10,726,785) (7,518,287)
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Issue of
shares 1,319,778 229,997 1,549,775 - 1,047,821 - 1,047,821 - 2,597,596
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Total
contributions
by
and
distributions
to
owners of
Company
recognised
directly in
equity 1,319,778 229,997 1,549,775 - 1,047,821 - 1,047,821 - 2,597,596
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Balance at 1
April 2015 5,735,137 17,418,570 23,153,707 (1,314,704) 1,047,821 787,139 520,256 (18,557,522) 5,116,341
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Loss for the
year - - - - - - - (419,627) (419,294)
Other
comprehensive
income - - - (364,872) - - (364,872) - (365,205)
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Total
comprehensive
loss
for the year - - - (364,872) - - (364,872) (419,627) (784,499)
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Issue of
shares 69,250 632,000 701,250 - - - - - -
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Total
contributions
by
and
distributions
to
owners of
company
recognised
directly In
equity 69,250 632,000 701,250 - - - - - 701,250
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
Balance at 31
March 2016 5,804,387 18,050,570 23,854,957 (1,679,576) 1,047,821 787,139 155,384 (18,977,249) 5,033,092
==================== =============== ================ ============================= =============== =============== =============== ================ ===============
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEARED 31 MARCH
2016
Figures in Pound Sterling 2016 2015
========================== ========= ==========
Cash flows from operating
activities
Cash used in operations (459,601) (622,455)
Interest income 45 1,420
Finance costs (2) -
--------- ----------
Net cash from operating
activities (459,558) (621,035)
=========================== ========= ==========
Cash flows from investing
activities
Additions to intangible
assets (163,701) (139,520)
Loans repaid/ (advanced) 14,956 (14,608)
(Sale)/ Purchase of
financial assets (138,732) 366,433
========= ==========
Net cash flows from
investing activities (287,477) 212,305
=========================== ========= ==========
Cash flows from financing
activities
Proceeds on share issue 701,250 239,997
Repayment of other
financial liabilities - 2,615
========= ==========
Net cash flows from
financing activities 701,250 242,612
=========================== ========= ==========
Total cash movement
for the year (45,785) (166,118)
Cash acquired - 22,170
Cash at the beginning
of the year 180,871 324,819
========= ==========
Total cash at end of
the year 135,086 180,871
--------------------------- --------- ----------
Statement of Directors' Responsibilities for the year ended 31
March 2016
-- The directors are required in terms of the Companies Act 2006
to maintain adequate accounting records and are responsible for the
content and integrity of the consolidated annual financial
statements and related financial information included in this
report. It is their responsibility to ensure that the consolidated
annual financial statements fairly present the state of affairs of
the Group as at the end of the financial year and the results of
its operations and cash flows for the period then ended, in
conformity with the applicable UK laws.
-- The consolidated annual financial statements are prepared in
accordance with International Financial reporting standards (IFRS)
and are based upon appropriate accounting policies consistently
applied and supported by reasonable and prudent judgments and
estimates. The directors acknowledge that they are ultimately
responsible for the system of internal financial control
established by the Group and place considerable importance on
maintaining a strong control environment. To enable the directors
to meet these responsibilities, the board sets standards for
internal control aimed at reducing the risk of error or loss in a
cost effective manner. The standards include the proper delegation
of responsibilities within a clearly defined framework, effective
accounting procedures and adequate segregation of duties to ensure
an acceptable level of risk. These controls are monitored
throughout the Group and all employees are required to maintain the
highest ethical standards in ensuring the Group's business is
conducted in a manner that in all reasonable circumstances is above
reproach. The focus of risk management in the Group is on
identifying, assessing, managing and monitoring all known forms of
risk across the Group. While operating risk cannot be fully
eliminated, the Group endeavours to minimise it by ensuring that
appropriate infrastructure, controls, systems and ethical behaviour
are applied and managed within predetermined procedures and
constraints.
