Bauxite Resources Limited Clarifying Statement On Bauxite Targets Of Joint Venture Projects With Yankuang Group
04.04.2011 | ABN Newswire
12:09 AEST Apr 4, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Bauxite Resources Limited (ASX: BAU) announce additional information regarding targets within the Bauxite Resources Limited and Yankuang Group Limited (\'Yankuang\') Bauxite Resource and Alumina Refinery Joint Venture Agreements.
Bauxite Targets
The Company has recently announced that pursuant to the terms of its joint venture with Yankuang, it is targeting bauxite discovery of 60 million tonnes within 1 year and 90 million tonnes within 3 years. The announcement relates to contractual targets and should not be construed as indicating the existence of a JORC Code compliant Mineral Resource or an exploration target. There is no guarantee that exploration will result in the determination of a Mineral Resource that achieves these contractual targets.
Proposed Alumina Refinery Production Rate
The Company advises that the proposed alumina refinery production target is currently conceptual in nature and relates to future production goals based on the ability to achieve the above targets. Detailed feasibility studies are currently underway to advance the economic evaluations of the various targets. There remains at present insufficient certainty with respect to whether economically mineable mineralisation exists to reliably estimate future production rates. These production targets are also subject to the completion of all necessary feasibility studies, environmental approvals, financing arrangements, execution of relevant agreements and timely project construction.
About Bauxite Resources Limited:
Bauxite Resources Limited (ASX: BAU) was launched in May 2006 to establish itself in the bauxite and alumina industries in Western Australia where four of the seven Australian alumina refineries and four of Australia's bauxite mines are located. It listed successfully on the ASX on 22 October 2007 after closing its A$7.5 million IPO early and oversubscribed, having previously raised approximately $1.3 million in seed capital. In February 2009 the Company raised a further $4.7 million on the uptake of its options issue.
The Company is the only ASX-listed bauxite explorer in the highly prospective Darling Range, and is the largest tenement holder in the Darling Range with approximately 15,000 square kilometres of prospective bauxite laterite ground. To put this into context this area is larger than East Timor and almost the size of Beijing Municipality.
The Darling Range is the largest bauxite mining and alumina producing region in the world. This area supplies approximately 18% of the world's alumina and is home to Alcoa's Huntly Mine, the largest producing bauxite mine in the world and Pinjara Refinery the second largest alumina refinery in the world. The Darling Range has three of the top five refineries in the world in terms of lowest operating costs.
Contact:
Paul Fromson
Chief Financial Officer / Company Secretary
Tel: +61-8-9200-6300
Email: pfromson@bauxiteresources.com.au