RNS3 Jun 2011 14:50
3 June 2011
Creat Resources Holdings Limited
("CRHL")
Galaxy Update -GALAXY SHIPS SPODUMENE SHIPMENT A MONTH EARLY & SUBMITS ENVIRONMENTAL AND GEOLOGICAL REPORTS TO WA DEPARTMENT OF MINES AND PETROLEUM
Creat Resources Holdings Limited ("CRHL") (AIM: CRHL) announces that the following stock market updates have been made by ASX-listed Galaxy Resources Limited ("Galaxy"), in which CRHL has a major shareholding.
Galaxy announced today that it has, due to solid production at its Mr Cattlin Project, rescheduled the second shipment of spodumene to China a month earlier than first anticipated.
"Galaxy Resources Limited (ASX: GXY, "Galaxy") is pleased to announce that recent solid production at its Mt Cattlin spodumene project near Ravensthorpe in Western Australia has allowed for the re-scheduling of its second shipment of spodumene to China to mid June 2011, a month earlier than expected.
Production at Mt Cattlin totalled 12,778 tonnes of spodumene for April and May 2011, with May's production accounting for 7,185 tonnes. The plant produced 3,891 tonnes in the last fortnight, which represents around 75% of its annual design rate.
Plant utilisation has also improved dramatically, with the company reporting above-budget utilisation rates, with the concentrator averaging an on line utilisation of 84% (compared with design of 85%) in the last fortnight.
The mining operation provided sufficient ore on the ROM pad at above-design grades over the period. The crushing plant has also performed well and has mostly operated above design rates.
In addition to the revised shipment timetable, Galaxy has increased the shipment's volume to 17,000 tonnes from 12,000 previously. The "MV Karine Bulker" has been booked to transport the product to the Port of Zhangjiagang in China. As with the initial shipment, Galaxy expects to ship its second load of product from the Bunbury Port as it finalises long term export arrangements with the Port of Esperance.
Galaxy Resources Managing Director, Iggy Tan, said he's pleased to report the growth in production at Mt Cattlin: "We have reached a stage where the Mt Cattlin operation is established, stable and consistent. The whole operation is performing solidly, thanks to the persistent hard work of our Mt Cattlin team.""
CRHL's Chief Operations Officer Mr Rex Chow said: "In line with Galaxy's solid achievements to date on this project we can now look forward to further production from Mt Cattlin just as the global market for lithium develops increasingly rapidly. This success underlines the capabilities of the Galaxy team."
Separately, on 1 June 2011 Galaxy announced that it has submitted its Environmental and Geological Reports to the Western Australian Government's Department of Mine and Petroleum in connection with the application for the grant of the Ponton Rare Earth Proj