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#61

I have a half pint mug in the cupboard from the Hope Valley beer festival - was being driven down Winnats pass when my daughter phoned (lives in High green) and by coincidence she was in Peveril castle and could see us from the top. Called in at the festival - 3 years ago I think. was in that pub /café in February this year and ate outside as it was so warm - walked to Castleton up Mam Tor, Hollin’s Cross, Back Tor and Loose Hill and back to Hope for lunch with my daughter.
No my pseudonym is what my wife called me on our wedding day ‘I take you Kalan’ - so technically we might not be married- the first letter is her initial and the rest is mine. She was nervous - probably wondering what the heck she was doing.


#62

Have they lost the report I wonder ?


#63

No need to get impatient jaytee. A Monday RNS always goes down better that a late Friday one.

I was just enjoying the banter about beer, mountains and Geology, having also visited Malham, climbed Ingleborough, and walked under Thornton Force. Can’t recall the outdoor pool in Ingleton though Kalan, but it was back in the early seventies and I think I’ve lost a few brain cells along the way!

Off to a retirement do in Cardiff shortly so that’s me done for today, but looking forward to a stonking RNS on Monday.

Have a good weekend all,

Tot


#64

Not been to those parts I’m afraid, well not for social events anyway. Wakefield is the most southern point of my social and working network at the moment whilst I dodge out of going to Hull…

Is the retirement doo for Cardiff City’s exit from the Premiership lol ?

Have a good weekend everyone and look forward to this stonking rns next week or that’s it for me with JLP forever.


#65

Well it certainly seems like my football team is going down Jaytee, but looking at the trades this morning JLP might be about to get promoted, despite hanging on until the end of normal time to get its quarterlies out.

Looking at level 2 one market maker increased its bid to 3p at 11:04, another at 11:58 and a third just now at 12:42, so those large late reported trades must have been buy orders being filled imo. To summarise we currently have orders for 650k on the bid and only 150k available on the ask at 3.20. The big question is whether this fixture is going to go into extra time before we have a result, and a possible buying frenzy.

Off to complete a job on the boat shortly so the RNS will probably come out this afternoon now :slight_smile:
GLA,

Tot


#66

e-mailed JLP about the quarterlies but no reply yet. Topped up with my final tranche this morning as the large trades were reported.

my team beat yours to relegation ToT - my son made £2000 on bets for Cardiff and Rotherham both to be relegated. Ah well - double promotion next year.

Going to Wakefield this Friday jaytee and hosting 5 Middlesborough fans this Sunday /Monday at ours for the final match - might see them make the playoffs at least. I think they are looking forward to the top quality real ales on offer at £1.85 a pint in Rotherham more than they are the match lol. Up JLP!


#67

I’d be doing an inventory check before and after the boro fans visit Kalan lol. Some movement on JLP since we started moaning earlier on on lse ha


#68

Well seems that this match has now gone into extra time. There must be some valid reason for this, other than the Nomad being pedantic over some of the wording, so my hunch is that another deal has been brewing, and the delay is because they want to include an announcement in the update. Let’s face it hints have already been dropped about more business in Zambia and we also know that they have been talking turkey with the majors.

I hope it’s that and not some deal to buy out GLR.

Tot


#69

For immediate release

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

1 May 2019

Galileo Resources Plc

(“Galileo” or “the Company”)

Star Zinc - Negotiations to Commence for Off-take Agreement

Galileo is pleased to announce negotiations are to commence with Jubilee Metals Group plc (“JMG” or “Jubilee”), for an off-take agreement to supply ore from Star Zinc (“SZ”), pursuant to a Binding Term Sheet (“Term Sheet”) (announced 31 August 2017). Commencement of negotiations is facilitated by JMG’s recently announced acquisition (21 March 2019) of Glencore’s Sable zinc refinery (the “Acquisition”) for its Kabwe Tailings project in Zambia and the Company’s recent placing to raise £500,000, before expenses. to advance its 80.75% owned Star Zinc project.

