First Bauxite Corporation Retains Rothschild as Financial Advisor to Secure Project Financing of the Bonasika Refractory Bauxite
April 07 2011 - 9:00AM
Marketwired
FIRST BAUXITE CORP. (TSX VENTURE: FBX)(FRANKFURT: FBI)(BERLIN: FBI)
("First Bauxite" or the "Company") First Bauxite Corporation is
pleased to announce that it has engaged Rothschild Inc.
("Rothschild") as its exclusive financial advisor in planning,
preparing and subsequently implementing the project financing for
the Company's Bonasika refractory bauxite project located in
Guyana.
Rothschild will advise and assist First Bauxite in developing a
financing plan for the Bonasika project. Rothschild's initial
services will include assisting the Company in assessing the
potential amount, structure and sources of financing, to be
followed by assisting First Bauxite in securing funding.
Rothschild's role will also include advising on the development of
key contracts and structures to ensure bankability and the
appointment of an independent engineering firm as well as assisting
the Company in the implementation of the debt component of the
financing.
In connection with its engagement as the Company's exclusive
financial advisor, and subject to the approval of the TSX Venture
Exchange, the Company has granted to Rothschild incentive stock
options for the purchase of up to 875,000 common shares of the
Company, at a price of $1.27 per share, for a period of three
years.
The President of the Company Yannis Tsitos commented: "First
Bauxite is delighted to have Rothschild join our team. Rothschild
has been at the centre of the world's financial markets for over
200 years. Together, we are dedicated to seeing the full potential
of Bonasika realized in the earliest possible timeframe. The
Company's mission is to become a near-term, medium size producer
and supplier of high quality, refractory grade sintered bauxite,
and the first important milestone in delivering value to our
shareholders is the efficient development of our wholly owned
Bonasika Project."
About Rothschild
Rothschild is an independent financial advisory firm, with 1,000
professional staff operating from offices in 40 countries around
the world providing impartial, expert advisory and execution
services to corporations, governments, institutions and
individuals. Rothschild has a depth and breadth of experience
within the mining sector, including advising on more than US$30
billion of resource sector project financing in emerging markets
over the last 20 years.
About First Bauxite
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, the Waratilla-Cartwright Prospecting
License and the Essequibo PGGS License. Bonasika and WarCart
licenses cover deposits which host near surface high quality
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, the construction of a washing plant facility, of a
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
drilled two bauxite deposits within the Waratilla Prospecting
License. The NI 43-101 compliant Geological Resource outlined in
the UWC deposit now called the Bonasika 6, was reported in the
Bonasika Feasibility Study and the NI 43-101 compliant Geological
Resource outlined in the LWC deposit, now called Bonasika 7 is
reported in the Company's News Release of February 3, 2011. The
Company also in 2010 acquired 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.
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.
Contacts: First Bauxite Corporation Ioannis (Yannis) Tsitos
President & Director 604-806-0916 604-806-0956 (FAX)
www.firstbauxite.com
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