Docstoc

ASX ANNOUN NCEMENT - MEDIA RELEASE T A GALA COM AXY MMENCES MT CAT S TTLIN CO OMMISSIO ONING

Document Sample
ASX ANNOUN NCEMENT - MEDIA RELEASE T A GALA COM AXY MMENCES MT CAT S TTLIN CO OMMISSIO ONING Powered By Docstoc
					         NCEMENT / MEDIA RELEASE
ASX ANNOUN     T       A
    




   2 September 2010

                          AXY MMENCES MT CAT
                       GALA COM     S             OMMISSIO
                                           TTLIN CO      ONING
               hts
        Highligh
         Gala commenc commissio
                axy         ces                         attlin processiing plant
                                           oning of Mt Ca
         Projject has been completed on schedule and on budget
                                          n             d
         Spo  odumene proc                             or            ent
                            cessing to ramp up in time fo first shipme in Novemb   ber
         Brid               secured ahead of final loan facility drawdown in mid Se
               dging finance s             d                                        eptember


   Emerging lith             r,
               hium producer Galaxy Re   esources Lim    mited (ASX: GXY), is plea
                                                                     G                       unce that is has commenc
                                                                                 ased to annou            h         ced
               ng            m                            Cattlin.
   commissionin of its lithium concentrate facility at Mt C

   Commissionin of the proc
                ng                                    this
                              cessing plant commenced t week with the energisa
                                                                     h                          rushing plant switch room a
                                                                                  ation of the cr             s           and
                               vy          nt        m                er          k.
   the energisation of the heav media plan switch room will follow late in the week

   The process of commissio   oning the crus                will          e            onal          f
                                              shing circuit w commence with directio testing of all motor dr      rives followed by
   tracking of alll conveyor belts in the circu Once com
                                              uit.                                                  d             sher
                                                            mpleted, low grade ore will be introduced into the crus and the f   fine
                 e
   ore bin will be filled.

   Once the hea media plan switch room is energised, directional te
                 avy          nt         m                                             e            s                           piral
                                                                       esting of all the motor drives in the water circuit and sp
                 conducted afte which water will be introduced into the circuit and tes for leaks.
   plant will be c            er          r                                            sted

   Fine crushed ore will then b moved forw from the fine ore bin an fed to the t stage hea media separation circuit.
                              be         ward                     nd           two       avy




   Galaxy Resoources Manag              r,
                            ging Director Mr Iggy T             e                      tion and com
                                                   Tan, said the completion of construct          mmencement of
              ng            n           ed          e           get.
   commissionin at Mt Cattlin was achieve on schedule and on budg

   “Over the com weeks, s
               ming                    hroughput will be progressiv ramped u until the de
                            spodumene th                          vely     up           esign capacity is reached on a
               asis,” Mr Tan s
   continuous ba             said.

                odumene product will be truc
   “The final spo                                       sperance Port by local haula contracto Esperance Freight Lines.
                                           cked to the Es           t              age       or,                      .
         NCEMENT / MEDIA RELEA
ASX ANNOUN     T       A     ASE
    
                                                                                                           m               m
                                                                                                           meeting a lithium future




   “Galaxy and t Esperance Port Author are in the final stages of ensuring our spodumene product can be exported to
               the                      rity                                                       n           d
              e            ake          hipment in Nov
   China and we expect to ma our first sh                        s
                                                     vember,” he said.




