Galaxy Resources Limited (ASX:GXY) Secures Mining Approval For Mt Cattlin Spodumene Project
Perth, Nov 5, 2009 AEST (ABN Newswire) - Emerging lithium producer Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) today announced that it has secured Mining Approval from the Department of Mines and Petroleum (DoMP) for its Mt Cattlin Spodumene Project, near Ravensthorpe, Western Australia.
The granting of Mining Approval marks the final stage of pre-development for the Mt Cattlin project, effectively enabling the Company to commence mining and production in Q3 2010. With Works Approval already secured, Galaxy is scheduled to commence construction of the project including earthworks and the minerals processing plant in the second week of November 2009.
Managing Director, Mr Iggy Tan, said the approval represented a very significant milestone for the development of the Mt Cattlin Spodumene Project.
"With Mining Approval and full funding in place we look forward to having the Mt Cattlin mine up and running by Q3 2010," Mr Tan said. "This will allow us to capture the near term opportunity of the growing lithium market and deliver returns to shareholders."
"The project will employ a residential workforce of approximately 70 to 100 people," he said.
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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