Bauxite Resources Limited (ASX:BAU) Quarterly Activities Report For June 2009
Perth, July 31, 2009 AEST (ABN Newswire) - Bauxite Resources Limited (ASX:BAU)(PINK:BXRDF) primary focus for the quarter has been the groundwork and preparation of mine plans for the commencement of quarrying scheduled for the next quarter. A suite of policies, procedures and assorted plans have been in work for the start of the DSO quarry operation and the licence to quarry Extractive Industries Licence (EIL) application.
These include but are not limited to; General Mining Procedures, Mining Induction, Refuelling Management Plan, Fire Management Plan, Project Management Plan, Safety Management Plan and Storm Water Management Plan. This documentation is required to support BRL's commitments and obligations contained within the EIL application currently being considered by the Shire of Chittering, due for approval early next quarter. The Company is also in detailed communications with Main Roads and several local Shires regarding rail and road use.
The starter pit has had site drilling completed and 'trial sample quarrying' concluded, trench digging and costean samples have confirmed exploration results.
Once the EIL and PMP have been approved contract quarry operators will mobilise their crushing operation plant and equipment and commence operations.
CORPORATE SUMMARY
Capital Raised Via Placement of 19.7m Shares and Exercise of Options
During the June quarter the Company raised A$9.85m via the placement of 19.7 million shares at A$0.50c each. A further A$76,500 was raised via the exercise of 255,000 options at A$0.30c each.
Cash Position and Issued Capital
The Company's issued capital and cash position as at 30 June 2009 increased over last quarter as a result of the above capital raised via placement and exercise of options and at 30 June 2009 BRL had A$16.5 million cash at bank and 151,438,228 shares on issue.
Acquisition of Property
During the quarter the Company acquired a property north of Bindoon for a total cost of A$1.9m. In addition to the property containing bauxite mineralised laterites (with pre-existing CRS/Pacminex historical data), the property will provide an operating base for the commencement of spot and DSO mining operations. The property will provide significant cost savings in accommodation and storage, and will be the proposed main site base for site operation as well as sampling and laboratory studies, community and environmental relations, as well as the site for the proposed Mooramurra Wildlife Sanctuary and sandalwood rehabilitation post mining.
Share Price and Market Capitalisation
The Company's share price has firmed from 26 cents at 31 March 2009 to around its current level of approximately 40 cents. The market capitalisation has increased substantially from A$34.2 million at 31 March 2009 to around A$60.5 million as a result of the placement conversion of options and the improved share price.
For the complete Bauxite Resources Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61156-ASX-BAU-454833.pdf
About Bauxite Resources Limited
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) was established with a substantial tenement holding in Western Australia to develop new bauxite supply for the global alumina/aluminium industry. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
The Darling Range in the south-west of Western Australia (WA) is the world's largest bauxite mining and alumina refining region producing around 20% of the world's alumina. This area has mined bauxite and refined alumina since the 1960s. These industries are leaders in sustainable resource development and represent the fifth largest sector of WA's resource industry.
| ||
|
