First Bauxite Corporation
TSX VENTURE : FBX
FRANKFURT : FBI
BERLIN : FBI

First Bauxite Corporation

April 26, 2010 17:48 ET

First Bauxite Corporation Presents Latest Drilling Results at Warcart PL

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2010) - First Bauxite Corporation ("First Bauxite" or the "Company") (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) is pleased to report updated results on its ongoing Warcart drilling program. As of April 12th, 2010, 141 holes have been drilled on the property totalling 6431m. Initially, holes were drilled on a 120 x 120m drill pattern but in-fill drilling is now being conducted with the drill pattern being reduced to 85 x 85m over the zone of contiguous mineralisation with favourable stripping ratios. A programme of continuity drilling has been completed to assist establishing parameters for modelling, resource categorisation and mine planning.

In February 2010, FBX reported the results of 23 sonic drill holes out of the 55, which had been drilled up to that time, on its ongoing drill program on the Warcart PL. To date, the Company has collected and sent 1831 samples from Warcart for analysis to Acme Laboratories in Vancouver B.C; the results of the analytical test work are now available for a further 48 holes, of which the additional significant bauxite intersections are provided in the table below.

The holes indicate a continuous zone of mineralization over an area of 1400m N-S x 800m E-W (112ha) within the Warcart PL (4000ha). These excellent grades continue to illustrate the high potential for expanding the Company's resource inventory with premium grade bauxites. Exploration is on-going to extend the limits of the mineralisation and a programme of sampling for mineralogical and process test work is also underway.

Cut-offs greater than 48%Al2O3 and less than 20%SiO2 - Maximum 12.5:1 Stripping Ratio

Hole Bauxite Interval Bx Thickness Stripping % % % % %
Number From m To m m Ratio SiO2 TiO2 Al2O3 Fe2O3 LOI
WCSD029 37.19 41.11 3.92 9.5 3.83 2.59 60.95 0.80 31.35
WCSD030 46.67 51.26 4.59 10.2 6.36 2.15 60.46 0.60 30.08
WCSD043 20.98 26.73 5.75 3.6 4.43 1.91 63.20 0.83 29.24
WCSD049 42.99 47.41 4.42 9.7 8.29 2.19 58.62 1.75 28.87
WCSD050 29.10 33.40 4.30 6.8 6.33 2.06 59.66 0.96 30.44
WCSD051 37.82 41.65 3.83 9.9 8.33 1.98 59.80 0.62 29.04
WCSD056 39.65 45.82 6.17 6.4 5.76 2.34 61.00 1.14 29.24
WCSD062 42.57 47.00 4.43 9.6 5.34 1.96 62.39 1.27 28.64
WCSD069 37.22 42.10 4.88 7.6 6.14 2.00 60.29 0.59 30.59
WCSD070 35.24 38.07 2.83 12.5 10.14 2.09 58.08 0.57 28.74
WCSD083 34.34 39.70 5.36 6.4 3.85 2.63 59.12 2.57 31.20
WCSD084 46.13 51.35 5.22 8.8 7.49 2.61 58.11 1.07 30.18
WCSD085 51.13 56.26 5.13 10.0 6.06 2.24 59.96 0.61 30.70
WCSD086 53.13 57.49 4.36 12.19 3.04 2.61 61.22 0.76 31.89
WCSD087 48.65 55.64 6.99 7.0 5.52 2.49 59.95 0.69 30.95
WCSD088 42.25 49.07 6.82 6.2 4.50 2.41 60.59 0.71 31.47
WCSD089 32.69 36.82 4.13 7.9 5.56 2.46 59.92 0.57 31.08
WCSD092 48.66 54.04 5.38 9.0 4.84 2.33 60.67 1.17 30.42
WCSD093 53.65 58.75 5.10 10.5 9.43 2.52 57.90 0.85 28.8
WCSD095 37.91 41.55 3.64 10.41 5.28 2.30 60.73 0.63 30.76
WCSD096 31.27 35.00 3.73 8.38 5.92 2.17 59.94 0.56 30.98
WCSD098 43.68 50.18 6.50 6.72 3.68 2.67 61.12 2.09 30.02
WCSD102 35.22 38.62 3.40 10.36 10.76 1.90 58.39 0.96 27.62
WCSD103 27.04 31.85 4.81 5.62 2.11 2.17 62.74 0.83 31.67
WCSD104 21.60 27.05 5.45 3.96 6.60 2.39 59.35 0.79 30.22
WCSD105 31.99 38.36 6.37 5.02 5.29 2.52 60.08 1.00 30.73
WCSD106 38.08 41.25 3.17 12.01 6.10 2.19 61.14 0.88 29.44
Average 38.77 43.61 4.84 8.38 5.78 2.32 60.26 0.99 30.23

NB Results are not yet available for some holes in the above sequence.

The drill program continues to be supervised by Mr. Bryan S. Osborne, P.Geo of Aluminpro Inc., who is the designated Qualified Person as defined by NI 43-101 and who has reviewed the above exploration information for accuracy.

The President of the Company Yannis Tsitos stated, "While the main focus of the company is the completion and delivery of the Bonasika Feasibility Study, the drilling at its neighboring Waratilla-Cartwright bauxite deposits continues with very strong results; the indicated bauxite intersections and the analytical results reported to date from Warcart PL show an exceptional alumina grade of approximately 60% and iron content of less than 1%, i.e., prime refractory grade bauxite. These results re-enhance our management's view that the Warcart bauxite deposits will ultimately provide a deep resource inventory of premium grade bauxite for our sintered bauxite operation, which will commence by mining the Bonasika Resource."

About First Bauxite Corporation

First Bauxite Corporation (TSX VENTURE:FBX) is a Canadian natural resources company engaged in the exploration and development of bauxite deposits, through resource discovery and mining within a niche industrial market. The company has its head-office in Vancouver and its current assets in Guyana, South America and is managed by experienced geoscientists and business development professionals with worldwide experience in the exploration and mining business across a number of mineral commodities. The mission of First Bauxite is to become a near term, medium size producer and supplier of high quality refractory grade calcined bauxite. First Bauxite controls a large land package in Guyana's historical coastal bauxite belt, including the Bonasika Mining Licence and the Waratilla Prospecting License, covering deposits which were drilled in 1940's-60's by ALCAN and which host near surface deposits of refractory grade bauxite. The Company has commissioned a Feasibility Study over the Bonasika Project to analyze the technical and economic parameters of an independent mining and processing operation and is currently drilling the Waratilla bauxite deposits to outline the resources and to upgrade the historical reserves to NI 43-101 compliance. First Bauxite has additional upside potential to the metallurgical bauxite business, through an option agreement with Rio Tinto Alcan, whereby Rio can earn up to 75% interest in the Company's exploration ground by expending up to US$58 million in stages. Finally, the Company recently entered into a Letter of Intent with Bauxite Corporation of Guyana Inc. ("BCGI") to acquire all of the issued and outstanding shares of BCGI and accordingly, 100% of its interest in the contiguous Tarakuli and Tarakuli North-West Prospecting Licenses in Northeast Guyana, which host an historical inferred bauxite resource of significant size and quality (February 9, 2010 News Release). For further information on First Bauxite Corporation, please visit our corporate website at www.firstbauxite.com.

On behalf of The Board of Directors of First Bauxite Corporation

 Ioannis (Yannis) Tsitos, President & Director

Hilbert N. Shields, CEO & Director

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • First Bauxite Corporation
    Ioannis (Yannis) Tsitos
    President & Director
    604-806-0916
    604-806-0956 (FAX)
    www.firstbauxite.com