Galaxy Resources Limited (ASX:GXY) Extracts First Ore At Mt Cattlin
Perth, June 17, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce that it has commenced extracting ore from the Dowling Pit after a four month pre-strip mining program at its Mt Cattlin Spodumene Project.
The first shallow pegmatite ore has been exposed in the east of Pit 1A, and pre-strip mining of Pits 1A and 1B is continuing.
Galaxy Resources Managing Director, Mr Iggy Tan, said achieving this milestone 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, have worked well at meeting the mining schedule," Mr Tan said.
The operational workforce on site, excluding construction personnel has now grown to 71 people.
"Galaxy's operations team has now been recruited and has commenced an extensive training program."
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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