Galaxy Resources Limited (ASX:GXY) Mt Cattlin Project Update
Perth, May 26, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF), is pleased to provide an update on the development progress of its Mt Cattlin Spodumene Project. The project is on schedule and on budget.
The project safety performance has been excellent with no lost time injury incident to date and a frequency rate (LTIFR) of zero.
Since the last update in February, pre-strip mining has commenced and significant construction progress has been made at Mt Cattlin, including:
- Practical completion of the plant site earthworks and the main access road construction achieved.
- Both the Maintenance and Administration offices have been handed over.
- Concrete works largely completed with the ROM Bin pad and the wash down slab still to be completed.
- Handover of the various sections of the dry and wet plants were achieved on schedule.
- The fine ore bin was completed on schedule.
- S&N Civil completed the structural steel and external cladding of both switch rooms during April.
- Internal cladding of the crusher switch room was at 90% at month end.
- The fuel farm construction has been completed.
- All major contract packages have now been awarded.
- The construction of the onsite laboratory by SGS expected to be commissioned end of May.
Galaxy Resources Managing Director Iggy Tan said that the capital expenditure on the project is on budget.
"Pre-strip mining and construction at the Mt Cattlin Spodumene Project is progressing well, each ensuring Galaxy is on track to for commissioning of the onsite concentrate plant in the third quarter of 2010," Mr Tan said.
"The Company expects to record its first shipment of spodumene to China in Q4 2010 ahead of commissioning of its downstream, processing lithium carbonate facility."
For the complete Galaxy Resources announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/62948-ASX-GXY-492355.pdf
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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