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First Bauxite Announces Feasibility Study Results for Bonasika Refractory Bauxite Project

August 18, 2010
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First Bauxite Corp. has announced the positive feasibility study results for its 100%-owned Bonasika refractory grade bauxite project located in Guyana, South America. The study was based on the bauxite reserves of the Bonasika 1, 2 and 5 deposits, which are within the Bonasika mining license. In addition, a NI 43-101 Compliant Mineral Resource estimate was completed for the Upper Waratilla-Cartwright deposit located within the Waratilla-Cartwright Prospecting License. Met-Chem Canada Inc. was the lead author of the study, with participation and contribution of several industry experts and consultants.

The study began last September and has considered all aspects related to development of the project, including in-situ geology, mining, metallurgy, processing and engineering, economics, marketing, and social and environmental considerations. The study defines and confirms the viability of an operation based on sequential mining of the three 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 fewer than 2 km from the Bonasika 1 and 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 of raw, dry bauxite per year (1148 tons/day); the wash plant will produce 162,232 tons of washed bauxite concentrate and the two vertical pressurized shaft kilns will produce 100,000 tons/year of sintered bauxite final product. The Bonasika proven bauxite reserves support a mine life of 8.4 years at an average cash operating cost of $182/ton of sintered bauxite.

“This feasibility study substantiates the quality of our bauxite assets in Guyana and represents a solid foundation upon which we will build and expand First Bauxite Corporation,” said Yannis Tsitos, president and director. “We have taken another major step toward realizing our vision of building a financially robust refractory-grade bauxite operation in Guyana. Backed with the mineral reserves of Bonasika and the additional indicated bauxite resource from upper Waratilla, the development of the Bonasika project will unlock value not only for the shareholders of the company, but for all related project stakeholders and especially the local communities and the people of Guyana.”

For more information, visit www.firstbauxite.com.

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