Perth, Feb 13, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) has appointed risk advisory group, Noah's Rule, to assist in the next stage of project development and corporate debt raising and financial structuring.
Noah's Rules' debt advisory team will advise Galaxy through the capital raising process for the Mt Cattlin Lithium-Tantalum project. Noah's Rule team of banking, treasury and industry trained professionals have worked with a broad range of resource companies. Galaxy Managing Director, Iggy Tan, said:
"With the Definitive Feasibility Study at Mt Cattlin complete, the next stage in the process is to establish off-take partnerships and secure the capital required for the project. "We look forward to working with the Noah's Rule team as we approach the next phase in the development of the Mt Cattlin project."
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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