Completion of Merger to form a Global Lithium Company
Perth, July 4, 2012 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) is pleased to advise that the plan of arrangement with Lithium One Inc (CVE:LI) has been successfully completed. Following the completion of the Arrangement, an application was filed to have the Lithium One Common Shares de-listed from the TSX-V.
Galaxy Managing Director, Iggy Tan, said that Galaxy has now boosted its global lithium resource base and become a major global lithium company with assets in Australia, China, Canada and Argentina.
"Galaxy will require more lithium resources over the next few years, and Sal de Vida along with James Bay has added to our existing Australian resource inventory. Together with our China processing assets we now have ample resources to continue to grow the lithium business and drive the long term value of the company.
With Galaxy's expertise across project development and lithium mining, processing and marketing, we would be able to fast track development of Sal de Vida as we did at our Mt Cattlin lithium mine and Jiangsu lithium carbonate plant."
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.