|By Marketwired .||
|August 21, 2014 06:09 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/21/14 -- First Bauxite Corporation ("FBX" or the "Corporation") (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) today announced that effective immediately Mr. Alan Roughead has replaced Mr. Hilbert Shields as President and Chief Executive Officer of FBX. Alan brings over 25 years of experience in the industrial minerals industry focused on operations, marketing and finance. Until its sale to Sibelco in 2012, Alan was CEO and Managing Director of Queensland Magnesia Pty Ltd, one of the world's largest producers of magnesia for the global refractory and chemical markets. Alan has been a Non Executive Director of FBX since August 2012 and will relocate to Toronto in October 2014 to take up his new role. Alan holds a Bachelor of Economics (Hons.) degree from the University of Western Australia and served as a Director of Talison Minerals Pty Ltd. from 2007 to 2009.
Alan's role with the Corporation will include leading the development and implementation of the Corporation's strategic plan, and optimisation of the Corporation's substantial resource base to produce and sell sintered bauxite refractory and ceramic proppant products. A key function will be securing project financing for the development and construction of the Corporation's high quality bauxite resource.
The Board of Directors of FBX thanks Hilbert Shields for his foresight in establishing FBX, the identification and establishment of reserves on the Bonasika deposit and his leadership in bringing the project to its current position. Mr. Shields will continue in his role as a board member of FBX.
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 the Company is to become a near term, medium size producer and supplier of high quality refractory grade sintered bauxite. For further information on First Bauxite Corporation, please visit our corporate website at www.firstbauxite.com.
On behalf of The Board of Directors of First Bauxite Corporation
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.
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.
First Bauxite Corporation