Galileo Resources has sold the Gabbs gold-copper property in Nevada for $2.5 million in cash.
The reason behind the sale, amongst other things, is the company's strategic decision to reduce exposure to gold exploration and focus instead on exploration and funding on its Concordia copper project in Namaqualand, Northern Cape Province in South Africa.
The company retains its greenfield Ferber copper-gold and Crow Springs gold properties in Nevada, for which the company continues to seek JV/farm-out partners or sale and as announced 27 June, it is in a farm-out JV with Orogen Gold Resources plc on its Silverton gold property also in Nevada.
The company also announced that it has added another 210 claims surrounding Ferber, following the quitclaim of these claims by a major mining company.
Chairman and chief executive Colin Bird said: "The Gabbs sale allows us to focus on the Concordia copper project in South Africa, where the management has gained most of its success and experience. The cash received will cover our short-to-medium-term working capital. The Board agreed to the sale based on its strategy to focus on copper and particularly in Southern Africa."