                                            GALAXY RESOU                                 442
                                                           URCES LIMITED ABN: 11 071 976 4
                                           Ord             erth, WA 6005 T: 08 9215 1700 F: 08 9215 1799
                               Level 2, 16 O Street, West Pe
                                                        wwww.galaxyresources.com.au
         NCEMENT / MEDIA RELEA
ASX ANNOUN     T       A     ASE
    
                                                                                                                                               m               m
                                                                                                                                               meeting a lithium future




   Financing Up
              pdate

   As announced in the recent quarterly a                   rt,
                                             activities repor the loan fa               ed
                                                                         acility, provide by finance partners China Development
   Bank (CDB) a Austrian b
                 and           bank, Raiffeise Zentralbank Österreich AG (RZB), was slightly delayed as a resu of a protracted
                                             en                          A                                       ult
   loan documen                 ss.
                  ntation proces The Com    mpany still exp pects the final documeneta               xecuted and lo to be dra
                                                                                        ation to be ex            oan       awn
   down in mid September. When this oc       ccurs, the Company expec to receive the full US$1 million (o A$116m at an
                                                                         cts                          105        or
   exchange rate of 0.9 AUD    D:USD) from t syndicate banks in the loan facility disbursement account and equity account
                                              the                        e                            t           d
   (US$50m reserved for inter and loan repayments). Meanwhile, the Company also secured and received a US$14 million
                                rest                                      t
   short term br ridging loan thhrough its cornerstone investment partn Creat Group, during th delays of the project lo
                                                                          ner,                        he                    oan
                                d            oup           n
   facility. This will be re-paid to Creat Gro when loan facility funds become availlable.




   For more information, pleas contact:
                             se
   Iggy Tan                                                                           Jon Snowball
   Managing Dir
              rector                                                                  FD Third Person
                                                                                         T
              0
   08 9215 1700                                                                          9
                                                                                      08 9386 1233
              7
   0419 046 397                                                                          4
                                                                                      0424 473 841

                    ng                  ng
   Caution Regardin Forward Lookin Statements
   Statements regard                    ns               o
                     ding Galaxy's plan with respect to its mineral prope   erties are forward-
                                                                                              -looking statement                  e             hat               s
                                                                                                                ts. There can be no assurance th Galaxy’s plans for
                     s                  s                currently expected. There can also be no assurance that Galaxy will be a to confirm the presence of additional
   development of its mineral properties will proceed as c                                                                        able
                     that                                 e                 t
   mineral deposits, t any mineralization will prove to be economic or that a mine will successsfully be develope on any of Galax mineral propert
                                                                                                                ed                xy’s          ties. Circumstance or
                                                                                                                                                                  es
   management’s est                                       e                                   due
                     timates or opinions could change. The reader is cautioned not to place und reliance on forw                  ments.
                                                                                                                ward-looking statem




   About Galaxy (ASX: GXY)
              y          )
                  es
   Galaxy Resource is a Western A Australian S&P / ASX 300 Index c                   s            e                               ucers of lithium – the
                                                                   company which is soon to become one of the world’s leading produ
                                  g                t                                 ectric cars.
   essential component for powering the world’s fast expanding fleet of hybrid and ele

                                    will           s                                   cer           d,        evelopment of its value adding lith
   By 2010, GXY’s Mt Cattlin mine w be the world’s second largest hard rock produc of lithium and through the de                                 hium
                   (17,000 tpa), the Company will be the largest and lowest cost lithiu producer in China.
   carbonate plant (                               e                                  um

                   rate
   Lithium concentr and lithium c   carbonate materia are forecast t be in short sup against high future demand d to advances in long life batte
                                                     als           to              pply                         due                            eries
                    d                                ones and comput
   and sophisticated electronics inclluding mobile pho             ters.

   Galaxy Resourc has positione itself to meet this lithium futu by not only mining the lithiu but by downs
                  ces               ed       t                 ure                           um                          ng             hium
                                                                                                          stream processin to supply lith
                                    market.
   carbonate to the lucrative Asian m


                                                         GALAXY RESOU                                 442
                                                                        URCES LIMITED ABN: 11 071 976 4
                                                        Ord             erth, WA 6005 T: 08 9215 1700 F: 08 9215 1799
                                            Level 2, 16 O Street, West Pe
                                                                     wwww.galaxyresources.com.au

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:9
posted:4/21/2011
language:English
pages:3