PERTH, Australia, Nov. 7, 2013 /CNW Telbec/ - Galaxy Resources Limited (ASX:
GXY) ("Galaxy" or the "Company"), advises that Mr Xiaojian Ren has resigned as
a Non-Executive Director of the Company due to personal reasons.
Mr Ren will thus also step down as a member of the Special Management
Committee that has already facilitated a number of financial and operational
The Company has previously flagged to the market its intention to review and
restructure the composition of the Board.
Mr Ren has served on the Board since 2010 and since that time has played a
valuable role in Galaxy's growth into a global lithium company. The Board and
management would like to express its gratitude to Mr Ren for the significant
contribution he has made to the Company throughout his tenure.
Galaxy's Chairman Mr Craig Readhead said that Mr Ren's commitment and
strategic guidance had been much appreciated in advancing the company in
recent years. We thank him for his support and wish him all the best going
About Galaxy (ASX: GXY)
Galaxy Resources Ltd ("Galaxy") is an Australian-based global lithium company
with lithium production facilities, hard rock mines and brine assets in
Australia, China, Canada and Argentina. The Company is a lithium producer
listed on the Australian Securities Exchange (Code: GXY).
Galaxy has built an advanced and fully-automated Lithium Carbonate production
facility in Jiangsu Province, China ("Jiangsu Plant"). The Jiangsu Plant has a
name-plate capacity of 17,000 tpa, is primarily focused on producing battery
grade lithium carbonate, and is aiming to become the largest producer in the
Asia Pacific region and the fourth largest in the world.
Galaxy is currently advancing plans to develop the Sal de Vida Lithium and
Potash Brine Project ("Sal de Vida") in Argentina, which is situated in the
Lithium Triangle, a region where Chile, Argentina and Bolivia meet, and
presently accounts for 60% of global lithium production. Sal de Vida has
excellent promise as a future low cost production facility.
The Company also owns the Mt Cattlin Spodumene Mine near Ravensthorpe in
Western Australia and the James Bay Lithium Pegmatite Project in Quebec,
Lithium compounds are used in the manufacture of ceramics, glass, electronics
and are an essential ingredient in producing battery materials such as cathode
and electrolyte, in the manufacture of long life lithium-ion batteries, which
are used in consumer electronics, power tools, electric bikes, hybrid and
electric vehicles. Anticipating the growing demand in coming years, Galaxy is
positioning itself to become a major producer of lithium products.
Caution Regarding Forward Looking Information.
This document contains forward looking statements concerning Galaxy.
Forward-looking statements are not statements of historical fact and actual
events and results may differ materially from those described in the forward
looking statements as a result of a variety of risks, uncertainties and other
factors. Forward-looking statements are inherently subject to business,
economic, competitive, political and social uncertainties and contingencies.
Many factors could cause the Company's actual results to differ materially
from those expressed or implied in any forward-looking information provided by
the Company, or on behalf of, the Company. Such factors include, among other
things, risks relating to additional funding requirements, metal prices,
exploration, development and operating risks, competition, production risks,
regulatory restrictions, including environmental regulation and liability and
potential title disputes.
Forward looking statements in this document are based on Galaxy's beliefs,
opinions and estimates of Galaxy as of the dates the forward looking
statements are made, and no obligation is assumed to update forward looking
statements if these beliefs, opinions and estimates should change or to
reflect other future developments.
Not For Release in US
This announcement has been prepared for publication in Australia and may not
be released in the U.S. This announcement does not constitute an offer of
securities for sale in any jurisdiction, including the United States, and any
securities described in this announcement may not be offered or sold in the
United States absent registration or an exemption from registration under the
United States Securities Act of 1933, as amended. Any public offering of
securities to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer and that will contain detailed
information about the company and management, as well as financial statements.
SOURCE Galaxy Resources Limited
Corporate Andrew Meloncelli Company Secretary Galaxy Resources Ltd
Tel (office): +61 (0) 8 9215 1700 Email:firstname.lastname@example.org
Media Contact James Tranter FTI Consulting Tel (office): +61 (0) 8 9485 8888
Tel (mobile): + 61 (0) 408 951 780 Email:email@example.com
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