In an audio broadcast released today Galaxy Resources Limited (ASX: GXY) Managing Director Michael Fotios provided updated details on the Company's Bankable Feasibility Study (BFS) for the development of the Mt Cattlin lithium and tantalum project, and stated his continued encouragement for the market potential for lithium in electric vehicles.

Mr Fotios said a number of major international manufacturers have recently announced their commitment to developing electric vehicles incorporating lithium-ion batteries. Mass production of electric (or plug-in hybrid) vehicles is expected to begin in 2009.

In addition, the recent news that Mid American Energy Holdings (owned 87.4% by Warren Buffett's Berkshire Hathaway) has bought a 10% stake in Chinese lithium-ion battery maker BYD valued at $280 million also augurs well for the development of the Mt Cattlin project. BYD's car manufacturing subsidiary BYD Auto Co has announced it plans to launch an electric car in China by the end of November this year pending government approval.

During the broadcast Mr Fotios said the development timetable for the Mt Cattlin project remains on track with the BFS expected to be completed by the end of December 2008 followed by a decision to mine in early 2009.

The Company has completed an RC infill and extension drilling program at the project and expects to have a BFS update available for shareholders in the near future. – Press Release