-- The directors are of the opinion, based on the information
and explanations given by management that the system of internal
control provides reasonable assurance that the financial records
may be relied on for the preparation of the consolidated annual
financial statements. However, any system of internal financial
control can provide only reasonable, and not absolute, assurance
against material misstatement or loss.
-- The going concern basis has been adopted in preparing the
consolidated annual financial statements. The directors have no
reason to believe that the Group will not be a going concern in the
foreseeable future, based on forecasts and available cash
resources. These consolidated annual financial statements support
the viability of the company. the directors have reviewed the
Group's financial position at the balance sheet date and for the
period ending on the anniversary of the date of approval of these
financial statements and they are satisfied that the Group has, or
has access to, adequate resources to continue in operational
existence for the foreseeable future.
Colin Bird Chairman
Andrew Francis Sarosi Finance & Technical Director
J Richard Wollenberg Non-Executive director
Christopher Molefe Non-Executive Director
NOTES TO THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated annual financial statements have been prepared
in accordance with International Financial Reporting Standards
IFRIC interpretations issued by the International Accounting
Standards Board and the Companies Act 2006. The consolidated annual
financial statements have been prepared on the historical cost
basis, except for certain financial instruments at fair value, and
incorporate the principal accounting policies set out below. Cost
is based on the fair values of the consideration given in exchange
for assets and they are presented in Pound Sterling. The accounting
policies applied are consistent with those of the previous
period.
The comparative figures for the financial year ended 31 March
2016 are not the Company's statutory accounts for that financial
year but the consolidated accounts. Those accounts have been
reported on by the Company's auditors and delivered to the
registrar of companies. The report of the auditors was (i)
unqualified, (ii) did not give any reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under sections 498 (2) or (3) of the Companies Act 2006, relating
to the accounting records of the company.
2. Basis of consolidation
The consolidated annual financial statements incorporate the
annual financial statements of the Company and all entities,
including special purpose entities, which are controlled by the
Company. Control exists when the Company has the power to govern
the financial and operating policies of an entity so as to obtain
benefits from its activities. The results of subsidiaries are
included in the consolidated annual financial statements from the
effective date of acquisition to the effective date of disposal.
Adjustments are made when necessary to the annual financial
statements of subsidiaries to bring their accounting policies in
line with those of the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation. Non-controlling interests in
the net assets of consolidated subsidiaries are identified and
recognised separately from the Group's interest therein, and are
recognised within equity. Losses of subsidiaries attributable to
non-controlling interests are allocated to the non-controlling
interest even if this results in a debit balance being recognised
for non- controlling interest. Transactions which result in changes
in ownership levels, where the Group has control of the subsidiary
both before and after the transaction, are regarded as equity
transactions and are recognised directly in the statement of
changes in equity. The difference between the fair value of
consideration paid or received and the movement in non-controlling
interest for such transactions is recognised in equity attributable
to the owners of the parent.
3. Financial review
The Group reported a net loss of GBP 419,627 (2015:
GBP10,726,785) before and after taxation. Basic and diluted loss
was 0.3 pence (2015: loss of 9.4 pence) per share.
The ZAR stood its ground against the GBP during the period under
review as did the USD. The Group tightened its cost management and
a significant reduction in overheads were achieved during the
period under review supporting the working capital requirements of
the Group. Operating expenses before impairment losses were GBP0.4
million compared to GBP0.6 million in 2015.
4. Segmental analysis
The Company's investments in subsidiaries and associates, that
were operational at year-end, operate in two geographical locations
being South Africa and USA, and are organised into two business
units from which the Group's expenses are incurred and future
revenues are expected to be earned. This being the exploration for
and extraction of its mineral assets through direct and indirect
holdings. The reporting on these investments to the board focuses
on the use of funds towards the respective projects and the
forecasted profit earnings potential of the projects. Following the
acquisition of the Gabbs project the Group has another segment to
report on, that being gold and copper.
