Canadian Reporting Update
Perth, Oct 22, 2012 AEST (ABN Newswire) - Lithium producer Galaxy Resources Ltd (
ASX:GXY) (PINK:GALXF) announced today that the company is now a "designated foreign issuer" pursuant to National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers ("NI 71-102") and will no longer report under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") which would have required the company to prepare and file continuous disclosure documents in the format as required under the relevant Canadian regulatory requirements.
As a "designated foreign issuer", Galaxy will satisfy its Canadian securities legislation requirements relating to continuous disclosure by complying with the disclosure requirements of Australia and will do so for the remainder of the financial year and thereafter. Under the disclosure requirements of Australia, Galaxy will file interim six-month and annual financial results within the time limits prescribed by Australia securities legislation and the Australian Securities Exchange Listing Rules.
Galaxy will not prepare and file interim and annual management discussion and analysis as it is not required to do so under the disclosure requirements of Australia.
As a "designated foreign issuer", Galaxy will also satisfy its other Canadian continuous disclosure requirements by complying with the disclosure requirements of Australia as permitted by NI 71-102.
This Press Release was lodged in Canada by Galaxy at www.sedar.com. Galaxy is also releasing the Press Release in Australia for the purpose of facilitating equal dissemination of information in the Canadian and Australian markets and, to the extent necessary, to meet Galaxy's continuous disclosure obligations.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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