TORONTO, ONTARIO -- (Marketwire) -- 05/29/12 -- 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. John W. Hick as a Director and Chairman.
Mr. Ioannis (Yannis) Tsitos has stepped down from the position of Interim Chairman to enable Mr. Hick to assume the Chairman role, but will continue serving as a Director. Mr. Tsitos is thanked for his leading the Company as an officer and Interim Chair to date.
Mr. Hick brings over 30 years of executive management and board experience in the mining sector with operations encompassing the globe including Placer Dome, TVX Gold, Rio Narcea Gold, and Medoro Resources. Mr. Hick holds a LLB degree from the University of Ottawa, was called to the Bar of Ontario in 1978, and currently serves on the boards of a number of other mining companies.
In connection with this appointment, the Company has granted incentive stock options for the purchase of up to 400,000 common shares of the Company at a price of $0.52 for a five-year period to Mr. Hick.
"I am extremely pleased that John has agreed to join our Board at this time," said Hilbert N. Shields, President & CEO. "John's appointment adds valuable expertise to First Bauxite's Board to provide guidance to management to move forward with the next major milestones of the Company. First Bauxite is increasingly well positioned to be the next major, long life, low cost, producer of refractory grade bauxite."
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, the Waratilla-Cartwright Prospecting 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 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.
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.
First Bauxite Corporation
Hilbert N. Shields
President & CEO