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

First Bauxite Corporation

September 14, 2010 14:23 ET

First Bauxite Corporation Has Received and Filed the NI 43-101 Compliant Technical Report With Respect to the Bonasika Project Feasibility Study, Guyana

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2010) - FIRST BAUXITE CORP. ("First Bauxite" or the "Company")

First Bauxite (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) is pleased to announce that it has received the NI 43-101 Compliant Technical Report with respect to its Bonasika Bauxite Project Feasibility Study. In July 29, 2010 the Company announced the positive Feasibility Study ("FS") results for its 100% owned, Bonasika refractory grade bauxite project (the "Project") located in Guyana, South America. A copy of the NI 43-101 compliant report has been filed with the applicable securities and regulatory authorities in Canada and can be found on both the SEDAR website at www.sedar.com and the First Bauxite corporate website at www.firstbauxite.com. The Technical Report was completed by Met-Chem Canada Inc. ("Met-Chem") of Montreal, Canada.

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 sintered (calcined) bauxite. First Bauxite controls a large land package in Guyana's historical coastal bauxite belt, including the Bonasika Mining License and the Waratilla-Cartwright 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 recently completed a Feasibility Study over the Bonasika Project and announced its results on July 29, 2010. The Feasibility Study defines and confirms the viability of an operation based on sequential mining of the three (3) bauxite deposits located on the Bonasika Mining License by open-pit, truck and excavator mining, with the mined ore trucked for processing at a central wash plant facility located less than 2 km from the Bonasika 1 & 2 pits. The wash plant concentrate will be transported 23 km to the sintering plant and load out facilities at Sand Hills. The Mine will operate at a production rate of 298,500 metric tons ("tonnes") of raw, dry bauxite per year or 1,148 tonnes per day, the wash plant will produce 162,232 tonnes of washed bauxite concentrate and the two vertical pressurised shaft kilns will produce 100,000 tonnes per year of sintered bauxite final product. The Company 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 Mining and Exploration Ltd, 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 has entered into an agreement to acquire all of the issued and outstanding shares of Bauxite Corporation of Guyana Inc. ("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. For further information on First Bauxite Corporation, please visit our corporate website at www.firstbauxite.com.

Qualified Person's Statement

Ms. Céline M. Charbonneau, Eng., of Met-Chem Canada Inc., a qualified person under NI 43-101, is independent of the Corporation in accordance with the requirements of NI 43-101 and has reviewed the scientific and technical information in this news release and found it conform to the Feasibility Study Report and NI 43-101 Compliant Technical Report.

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