GALACTIC <GALCF> REVISES SUMMITVILLE ROYALTIES
Galactic Resources
Ltd said it signed a five-year revision agreement to reschedule
the net smelter royalty payments of the Summitville project
mining lease, reducing production costs by 17 U.S. dlrs an
ounce at gold prices of 425 U.S. dlrs an ounce.
    For gold prices less than 475 dlrs an ounce the revised
royalty schedule falls to one pct from five pct, and rises to
seven pct from five pct for prices above 750 dlrs an ounce.
    The royalty cost cut combined with Galactic's previously
announced conservative accounting change will lower charges
against earnings by about 69 dlrs per ounce of gold produced.
 Reuter
