GALILEO RESOURCES PLC - Award of PEA of Glenover RE Project

London, August 15

Highlights

  * Glenover commissions a compliant preliminary economic assessment of its 
    Glenover Project on the back of the recently announced resource estimate 
    for the Project
   
  * Quotations for the PEA received from four highly regarded industry
    consultants
   
  * GBM awarded contract on basis of minerals experience, price, delivery,
    study and project management capability and referee due diligence
   
  * Fast track completion of PEA anticipated in early 2013
   

Colin Bird, Chairman and Chief Executive Officer of Galileo Resources, commented: "We are pleased with our Project's results and as such we are moving rapidly to process the Project's development to production. The Project's rare-earth-bearing stockpiles, ease of access and position provides us with a strategic time advantage over our competitors."

Technical Sign-Off

Andrew Sarosi, Technical 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 Sarosi's supervision and he has personally approved the release of this announcement.

Editor's Note:

Galileo, is a natural resource exploration company. Its flagship project is the Glenover RE project, 100% held by Glenover Phosphate (Pty) Ltd, a joint venture with Fer-Min-Ore (Pty) Ltd and Black Economic Empowered entities. This property produced phosphate for many years. Phosphate however, is now subordinated to Rare Earths (REs), which the recent independently commissioned compliant resource estimate has shown to be present in the stockpiles from the previous operation and in the defunct open pit.