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Galaxy Resources Ltd (ASX: GXY) (“Galaxy” or “the Company”) confirms it has been advised by East China Mineral
Exploration & Development Bureau (“ECE”) that its Board has withdrawn from ECE’s proposed investment in Galaxy
(announced to ASX on 5 November 2012). ECE has indicated to Galaxy it is willing to re-consider the investment when
Galaxy’s Jiangsu Lithium Carbonate Plant (“Jiangsu Plant”) in China returns to stable operation.
Galaxy is continuing discussions with potential strategic investors and will keep the market informed of their progress.
Galaxy also reports that it has settled the first tranche of an A$20 million (before costs) financing arrangement with
Deutsche Bank, comprising equity placement and call option transactions.
The Jiangsu Plant is on track to recommence operations in early February 2013.