Mar. 16, 2010
FIRST BAUXITE CORPORATION ("First Bauxite" or the "Company") is pleased to announce that Passport Materials Master Fund LP ("Passport Materials") has exercised an aggregate of 1,500,000 warrants of the Company, resulting in gross proceeds of $1,350,000 to the Company.
FIRST BAUXITE CORPORATION ("First Bauxite" or the "Company") is pleased to announce that Passport Materials Master Fund LP ("Passport Materials") has exercised an aggregate of 1,500,000 warrants of the Company, resulting in gross proceeds of $1,350,000 to the Company.
The Company is very pleased with Passport Material's investment in First Bauxite. The proceeds from the exercise of warrants will be used for First Bauxite's working capital purposes including the completion of the Bonasika Feasibility Study and advancing the resource outline drilling program at the Waratilla-Cartwright bauxite deposit.
Guyana is one of the world's major centers for type of high grade refractory bauxite. The company have three different projects in Guyana. Two of them are advanced projects. One of them, Bonasika, is now at the Feasibility Study stage, which are probably about 80% completed. The company expects to receive it as a Board of Directors by the end of Q1 2010 and announce its results immediately afterwards.
Fist Bauxite's intention is to begin production at Bonasika within 15 to 18 months from the time it presss the button to develop the project, and that will happen in the next two months, at the rate of 100,000 metric tonnes of refractory calcined bauxite production per annum.
The second deposit is the Waratilla-Cartwright deposit, which are currently drilled to outline a larger resource. Bonasika is what the company calls low hanging fruit. It has very little overburden and is very high quality in terms of alumina content and low iron oxide.
Guyana is one of the world's major centers for type of high grade refractory bauxite. The company have three different projects in Guyana. Two of them are advanced projects. One of them, Bonasika, is now at the Feasibility Study stage, which are probably about 80% completed. The company expects to receive it as a Board of Directors by the end of Q1 2010 and announce its results immediately afterwards.
Fist Bauxite's intention is to begin production at Bonasika within 15 to 18 months from the time it presss the button to develop the project, and that will happen in the next two months, at the rate of 100,000 metric tonnes of refractory calcined bauxite production per annum.
The second deposit is the Waratilla-Cartwright deposit, which are currently drilled to outline a larger resource. Bonasika is what the company calls low hanging fruit. It has very little overburden and is very high quality in terms of alumina content and low iron oxide.
