Galileo Resources to begin mining in its Zambia-based Star Zinc project mid next year

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Galileo Resources is looking to begin mining its Star Zinc project in mid-2020. This will be in addition to commencing an exploration study at its other Zambian location, Kashitu. The mining firm, according to media reports, has raised a total of US $649,345 through a share placing to advance its Star Zinc and Kashitu mining projects.

The firm’s Chairman Colin Bird and non-executive director Richard Wollenberg both  took part in the placing for 5mln and 0.5mln shares respectively.

The AIM-listed miner issued 125mln shares to institutional and retail investors at a price of 0.4p, compared to 0.45p at market close over the course of last week. Galileo said that it hopes to start preparing an application for a small-scale mining permit at its 95%-owned Star Zinc project in Zambia, and begin mining in the second quarter next year.

An exploration study will also begin at Kashitu, which is thought to hold similar levels of zinc mineralization to Star. Elsewhere, the company holds a 38% stake in the Glenover rare earth project, and wholly owns the Ferber gold project in Nevada, USA.

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