Galaxy Resources (ASX:GXY) MD Iggy Tan - at the RIU Sydney Resources Roundup May 2009

Galaxy ASX:GXY is an industrial minerals company focusing on lithium production. Galaxy has completed a definitive feasibility study (DFS) which demonstrates that the Mt Cattlin Lithium / Tantalum project (Ravensthorpe, Western Australia) is commercially viable based on a processing rate of 1 million tonnes per annum over a 15 year mine life. The Company is planning to commence the development of the mine and the construction of the mineral processing plant in Q3 2009 with first spodumene concentrate production scheduled for Q3, 2010. The company will be finalising a pre-feasibility study into the value adding downstream production of lithium carbonate (Li2CO3). Lithium Carbonate Chemical Plant Design The company plans to establish a 17,000 tpa lithium carbonate plant in China due to lower associated capital and operating costs, as well as being close to the strategic growing battery markets in Asia. Lithium concentrate and lithium carbonate raw materials will be in short supply and face high future demand growth due to advances in long life batteries and sophisticated electronics in hybrid and electric vehicles, mobile phones and computers.