Highlights

· Jubilee’s acquisition of the Sable refinery (the “Refinery”) enables negotiations to commence with JMG for an off-take agreement to supply ore mined from Star Zinc and other potential ore sources nearby, to which the Company has the exclusive option to acquire

· Star Zinc has an independently modelled exploration target estimated at between 600,000 and 900,000 tonnes (t) with an estimated average grade of 10 to 12% Zn (announced 14 November 2018), with a high grade (>20% Zn) component estimated at between 60,000 to 90,000 t rock mass

· Potential earnings from Star Zinc could be significant in the near future as there would be no requirement for either mining or processing capital

· Mining risk and costs would be low since the deposit is shallow, mainly near surface to maximum 60 m deep and parts of the deposit could be mined using mechanical diggers without the need for blasting

· Coincident with the off-take agreement negotiations, the Company will expedite use of the proceeds from the Placing to produce a JORC 2012 maiden resource estimate and an open pit design and plan to mine ore from Star Zinc

· Future exploration for the Company will include the Kashitu zinc willemite (zinc silicate ore mineral) prospect, some 6 km distant from the Refinery, subject to completion of the acquisition of the Kabwe Residual Rights announced on 13 September 2018.

· Kashitu is believed, by the Directors, to have similar mineralisation to Star Zinc and future ore from Kashitu would supplement that from Star Zinc

· Historically, vanadium has been identified on Kashitu. Star Zinc, however contains silver and germanium, which would be included in off-take agreement negotiations depending on their recoverability

· Kashitu licence area is more extensive than Star Zinc and is therefore believed to have the potential for a much larger tonnage based on interpretation of historical exploration on Kashitu

Colin Bird Galileo CEO said “Jubilee’s acquisition of the Sable refinery and development plans necessitates fast tracking negotiations for an off-take agreement to supply Star Zinc ore. We will undertake all necessary work, related to expedite producing a JORC compliant maiden resource estimate and a mining plan for ore from Star Zinc. The Kashitu prospect has the potential to be a bigger resource than Star Zinc and we intend to commence a study for exploration on this prospect as soon as practicable.”

JMG’s plans regarding its acquisition of the Sable Zinc refinery in Kabwe Zambia expects to deliver the first metal from its Kabwe Tailings within a year from the acquisition. In order to meet this schedule Galileo will expedite the completion of a maiden mineral resource estimate to 2012 JORC Code standard, which will include commissioning the refinement of its existing ETR model, in order to delineate a) potential high-grade and low-grade zinc components in the body, and b) develop an open pit design for selective mining, as appropriate, as run-of-mine feed to Kabwe.

Technical Sign-Off

Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a “qualified person” as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew’s supervision and he has approved the release of this announcement.

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

Colin Bird, Chairman

Andrew Sarosi, Executive Director

Tel +44 (0) 20 7581 4477

Tel +44 (0) 1752 221937

Beaumont Cornish Limited - Nomad

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396

Novum Securities Limited - Broker

Colin Rowbury /Jon Belliss

+44 (0) 20 7399 9400


#70

Why is this relevant to JLP?


#71

HPC

Did you really ask that last question???

Maybe because JLP owns Sable, and Kabwe, and the RNS contains a huge amount of info which is absolutely pertinent to JLP, and its game plan for Kabwe, like denoting that it intends to produce first product within 12 months of purchase!


#72

JT41

Good find there JT and thanks for posting. Expect to get a JLP RNS today to cover the quarterlies and with this info included, or a seperate RNS as this is fully relevant to JLP signing an off-take agreement with Galileo.


#73

JT41/ToT

Looking at the RNS, it looks like Colin is struggling to differentiate between his roles within the various companies within which he has an interest/position.

The last paragraph of the RNS before the Technical Sign-Off section, is a prime example where the RNS is not clear as to whether he is talking about Galileo working on the Star Zinc JORC Code maiden resource, or doing it for JLP on Kabwe, as he talks about run of mine feed to Kabwe! I am pretty sure that it is the former, and that the last sentence should be in relation to run of mine feed to SABLE (not Kabwe) but this is an example of where CB’s multiple chaimanship’s/CEO’s could lead to confusion.

Notwithstanding this, the potential off-take and processing agreement may have the ability for Sable to have additional feed stock going through it on a toll basis, which will be earnings acretive to JLP, and with a possibility that this could be before we start sending our own feed stock from Kabwe, so potentially all good imho.

glta


#74

I found it on the LSE board mate so decided to put it on here. Colin does seem to have his knickers in a twits and I wonder if there is a conflict of interest here. But the 2 companies do seem to be associated so if one does well, then I guess so will the other.


#75

I’ve been out and about all morning and am off to try out my new waders shortly and cast a fly or two, so just catching up before I have to whizz off again.

