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Galaxy gives potential partner more time to decide on Sal de Vida

12th July 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – ASX-listed Galaxy Resources has extended the date by which the Sal de Vida Korea Corporation (SDVKC) – its potential partner in the Sal de Vida lithium brine and potash project – could exercise its option to vest a 30% equity interest in the Galaxy subsidiary that owns the Argentina-based project.

SDVKC, which comprises the Korea Resources Corporation, LG International and GS Caltex, now had until July 17 to exercise its interest option in Galaxy Lithium, in which it already owns a 4% stake.

According to the original agreement, the consortium had 90 days from the date of delivery of the definitive feasibility study (DFS) to decide whether to exercise its option to acquire an additional 30%.

While Galaxy had delivered the DFS to SDVKC on April 13, the group requested further information, which was provided on April 17. As a result, Galaxy extended the final date to take into account the provision of this additional information.

Galaxy would update the market regarding the outcome of SDVKC’s decision on or before July 18.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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