FBX First Bauxite Corporation (delisted)

First Bauxite Corporation (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First
Bauxite" or the "Company") is pleased to announce that the NI 43-101 Technical
Report - Bankable Feasibility Study Update ("BFSU") for its Bauxite Project in
Guyana, South America, prepared by the independent engineering firm, Met-Chem
Canada Inc., has been filed on SEDAR at www.sedar.com and can also be found on
the Company's website at www.firstbauxite.com. 


As previously announced on October 6, 2011, the significantly improved results
in the BFSU over the NI 43-101 Technical Report - Feasibility Study filed in
September 2010, are the result of the addition of the Bonasika 6 and 7 Mineral
Reserves in the economic analysis. 


The proposed development plan is to now commence operations at the Bonasika 7
deposit, followed by the Bonasika 6 deposit (the "Project"). All Project
financial information below relates only to the Bonasika 6 & 7 deposits. As
such, the financial value of the Bonasika 1, 2 and 5 deposits, as previously
announced in September 2010, are not included in the information below and,
therefore, indicate future value for the Company and its stakeholders. 


The before tax NPV of the Project (Bonasika 6 & 7 deposits) now stands at $157
million, which is a 279% increase over the previous reported NPV of $41 million
(Bonasika 1, 2 and 5 deposits).


Highlights from the BFSU and the filed NI43-101 Technical Report include:



--  Exploration supervised by Aluminpro on all five (5) Bonasika deposits
    demonstrated the existence of 13.1 million tonnes of Measured and
    Indicated Mineral Resources.  
--  The development plan calls for mining of 8.6 million tonnes of Probable
    Mineral Reserves from the Bonasika 6 and 7 deposits, representing a 36
    year mine life. 
--  The Sand Hills processing plant is designed for an annual production
    level of 100,000 tonnes of sintered refractory bauxite, trademarked
    Guysin(R). 
--  The Initial Capital Costs for the Project are estimated at $123.9
    million. 
--  The Sustaining Capital Costs for the Project are estimated at $36.9
    million. 
--  The average Project Operating Costs of Guysin(R) over the 36 year mine
    life are estimated at $211/tonne. 
--  The financial analysis of the Project has demonstrated that, at an
    average sale price of $475/tonne, the IRR is 18.7% before taxes and
    17.7% after taxes. 
--  The Project NPV before tax is estimated at $157 million using a 7.5%
    discount rate. 
--  The payback period is estimated at five (5) years (undiscounted). 
--  Selective mining of the Bonasika 7 deposit high grade core produces two
    (2) separate concentrates that can be blended under controlled
    conditions to achieve a chemically consistent sinter plant feed, reduce
    wash plant capacity and improve recovery: 
    --  Direct Feed Bauxite ("DFB") material that can be directly fed to the
        blend point after proper crushing and thus by-passes the wash plant;
    --  Regular Grade Bauxite ("RGB") material that will be upgraded by
        crushing and washing, then re-combined with crushed DFB at the blend
        point ahead of sintering to produce a consistent quality,
        homogenized sinter plant feed.
--  The independent market study concluded that: 
    --  First Bauxite production will provide consumers a new supply source
        of premium product; 
    --  The global demand for bauxite is likely to grow steadily over the
        next 10 to 15 years; and 
    --  The nominal and real refractory grade bauxite prices are expected to
        rise over the next ten (10) years.



"Having illustrated the significant economic value of the Bonasika deposits, we
are aggressively developing the Bonasika Project into a major, low-cost,
long-life producer," stated Hilbert N. Shields, CEO. "The Company will now focus
on its next major milestones of implementing a Project financing plan and
commissioning detailed engineering and early stage infrastructure development."


About First Bauxite Corporation

First Bauxite Corporation (TSX VENTURE:FBX) 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 Vancouver 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 Permit. The
Company also holds the Tarakuli and contiguous Tarakuli North-West Prospecting
Licenses in Northeast Guyana. The Company's Bankable Feasibility Study Update
defines and confirms the economic viability of an operation based on sequential
mining of the two (2) bauxite deposits (Bonasika 6 and Bonasika 7), and the
construction of a washing plant facility, a sintering plant, and load out
facilities, at Sand Hills. The Bonasika 1, 2 and 5 deposits are additional value
and would increase the mine of life from 36 years to 44.5 years. For further
information on First Bauxite Corporation, please visit our corporate website at
www.firstbauxite.com.


Qualified Person's Statement

Mr. Daniel Houde, Eng., of Met-Chem Canada Inc., a qualified person under NI
43-101, is independent of the Corporation and has reviewed the scientific and
technical information in this news release and found it conform to the
Feasibility Study Update Report and the NI 43-101 Compliant Technical Report.


On behalf of The Board of Directors of First Bauxite Corporation

Hilbert N. Shields, CEO & Director

Ioannis (Yannis) Tsitos, President & 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 achievement of the Company to be
materially different from the results, performance or expectation implied by
these forward looking statements.

First Bauxite Corporation (TSXV:FBX)
Historical Stock Chart
From Jul 2024 to Aug 2024

First Bauxite Corporation (TSXV:FBX)
Historical Stock Chart
From Aug 2023 to Aug 2024