Galaxy Resources Limited Stock Market Press Releases and Company Profile
Galaxy Resources Limited (ASX:GXY) Jiangsu Lithium Carbonate Project On Track for Completion
Galaxy Resources Limited (ASX:GXY) Jiangsu Lithium Carbonate Project On Track for Completion

Perth, Nov 3, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (googlechartASX:GXY) advises that final-stage construction of the Company's wholly-owned Jiangsu Lithium Carbonate Project (the Project or Jiangsu) continued on schedule during October 2011, with substantial progress made in all plant areas.

The Company's EPCM contractor , Hatch Engineering , reported that by end-October, the Project was 91% complete and Galaxy remained on track to have the plant mechanically completed and ready for commissioning by end-Q4 2011.

The report also noted that the four large kiln (calcination and sulphation) and cooler units in Area 20 were lifted into place and are now in final stages of installation. The calcination and sulphation kilns are key pieces of infrastructure for the Project. Steel and equipment installation also advanced in line with expectations.

Galaxy Resources Managing Director Iggy Tan said the Project was nearing the final stages of completion and that - "We continue to make good progress at Jiangsu and remain on track to commission and complete the Project in accordance with our stated schedule and budget."

"In addition to the timetable achievements, the Jiangsu construction site continues to maintain its safety record of no Lost Time Injuries. In fact, the Company has now recorded four years with no LTIs across all operations, including Mt Cattlin and Jiangsu, which is a great achievement particularly as we have 840 contractors on site at Jiangsu during dayshift and up to 230 during nightshift,"

"Some units at the back end of the plant - such as the packaging plant and microniser - were already mechanically complete and handed over to Galaxy for commissioning. Installation of electrical and control cables is underway and the lithium carbonate production building and purification unit is due to be handed over in coming weeks", said Mr Tan.

About Galaxy Resources Limited

Galaxy Resources ASX:GXYGalaxy 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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Contact

Iggy Tan
Managing Director
Galaxy Resources Limited
TEL: +61-8-9215-1700
Email: ir@galaxylithium.com
http://www.galaxylithium.com



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