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Galaxy Resources Ltd announced today that the General Mining Corporation has completed it’s independant review of the Mt Cattlin Project located in Western Australia.
Galaxy Resources Ltd (ASX:GXY) announced today that the General Mining Corporation has completed it’s independent review of the Mt Cattlin Project located in Western Australia. The review was completed by Entech Pty Ltd and commissioned by the General Mining Corporation.
Pursuant to the terms as announced on 9th June 2015, the partnership with GMM is subject to a A$25 million earn-in by GMM for a 50% equity interest in the Mt Cattlin project and will see Galaxy receiving no less than A$6 million per annum in the three years after the commencement of production, as well as a 50% share of the operating cash flows from Mt Cattlin.