Update on Activities in Guyana: First Bauxite Corporation Advances Bonasika Feasibility Study and Commences Resource Drilling at Waratilla-Cartwright
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2009) - FIRST BAUXITE CORP. ("First Bauxite" or the "Company") (TSX VENTURE:FBX) -
First Bauxite is pleased to announce that it is achieving significant progress in the preparation of a Feasibility Study for the development of the Bonasika Refractory Bauxite Project. The company has also commenced sonic drilling of the bauxite deposits contained in the Waratilla-Cartwright Prospecting License. The aim of this drilling is to explore the extent, quality and continuity of the deposits and to prepare a NI 43-101 compliant resource estimate.
Feasibility Study at Bonasika Project – Brief Update
First Bauxite has completed the following drilling and sampling on the Bonasika Mining Leases:
Bonasika 1:- 237 holes, totaling 5363 m, 3227 samples analysed.
Bonasika 2:- 165 holes, totaling 3636 m, 2099 samples analysed.
Bonasika 5:- 58 holes, totaling 1568 m, 719 samples analysed.
Aluminpro (Aluminium Industry Professionals Inc.), who has been providing QA & QC oversight of the Company's drill program since inception, has been contracted to prepare resource models and estimates for Bonasika 1 and 5 as a part of the current Bonasika Feasibility Study. The Bonasika 2 results have yet to be finalized.
Met-Chem has the mandate to complete the Feasibility Study and current activities include mine planning, developing a bauxite beneficiation process flow sheet, site lay-outs and requirements for geotechnical work. Golder and Associates have a team on site to undertake this geotechnical work. Met-Chem is also co-ordinating the work of its sub-contractor Roche who are engaged in the tailings pound design, water management and related environmental aspects.
Met-Chem continues to advance the overall engineering design and is collating the various elements for operating and capital cost estimates. This will include engineering and cost data for the overall calcining stage that is being developed by Polysius Maerz. A draft of the Feasibility Study is expected to be available for the review of the Company in the first quarter, 2010.
Resource Drilling at Waratilla-Cartwright PL ("Waratilla")
The Waratilla project is located some 6-10 km south east of the Company's Bonasika 1 deposit and the Bonasika access road crosses the PL as shown on the location map on our websitewww.firstbauxite.com. In March 2009, FBX conducted an initial five hole campaign in the northern part of the PL and the results, reported on April 16, yielded the best bauxite intersected by the Company to date in Guyana with hole WCSD003 reporting 9.30m of bauxite from 23.59m to 32.89m depth at 61.28% Al2O3, 0.74% Fe2O3, 3.54% SiO2, 2.29% TiO2 and 31.52% LOI.
A recently purchased sonic drill rig has arrived at Waratilla, and after personnel training on safety and operating procedures an aggressive exploration campaign was started in late November. This campaign is intended to confirm and extend the resources identified in 1963 by DEMBA, a subsidiary of ALCAN within an area of 4km x 3km drilled by 64 holes. This historical work had indicated approximately 12 million metric tonnes of high-alumina refractory (RASC) grade bauxite, as well as lower grade metallurgical bauxite (see NI 43-101 Technical Report May 2008).
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. 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. 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.
