Galaxy Update (5084E)

TIDMCRHL

RNS Number : 5084E

Creat Resources Holdings Ltd

31 May 2012

31 MAY 2012

Creat Resources Holdings Limited

("CRHL" or "the Company") Galaxy Update - First Commercial Shipment of Mt Cattlin Spodumene

Creat Resources Holdings Limited ("CRHL") (AIM: CRHL) is pleased to announce that ASX-listed Galaxy Resources Limited ("Galaxy"), in which CRHL has a major shareholding, announced the first commercial sale of spodumene concentrate from its wholly-owned Mt Cattlin Spodumene Project in Western Australia. The sale, which is valued in excess of A$5.5 million, represents the first significant lithium revenue stream for Mt Cattlin.

Galaxy Managing Director, Iggy Tan, said: "Between the sale of this spodumene shipment and the first sale of lithium carbonate from our Jiangsu Plant, significant revenue flow into the business has commenced. As we ramp up production at Jiangsu, further sales of lithium carbonate will occur under the long term offtake framework agreements we have in place with customers...

Galaxy has long term offtake framework agreements signed with 13 major cathode producers in China and Mitsubishi Corporation of Japan (5,000 tonnes per annum) for 100% of the Jiangsu Plant's design capacity of 17,000 tonnes per annum of lithium carbonate.

Galaxy announcement in full:

http://www.galaxyresources.com.au/documents/DocGXY234-GalaxySellsFirstCommercialShipmentofMtCattlinSpodumene.pdf

For further information please visit www.creatresources.com or contact:

 
 Creat Resources Holdings Limited              Tel: [phone] 
                                                          2700 
 Morris R. Hansen, Company Secretary 
 
 Daniel Stewart & Co Plc (Nominated Adviser   Tel: [phone] 
  & Broker)                                               6550 
  Paul Shackleton 
 Matt Wilson 
 

About Creat Resources Holdings Limited

CRHL is an early stage mining exploration company holding 4 Exploration Licences and 3 Retention Licences covering 109 square kilometres around the mineral rich Zeehan area in western Tasmania. CRHL also has a strategy of acquiring assets in interesting resources companies that complement or supplement the Company's exploration activities. CRHL is a major shareholder of Galaxy Resources Ltd ("Galaxy") with an interest of 10.47% shareholding. Galaxy is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange (Code: GXY) and is a S&P/ASX 300 Index Company. Galaxy plans to be one of the world's largest lithium carbonate producers and is positioning itself to be involved in every step of the lithium supply chain.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBKDDBCBKKOPN