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Old 09-11-2009, 02:19 AM
Sparty Sparty is offline
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Default RESERVES: 9.3 million tonnes at 1.04% Li2O plus Tantalum

Excellent conversion of resources to Reserves... shows that this company is not bull sh.ting. Also note the Tantalum another specialty "minor" metal in short supply.

GALAXY ORE RESERVE STATEMENT
Highlights
* New ore reserve estimation of 9.3 million tonnes at 1.04% Li2O
* Supports previous resource statement of 14.4 million tonnes at 1.08% Li2O
* High conversion rate of “resource” to “reserve” tonnage
* 8,000m RC drilling program underway to upgrade resource categories and define resource extensions Emerging lithium producer, Galaxy Resources Limited (ASX: GXY) is pleased to announce a new reserve statement for the Mt Cattlin Spodumene Project near Ravensthorpe, Western Australia. The new reserve estimation is based on the May
2009 resource data, as well as the updated cost and revenue figures for the Mt Cattlin and the Jiangsu Lithium Carbonate Projects.
Previous Resource Statement
An updated resource estimate including all the Mt Cattlin resource data was prepared earlier this year, with details announced in an ASX release on 27 May 09. This resource estimate gives a contained JORC-compliant mineral resource for the Mt Cattlin deposit of 155,000 tonnes of lithium oxide (Li2O) and 4.83 million pounds of tantalum pentoxide (Ta2O5) above a cut off grade of 0.4% lithium oxide.


New Ore Reserve Estimation

The new JORC-compliant ore reserve estimation is provided in Table 2 below. In addition to the reserves stated below, the design pit shells contain 3.47 million tonnes at 1.02% Li2O and 141ppm Ta2O5 of inferred resources. Galaxy believes there is a good chance that most of these inferred resources will be converted to reserves with additional drilling.

Galaxy Managing Director, Mr Iggy Tan said the new reserve estimation shows a high conversion rate from “resource” to “reserve” tonnage based on the excellent economics relating to value adding of lithium carbonate production.
“These figures, when combined with our recent tenement acquisitions and the considerable progress we’ve made in bringing the Mt Cattlin project to fruition, demonstrate the robust nature of the project.”

Read summary about GXY

http://www.galaxyresources.com.au/

Read about Australian Lithium companies at www.australian-lithium.com

Tantalum is a silvery grey/blue ductile metal with some interesting electrical properties. It is used in capacitors and is integral to the 21st century's electron economy. http://en.wikipedia.org/wiki/Tantalum

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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