Business segments
The Group's business is the exploration and development of gold,
copper, rare-earth aggregates and potentially iron ore and
manganese.
Geographical segments
An analysis of the loss on ordinary activities before taxation
and net assets is given below:
2016 2015
Loss from Country Loss from Country of
operating activities of operations operating operations
(GBP) activities
(GBP)
Rare earths, aggregates
and iron ore and
manganese (32,341) South Africa, (11,803) South Africa,
Gold, Copper (44,324) USA (47,805) USA
South Africa South Africa
Corporate costs and and United and United
impairments (342,629) Kingdom (10,667,177) Kingdom
Total (419,294) (10,726,785)
5. Taxation
No provision has been made for 2016 tax as the Group has no
taxable income. The estimated tax loss available for set off
against future taxable income is GBP1,602,315 (2015: GBP1,518,390).
The Group has not reflected a deferred tax asset in respect of the
losses carried forward as the Group is not expected to generate
taxable profits in the foreseeable future.
6. Earnings per share
Basic earnings per share is determined by dividing profit or
loss attributable to the ordinary equity holders of the parent by
the weighted average number of ordinary shares outstanding during
the year.
Where there is a discontinued operation, earnings per share is
determined for both continuing and discontinued operations.
Basic earnings per share was based on a loss of GBP419,627
(2015: loss of GBP10,726,785) and a weighted average number of
ordinary shares of 148,691,077 (2015: 114,164,433).
Group
Reconciliation of loss attributable to equity 2016 2015
holders of the parent to loss for the year:
Profit or loss for the year attributable to
equity holders of the parent (784,499) (7,518,287)
Adjusted for:
Foreign exchange differences movements during
the year 364,872 (3,208,498)
Loss for the year (419,627) (10,726,785)
Loss per share
Basic loss per share (pence) (0.3) (9.4)
Diluted loss per share (pence) (0.3) (9.4)
Diluted earnings per share
In the determination of diluted earnings per share, profit or
loss attributable to the equity holders of the parent and the
weighted average number of ordinary shares are adjusted for the
effects of all dilutive potential ordinary shares.
Where there is a discontinued operation, diluted earnings per
share is determined for both continuing and discontinued
operations.
Diluted earnings per share are equal to earnings per share
because there are no dilutive potential ordinary shares in
issue.
7. Intangible assets
Figures in Pound Cost/ Accumulated Carrying
Sterling Valuation depreciation value
Group
Exploration and
evaluation asset
- U.S.A.
2016 2,667,062 - 2,667,062
2015 2,487,111 - 2,487,111
Reconciliation of intangible assets
Figures Opening Additions Additions Foreign Impairment Total
in Pound through exchange
Sterling business
combinations
2016 2,487,111 163,701 - 16,250 - 2,667,062
2015 6,635,128 139,520 2,638,849 3,248,256 (10,174,642) 2,487,111
The exploration and evaluation asset is a South African Rand
denominated asset. It is carried at cost adjusted for any foreign
currency movements during the period under review.
8. Auditors' Report
The comparative figures for the financial year ended 31 March
2016 are not the Company's statutory accounts for that financial
year but the consolidated accounts. Those accounts have been
reported on by the Company's auditors and delivered to the
registrar of companies. The report of the auditors was (i)
unqualified, (ii) did not give any reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under sections 498 (2) or (3) of the Companies Act 2006, relating
to the accounting records of the company.
9. Availability of the Annual Report
This information has been extracted from the Company's Audited
Annual Report for the year ended 31 March 2016, copies of which
will be mailed to shareholders on 7 September 2016 and a copy will
also be available to shareholders and members of the public in hard
copy and free of charge, from the Company's London office at 4th
floor, 2 Cromwell Place, London SW7 2JE, United Kingdom.
Alternatively a downloadable version will be available from 7
September 2016 from Company's website:
www.galileoresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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