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Galileo Resources acquires new copper exploration licences in Botswana

Galileo Resources PLC (LON:GLR) is to acquire 21 prospecting licences inside the Kalahari Copper and Limpopo Mobile Belts in Botswana from Crocus-Serv (Pty) Ltd.

The licences cover 14,875 square kilometres.

Galileo will conduct due diligence during a a 30-day exclusivity period.

The consideration for the acquisition comprises 38.8mln shares and £10,082 in cash.

"We are very pleased with this proposed acquisition,” said Galileo chief executive Colin Bird.

“The Kalahari Copper Belt has been the site of recent important large copper discoveries. The licences include tenements proximal to these discoveries and the initial prognosis for further discovery is excellent. Relative to the average copper grade of discoveries globally, this region has the potential to develop into a major copper Read More – Source