Galaxy Grabs More Lithium at Mt Cattlin Olivia Da Silva - June...

Galaxy Grabs More Lithium at Mt Cattlin
Olivia Da Silva - June 25th, 2018

In a AU$600,000 deal, Galaxy Resources has acquired more tenements for its Mt Cattlin lithium project in Western Australia.

• GXY) has gained new lithium tenements from Kingston Resources (ASX:KSN) at its Mt Cattlin project in Western Australia.
  
  The transaction rang up a AU$600,000 price tag for Galaxy, with the payment consisting of 50 percent cash and 50 percent shares in the company. As Kingston is shifting its focus towards its Misima gold project in New Guinea, freshly acquired by the company last year, the lithium tenements were “no longer a priority” for Kingston. The proceeds of the transaction will also be going towards drilling at Misima.
  
  “Last November’s acquisition of the Misima gold project signalled a redirection of management focus towards this outstanding opportunity for shareholders,” Kingston managing director Andrew Corbett said in a statement. “As a result, a strategic review of the lithium portfolio was undertaken to determine how to extract maximum value from those assets.”