Bauxite Resources Limited (ASX:BAU) Clarifying Statement On Bauxite Targets Of Joint Venture Projects With Yankuang Group
Perth, April 4, 2011 AEST (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 (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.
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