* Drilling identifies repetitions below the existing near surface pegmatite resource

* Geological logging confirms both holes intersected numerous spodumene (lithium) bearing pegmatites about 40 metres below the existing near surface pegmatite withindividual widths of up to 10 metres

* Results confirm those from the two earlier deep holes that the Mt Cattlin pegmatite swarm is a series of flat lying stacked pegmatites

* Assay results from holes completed on the western side of the deposit early in the program confirm continuity and indicate extensions beyond the existing resource

* Drill program to be completed in two weeks

Galaxy Resources Limited (ASX: GXY) is pleased to announce significant results confirming depth repetitions and the potential for stacking of targets at the Mt Cattlin Lithium/Tantalum project located near Ravensthorpe, Western Australia, arising from the geological logging of holes and assay results from the ongoing RC infill and extension drilling program initially reported on 1 September 2008.

Galaxy Managing Director Michael Fotios said these results provided further evidence that exploration targets exist beneath the existing pegmatite and that there is potential for a significant increase in the existing resource (reported to ASX on 7 December 2007).

"The geological assessment of the drill holes on this new section located about 500 metres to the south west of the previous deep holes confirms the presence of pegmatite repetitions at depth," Mr Fotios said.

"These results confirm to us the theory that the Mt Cattlin mineralisation comprises a number of stacked pegmatite sheets. The company will now give serious consideration to evaluation of these deeper targets in parallel with the current BFS." – Press Release