Galaxy Resources Limited (ASX:GXY) Acquires 20% Of James Bay Project With Extensive High-Grade Spodumene Pegmatite
Perth, Australia (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is pleased to announce that the conditions precedent of the farm-in and joint venture agreement ('Agreement') with Lithium One Inc. (CVE:LI) of Canada have now been satisfied.
Under the terms of the Agreement, Galaxy has now acquired an initial 20% equity interest in the James Bay Project after the C$3 million initial payment was made.
Galaxy has the potential to increase its equity interest to 70% through the completion of a definitive feasibility study within a 24 month period.
The James Bay Project is an extensive high-grade spodumene pegmatite, near-surface deposit, with a NI 43-101 compliant resource and close proximity to key infrastructure.
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is an international S&P / ASX 300 Index company which plans to become one of the world's leading producers of lithium compounds – the essential component for powering the world's fast expanding fleet of hybrid and electric cars.
Galaxy wholly-owns and operates the Mt. Cattlin mine, which is currently producing spodumene concentrate. Galaxy's Jiangsu lithium carbonate plant, once completed, will have a design capacity of 17,000 tpa of lithium carbonate, which Galaxy expects would make it one of the largest plants in China converting hard rock lithium mineral concentrates into lithium compounds and chemicals.
Lithium compounds such as lithium carbonate are forecast to be in high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers.
Galaxy Resources has positioned itself to meet this lithium future by not only mining the lithium, but also by downstream processing to supply lithium carbonate to the expanding Asian market.
Source:
Galaxy Resources Limited
Contact:
Iggy Tan
Managing Director
Galaxy Resources Limited
Tel: 61-8-9215-1700
Email: ir@galaxylithium.com
http://www.galaxylithium.com
