Perth, Mar 5, 2010 (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is pleased to announce that the Company has commenced pre-strip mining at its Mt Cattlin Spodumene Project ahead of schedule.
Galaxy Resources Managing Director, Mr Iggy Tan, said a four month pre-strip mining period was on track and would guarantee supply of run of mine ore for the commissioning of the Mt Cattlin processing plant during the third quarter of 2010.
"Both the Company and the mining contractor, Orionstone Pty Ltd (Orionstone) have worked diligently to successfully implement all elements of a 'Business Readiness Plan ' and allow mining to commence in a timely manner," he said.
"We have been particularly pleased with the ability of Orionstone to quickly mobilise key mining equipment which is a major reason for the pre-strip commencing ahead of schedule."
Orionstone's mining fleet at the Mt Cattlin Project comprises a Hitachi 1800 excavator, four Caterpillar 777D dump trucks, a Caterpillar D10 dozer and other ancillary equipment as well as plant operators and maintenance staff.
"The Mt Cattlin workforce will deliver significant economic benefits to the south east coastal region," Mr Tan said.
"By April, the workforce is expected to grow to approximately 150 which will include a major proportion from Ravensthorpe and surrounding areas."
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange and is a S&P/ASX 300 Index Company. Galaxy wholly owns the Mt Cattlin project near Ravensthorpe in Western Australia where it mines lithium pegmatite ore and processes it on site to produce a spodumene concentrate and tantalum by-product. At full capacity, Galaxy will produce 137,000 tpa of spodumene concentrate and 56,000 lbs per annum of contained tantalum. The concentrated spodumene is shipped to Galaxy's wholly-owned Lithium Carbonate Plant in China's Jiangsu province. Once complete, the Jiangsu plant will produce 17,000 tpa of battery grade lithium carbonate, the largest producer in the Asia Pacific region and the fourth largest in the world.
Galaxy is also advancing plans for a lithium-ion battery plant, to produce 350,000 battery packs per annum for the electric bike (e-bike) market. The Company also has a farm in agreement with TSX-listed Lithium One Inc to acquire up to 70% of the James Bay Lithium Pegmatite Project in Quebec, Canada.
Lithium compounds are used in the manufacture of ceramics, glass, electronics and are an essential cathode material for long life lithium-ion batteries used to power e-bikes and hybrid and electric vehicles. Galaxy is bullish about the global lithium demand outlook and is positioning itself to achieve its goal of being involved in every step of the lithium supply chain.
Contact
Iggy Tan Managing Director TEL: +61-8-9215-1700 MOB: +61-419-046-397
ASX:GXY) (
Galaxy Resources Limited
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