Galileo Mining, Mineral Resources Execute JV Agreement for Western Australia Tenements Sale; Galileo Adds 16%

MT Newswires Live06-03

Galileo Mining's (ASX:GAL) wholly-owned subsidiaries Norseman Resources and Ganymede Resources signed a farm-in and joint venture agreement with ACN 654 242 690, a wholly-owned subsidiary of Mineral Resources (ASX:MIN), for the sale of its lithium rights on the Norseman tenement package.

Under the agreement, Galileo Mining will sell 30% of its lithium rights on the Norseman project tenements in Western Australia for AU$7.5 million, according to a Monday filing with the Australian bourse.

The company will receive AU$5 million of the purchase price within five days of executing the exploration JV agreement, with an additional AU$2.5 million to be received within 12 months of the execution, it said.

Shares of Galileo Mining jumped more than 16% while those of Mineral Resources rose nearly 2% in recent trade.

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