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

First Bauxite Corporation

April 12, 2010 21:10 ET

First Bauxite Corporation Updates Status of Bonasika Feasibility Study and Presents Latest Results of Industrial Scale Sintering Trial of Bonasika Bauxite

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2010) - FIRST BAUXITE CORP. ("First Bauxite" or the "Company") (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) -

First Bauxite Corporation had previously announced that "a draft of the Feasibility Study is on schedule to be available for a review by the Board of Directors in the first quarter, 2010". The Company is pleased to announce that, while Met-Chem was on track to issue a draft of the FS to the Company within the announced time frame, FBX decided to retain G Mining of Montreal, headed by the most experienced Mine builder in the Guiana Shield, Dr. Louis Gignac, to undertake an independent, comprehensive review of the FS, on behalf of the FBX Board of Directors. It is expected that this review will be completed in time for Met-Chem to issue its draft FS Report in this Second Quarter of 2010.

First Bauxite is also pleased to present the very positive results of an industrial scale trial performed at Radenthein, Austria, for the sintering of briquettes made from pre-processed and fine-ground bauxite from the Bonasika deposits. The aim of the trial was to verify and secure a wide variety of laboratory trials which have been made by Polysius GMBH, a subsidiary of Thyssen Krupp GMBH, to elaborate the optimum process for the grinding, agglomeration and sintering of Bonasika pre-processed bauxite.

Feasibility Study Bonasika Project Update

Met-Chem is essentially complete with the technical and engineering aspects of the Feasibility Study and current activities include finalizing equipment quotes and integrating the work of the various other consulting groups who are contributing to the FS. In particular Polysius GMBH, who undertook the engineering design and cost estimates for the briquetting and sinter plants, have recently transferred responsibility for the Bonasika Project to Polysius USA, their subsidiary based in Georgia, USA. This is an important step in the evolution of the Bonasika Project since sourcing and pricing components of the Polysius core as well all or most non-core ancillary equipment from the USA is important from both the stand point of optimizing capital cost as well as after sales spares and technical support, from the USA mainland with its excellent umbilical support for industries in Guyana.

On another strong positive step for the project, Polysius, using a production vertical pressurized shaft kiln in Austria, successfully produced a high quality >3.4 BSG sintered bauxite bulk sample from briquetted FBX bauxite. This was the final stage of the flow sheet testing and the industrially produced sintered bauxite is now being distributed to selected potential customers for qualifying tests in their refractory manufacturing facilities. This was timely as the availability of the sintered bauxite samples for manufacturing qualification coincided with a peaking interest in the FBX product which was evident at the recently concluded 20th Bauxite & Alumina Seminar recently held in Miami, where Hilbert N. Shields presented a paper on the Bonasika Project and highlighted the imminent arrival in the market place of a new, non-Chinese source of high quality sintered refractory bauxite into the global market place. A copy of Mr. Shields' presentation can be downloaded at our corporate web page, www.firstbauxite.com.

Dr. Christoph Beyer, Senior Manager from Polysius, reported in his final report from this industrial scale trial, that he is very confident that the briquettes from the process described in the report are very well suitable for a full-scale-production of refractory grade sintered bauxite with an homogeneous and high bulk specific density >3.35 g/cm3. Based on the industrial scale trial, the chemical composition of the sintered refractory grade bauxite is indicated in the following table:

BSD [g/cm3] % SiO2 % Al2O3 % TiO2 % Fe2O3
>3.35, typical >3.4 5.02 91.43 1.64 1.71

The CEO of the Company, Hilbert N Shields, commented that, "While the slight delay on the stated schedule for delivery of the Feasibility Study may be viewed by some as a negative, FBX has taken the decision to have this independent review done by Dr. Louis Gignac and his team at G Mining, in parallel rather than after Met-Chem's finalization of the report. This was done to ensure that the most experienced mine builder in the Guiana Shield can bring to the table, in a meaningful way, the wisdom of his experience in both the technical and financial engineering that it takes to optimize and ultimately build a successful project. I am sure our committed shareholders will see this as a strong positive as management continues the march towards the next step in the development of the Bonasika Mine."

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 Hilbert N. Shields
  President & Director 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