Ann: Galaxy Secures Spodumene Supply Agreement , page-2

re: Ann: Galaxy Secures Spodumene Supply Agre... To long term GXY investors this is a stunning admission by the CEO that, in effect, Mt Catlin mine is not economically viable.

In a normal company such an admission would be accompanied by a resignation.

Two years ago when I suggested that the economics of brine Li-Carb production were better than hard rock, and 18 months ago, when I said that GXY cost of production was $200/ton more than Talison's FOB price , I was attacked by
GXYites. Where are those apologists now?

This move to source spodumene from Talison rather than from Mt Catlin
convinces me that GXY is under considerable Chinese influence. It is not coincidence, IMO, that the Chinese are completing the purchase of Talison.

12th march 2013, Australian Federal Court approves Chinese/ Talison deal
13th march 2013, Last trading day of Talison on the TSX
19th March 2013, (today) record date.
(source; yahoo,com/news-lithium "Talison announces court approval of scheme"

19th March 2013, GXY announces Talison supply deal

But as in the "Life of Brian" , " Lets look on the bright side of life"

(a) Jiangsu Plant is up and going
(b) Our plant feed of 135K ton P/A has been reduced by $27 mil/year.
(c) The prospect for EV grade Li-Carb is improving.

Our current CEO's claim to fame is that he was a former marketing manager of Talison which should have equipped him to build a mine and a concentrator
to compete favourably with that of his ex-employer. Instead, shareholders are left with a hole in the ground and a plant mothballed. This knocks the bottom
out of the CEO's grand vision of GXY being a vertically integrated producer.

Why did GXY not close down Mt Catlin a year ago and save us millions.?
It beggars belief.

Cheers
Moorookamick