First Bauxite Corporation
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First Bauxite Corporation

December 07, 2011 08:30 ET

First Bauxite Corporation Announces Management and Director Changes as It Positions Itself to Develop the Bonasika Refractory Bauxite Project in Guyana Into a Major World Producer

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - First Bauxite Corporation (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First Bauxite" or the "Company") is pleased to announce that as its next major step in developing the Bonasika refractory bauxite mine into a major world producer, it has moved its office to Toronto where it is assembling a world class management team.

Mr. Hilbert N. Shields, CEO, who lead the technical work in Guyana to complete the Feasibility Studies, will now spend more time in Canada and assume the role of both President & CEO of the Company.

Mr. Ioannis (Yannis) Tsitos has stepped down as President of the Company but will continue to guide the Company as Interim Chairman of The Board of Directors.

Mr. Jim Heras, having served the Company since its incorporation, will step down as Chairman of the Board of Directors but will remain as a Director.

First Bauxite is also pleased to announce that it has further strengthened its Board of Directors with the appointment of Mr. Larry Washow as a Director. Mr. Washow is the nominee of Resource Capital Fund V L.P. Mr. Washow had a distinguished career with AMCOL International from 1986-2010 rising to President & CEO. Mr. Washow brings strong financial business acumen to First Bauxite and extensive experience in building strong management teams and high-performing operations in both domestic and international markets. Mr. Geoff McNamara, who was one of the two Director nominees of Pacific Road Resources Funds, has tendered his resignation to enable Mr. Washow to act as a Director. Mr. Lee Graber remains as the sole Director nominee of Pacific Road Resources Funds.

Mr. George Bennett, who worked on the Bonasika Feasibility Study, has been appointed Chief Operating Officer of the Company. An Applied Science Graduate of Queen's University with a degree in Engineering Geology, Mr. Bennett has over 50 years involvement with the exploration, mining, production and sale of industrial minerals with specific focus on Refractories. Mr. Bennett experience extends from start-up refractory operations to managing International Licensing and Technology Sales for Harbison-Walker Refractories, and global refractories marketing responsibilities. Mr. Bennett acted as an Industrial Minerals Consultant to the Guyana and Peru refractory alumino-silicate industries on technical operating issues and the establishment of global marketing and distribution organization for refractory and chemical grade bauxites.

Mr. Ian Fodie has been appointed Chief Financial Officer. Mr. Fodie brings extensive international accounting, finance, and capital markets experience to First Bauxite. Most recently, Mr. Fodie has acted as CFO of Lithium Americas Corp., President & CEO of Woulfe Mining Corp., and CFO of Resinco Capital Partners Inc. Mr. Fodie obtained his Chartered Accountant designation from the New Zealand Institute of Chartered Accountants and has resided in Canada for over 22 years. The Company thanks Mr. Albert Wu for his contribution as CFO since its inception.

Mr. Jess Hutchinson has been appointed Vice President, Marketing & Product Development. A Bachelor of Science Graduate of the University of Virginia with a degree in Chemical Engineering, Mr. Hutchinson has over 25 years experience in the minerals and manufacturing industries, with significant exposure to Refractories. Mr. Hutchinson has held various project and product management and application engineering positions, Market & Product Development Manager, and VP International Operations at Harbison-Walker over a 23 year period, followed by EVP Worldwide Sales & Marketing at Global Industrial Technologies (GIX), where he materially increased sales and reduced overheads, and Chief Executive Officer of RHI America, where he successfully completed a merger integration plan. Mr. Hutchinson experience illustrates his ability to create international sales channels and increase market share.

Mr. Howard Winkelbauer has been appointed Technical Director, Products. A Bachelor of Science Graduate of Edinboro University with a degree in Geology and a Master of Science Graduate of Miami University with a degree in Geology specializing in Experimental Mineralogy, Mr. Winkelbauer has 19 years of experience in the research and technology development field for Harbison-Walker Refractories and further senior research roles with RHI America and ANH Refractories. Mr. Winkelbauer's is an accomplished writer with a number of technical publications being released and his research has resulted in 11 US patents being recorded, many related to refractory products and processes. Mr. Winkelbauer's technical developments have led to significant cost savings in the manufacturing process of various products.

"I am extremely pleased with the Director and management changes announced at this time," said Hilbert N. Shields, President & CEO. "Coupled with the recently announced upgrades in resources and reserves to the Company's NI43-101 compliant Feasibility Study on the Bonasika Bauxite Project, this world class management team has the expertise necessary to move forward with the next major milestone of obtaining project finance and constructing the mine for operation. First Bauxite is increasingly well positioned to be the next major, long life, low cost, producer of refractory grade bauxite."

About First Bauxite

First Bauxite is a Canadian natural resource company engaged in the exploration and development of bauxite deposits in Guyana, South America. The Company has its head office in Toronto 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 sintered (calcined) bauxite. First Bauxite controls a large land package in Guyana's historical coastal bauxite belt, including the Bonasika Mining License, the Waratilla-Cartwright Prospecting License, the Essequibo PGGS License, and the contiguous Tarakuli and Tarakuli North-West Prospecting Licenses in Northeast Guyana. The Company completed a Feasibility Study Update over the Bonasika 1, 2, 5, 6, and 7 deposits and announced its results on October 6, 2011. The Feasibility Studies define and confirm the economic viability of an operation based on sequential mining of the five (5) bauxite deposits located on the Bonasika Licenses, and the construction of a washing plant facility, a sintering plant, and load out facilities, at Sand Hills. 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

Hilbert N. Shields, President & CEO

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "developing", "will", "move forward", "next", "obtaining", "constructing" and similar expressions. These statements include, but are not limited to, statements regarding the continued advancement of the Bonasika Bauxite Project. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the effect of capital market conditions and other factors on capital availability; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined and other risks more fully described in the Company's Management Discussion & Analysis of Financial Position and Results of Operations, which is available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

Neither the 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.

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