Galaxy Resources Limited (ASX:GXY) Mt Cattlin Large Mining Lease Granted
Perth, Jan 15, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF), is pleased to announce that its application for a large mining lease covering all of the Company's Mt Cattlin tenements and tenement applications has been approved by the Department of Mines and Petroleum.
Mining Lease M74/244 was granted to Galaxy on 24th December 2009 for a period of 21 years. This tenement includes the Mt Cattlin Spodumene Project and replaces a number of previous mining leases and prospecting license applications.
Galaxy now holds granted tenure, consolidated into the single Mining Lease M74/244 over the whole of the Mt Cattlin ore body, and any potential extensions. The license also covers all required site infrastructure, including the processing plant, tailings dam and waste dump.
The grant will enable infill drilling to be completed on small portions of the resource in areas that were previously excluded from the granted mining leases. Outside of the current resource outline, M74/244 is considered to be very prospective for pegmatitehosted lithium-tantalum mineralisation. Galaxy plans to carry out further work on the tenement to follow up on known pegmatite mineral occurrences with the aim of expanding the Mt Cattlin resource base.
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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