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Mechanical Completion Achieved 06-Dec-2011

RNS Number : 4517T

Creat Resources Holdings Ltd

06 December 2011

Creat Resources Holdings Limited

("CRHL" or "the Company")

Galaxy Update - Galaxy achieves mechanical completion at Jiangsu project

Creat Resources Holdings Limited ("CRHL") (AIM: CRHL) announces that ASX-listed Galaxy Resources Limited ("Galaxy"), in which CRHL has an 11.78% shareholding, has achieved mechanical completion at its wholly-owned Lithium Carbonate Project in Jiangsu, China, a month ahead of its revised schedule and in line with budget estimates.

Galaxy announced that it has "received Construction Completion Certificates with associated exceptions and punch lists for all areas of the plant", it added that "the large construction workforce is in the process of being de-mobilised, with only a skeleton crew to remain on site to complete the exceptions and final punch list items."

Galaxy also announced that "it has now commenced cold commissioning, which would take approximately two months. Once it is completed, hot commissioning of the plant and equipment will commence, followed by the introduction of process materials and the start-up phase."  

Galaxy is now processing applications for final production approvals and licenses with relevant government departments, targeting first production for the first quarter of 2012.

CRHL Chief Operations Officer, Rex Chow said: "we offer our congratulations to Galaxy on moving to cold commissioning stage and taking the Jiangsu plant another step closer to full production. This provides further confidence in the excellent Galaxy team and further reassurance for CRHL shareholders that our policy of planned investment in companies like Galaxy is a sound one. Galaxy can count on our continued strong support for a strategy that is moving successfully towards building a solid international presence in the important lithium market."

CRHL's Executive Chairman Yuewen Zheng and Non Executive Director Xiaojian Ren are both Non Executive Directors on the Galaxy Board.

For further information on the Galaxy announcements:

For further information please visit or contact:


Creat Resources Holdings Limited


Tel: +852 2511 6022

Katy Wu



Business Development Manager






Evolution Securities Limited (Nominated Adviser)

Evolution Securities China Limited (Joint Broker)


Tel: +44 20 7071 4300

Tim Worlledge



Esther Lee






Westhouse Securities Limited

(Joint Broker)


Tel: +44 (0) 20 7601 6100

Richard Baty






First City (China) Limited

Public Relations Adviser



Lei Jiang


Tel: +852 2854 2666

Simon Hudson


Tel: +44 20 7920 3170