TORONTO, ONTARIO--(Marketwire - Aug. 17, 2012) - First Bauxite Corporation (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First Bauxite" or the "Company") is pleased to announce that it has further strengthened its Board of Directors with the appointment of Mr. Alan Roughead as a Director.
Mr. Demetrius (Jim) Heras, one of the co-founders of the Company, who served for three years as its Chairman and an additional six years as a Director and was instrumental in shepherding the early growth and funding of the Company, has resigned. The Board of Directors, on behalf of all shareholders, wish to thank Jim for his dedication and hard work and his commitment to support the new Board and to continue to be a conduit to our loyal existing shareholders.
Mr. Roughead, who is based in Australia, brings over 25 years of experience in the industrial and refractory minerals space. During the last 12 years, until its sale to Sibelco, Alan was CEO & Director of Queensland Magnesia Pty Ltd, one of the world's largest producers of magnesia for the global refractory and chemical markets. Mr. Roughead holds a Bachelor of Economics (Hons.) degree from the University of Western Australia and served as a Director of Talison Minerals Pty Ltd. from 2007 - 2009.
In connection with this appointment, the Company has granted to Mr. Roughead a five-year incentive stock option for the purchase of up to 300,000 common shares of the Company at a price of Cdn$0.26.
"I am very pleased that Alan has agreed to join our Board at this time," said Hilbert N. Shields, President & CEO. "Alan's appointment adds valuable industry operating expertise to First Bauxite's Board as we move forward with preparing for construction and operation of the Company's Bonasika refractory bauxite property in Guyana. First Bauxite is increasingly well positioned to be the next major, long life, low cost, producer of refractory grade bauxite. I would also like to extend my personal thanks to Jim Heras for his past guidance and support of the Company."
About First Bauxite
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 Toronto 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 Essequibo PGGS Prospecting 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 two (2) bauxite deposits (Bonasika 6 and Bonasika 7) over a mine life of 36 years, 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 to 44.5 years. For further information on First Bauxite Corporation, please visit our corporate website at www.firstbauxite.com.
Hilbert N. Shields, President & CEO
Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "developing", "will", "move forward", "next", "obtaining", "constructing" and similar expressions. These statements include, but are not limited to, statements regarding the continued advancement of the Bonasika Bauxite Project. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the effect of capital market conditions and other factors on capital availability; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined and other risks more fully described in the Company's Management Discussion & Analysis of Financial Position and Results of Operations, which is available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.Neither the 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.