I can see how some confusion might arise from our Chairman’s dual roles but I am confident that he is speaking entirely for GLR in that RNS. There are clear synergies in the two companies working together though and the more feedstock that goes through Sable the better imho, so I welcome this deal. What I was fearful of in my post last night was an early buy out of GLR by JLP, so I am glad to see that is not on the agenda currently as the company needs a breather from fund raising activities if the share price is to continue the up trend which is now in play.

Now that RNS has been delivered I would assume that another has at last winged it’s way to the Nomad, so we should get the quarterlies imminently. Oh and by the way, I thought Shard had already covered the early start to production at Sable from Kabwe in their note, but some clarification of the plans in the update wouldn’t go amiss.

ATB,
Tot


#76

Thanks… too many other things going on right now; I’d forgotten some the ownership & strategic plan facts. This does make a lot of sense; and will be happier when JLP makes steadily increasing profits & can start reducing debt… will try & find time to catch up on JLP’s progress & current plans.


#77

Hi ToT

Agree in terms of the GLR RNS being positive for JLP in the potential to either extend the life of the Sable processing plant, or ensure that it is running at full capacity. I think CB has a win-win situation here as he will collect from both ends of the deal, so Sable and Kabwe were very beneficial to the future of GLR for him.

The deal makes perfect sense, just as long as Colin doesn’t get too greedy from the GLR side of things, and any agreement should be able to be hammered out relatively quickly, though it would be interesting to be a fly on the wall of the discussions between LC and CB, as I am sure LC will be robust in his dealings on behalf of JLP shareholders, as it is within LC’s interests to make sure that JLP do as well as possible for his bonus/incentives to kick in/be maximised, and he is only working for the one company - JLP.

The main potential benefit for JLP in this deal if they can get it done quickly, is that it may be possible to get the Star Zinc being fed through to Sable sooner than we can get the feed on line from Kabwe, thereby getting money into JLP sooner rather than later, though we will beearning from Sable pretty much straight away on the basis of Glencore buying back Sable services up until the time that JLP start with the feed from Kabwe.

Tight lines (and dry feet) ToT & glta


#78

HPC

Understood, I don’t think Colin helps the situation by refering in the RNS to Jubilee with his own short reference as JMG for Jubilee Metals Group, rather than using the correct stock market ticker reference for the company which is still JLP, as it introduces an unessecary chance of confusion.

Onward and upwards.

glta


#79

Hi dk,

I’m glad to say that the new stocking foot waders were much more comfortable to wear than the boot foot ones I have worn for many years. I bought the wading boots separately and whilst they were very comfortable I almost came a cropper on some very slippery rocks, so I’ll be investing in some studs before the next outing. Caught a couple of tiddlers, but it was more of a recce trip for me getting to know some new stretches of river, access points etc. The serious business will commence on the next trip, when I hope to get out a lot earlier, then the evening rise as we move towards the end of the month.

On the GLR deal I am assured that LC will be robust in his dealings with Colin, but the non execs should normally have a significant role to play in signing off a deal where there are conflicts of interest. I note that Chrisopher Molefe is on the boards of both companies, so he might have to stand down and leave it to Dr Mathews Phosa to represent JLP and Richard Wollenburg to represent GLR. One is a lawyer and politician, the other an investment consultant with a lot of experience in M&A. MP has a smaller shareholding than myself in JLP but I think it is probably more valuable than RW’s stake in GLR at the current share prices, so their motivation to fight their company’s corner might depend more on the number of options they hold, which I have not checked out.

ATB,

Tot


#80

Looks to me like GLR are in the same boat that BMR was - an asset with no way of processing it with the cash they had and diminishing possibilities of raising that cash. Kashitu cost some shares in GLR plus £100,000 - they have only paid £50,000 I believe and not issued the shares. At Star they have had a placement to try and get JORC through further drilling which may lead to a licence and then need to set up on site crushing plus transport and mining equipment - all in 6 to 7 months - I just don’t buy it as a plan.
JLP, if truly independent of GLR can just buy the assets of GLR for say £300,000 Kashitu and £1.5 million Star Zinc with the licence. GLR won’t sell - then play hard ball - let em go under and scoop up the assets later. Alternatively buy GLR lock stock for £2 million - merge the companies and give the GLR shareholders shares in JLP. That is IF and only IF what Colin is saying about the assets prove to be true.
GLR is in survival mode - JLP should take advantage if it fits with the Kabwe and Sable scenario.