GXY 0.57% 88.0¢ galaxy resources limited

new announcement

  1. 922 Posts.
    Positive announcment.

    HIGHLIGHTS
    • Since the Bankable Feasibility Study (BFS) commenced in January 2008, key project
    consultants have now been selected.
    • Further work since the Pre Feasibility Study (PFS) confirms a straight forward and
    robust project, based on a shallow open pit mine, low overburden ratios and
    conventional, proven and readily available processing technology.
    • Pre-feasibility Study (PFS) financial models have been modified to include further
    processing of spodumene. Results confirm the potential viability of a conventional
    spodumene roast/leach to produce lithium carbonate.
    • BFS to now focus on open pit mining of pegmatite host and processing, using
    conventional crushing, heavy media separation, grinding, classification and magnetic
    separation to produce spodumene and tantalum concentrates; and then thoroughly
    testing the viability of lithium carbonate production.
    • Successful lithium carbonate production will provide Galaxy with the opportunity to
    substantially increase the net present value of the project.
    • Initial pit shell modelling and review of the PFS:
    �� confirms waste to ore ratios will be less than originally assumed in the PFS; and
    �� highlighted the areas of highest priority for infill drilling.
    • Discussions are progressing with strategic marketing partners and consumers of
    spodumene concentrates and lithium carbonate, who are seeking long term supply
    contracts.
    • Review of the spodumene and lithium carbonate market and new projects under
    development, suggest:
    �� The products should enjoy high current market demand and strong future demand
    growth; and
    �� Mt Cattlin (by comparison) is potentially larger in scale, with potential to place
    Galaxy at the No. 2 position in the world for the production of spodumene
    concentrates and also a significant producer of lithium carbonate.
    • A further 2,500 - 5,000m of RC drilling is to commence in mid March, designed to
    enhance and expand current Mt Cattlin JORC compliant resources.
    • The BFS completion date is targeted for September 2008.
 
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