Australian Bauxite Ltd Stock Market Press Releases and Company Profile
Australian Bauxite Limited (ASX:ABZ) Quarterly Report For The Period Ended 31 December 2009
Australian Bauxite Limited (ASX:ABZ) Quarterly Report For The Period Ended 31 December 2009

Perth, Feb 1, 2010 AEST (ABN Newswire) - Australian Bauxite Limited (googlechartASX:ABZ) is pleased to provide a Quarterly Activities Report for the period ended 31 December 2009.

Company Overview

Australian Bauxite Limited (ABx) is an Australian exploration company that was admitted to the Official List of the Australian Stock Exchange on 21 December 2009. ABx was formed specifically for the purpose of acquiring the bauxite interests of Hudson Resources Limited; increasing the value of the portfolio through a staged development program in each of three bauxite provinces which will include exploration sampling, drill testing & analyses from a wide range of targets on all exploration tenements; resource definition drilling and bauxite metallurgical testwork on the more advanced prospects.

The ABx project tenements consist of seventeen exploration tenements granted or under application covering over 5,000 sq kms of ground considered prospective for bauxite; 3,477 sq kms in NSW and 1,617 sq kms in Queensland.

The bauxite deposits are located close to existing transport and other infrastructure, close to coal mines, industrial centres and ports on the east coast of Australia.

HIGHLIGHTS

- IPO closed 3 weeks early, oversubscribed. A$4 million raised, opened strongly
- Website launched
- Queensland tenements transfer complete

CORPORATE

Register snapshot

At 31st December 2009, ABx had 70 million ordinary shares on issue and 10,200,000 options.

Cash at hand

At the end of the December quarter, ABx had available cash of A$3.5 million.

Trading summary

On 24 December 2009 Official Quotation of the Company's securities commenced. The opening price (first trade) was 25.5 cents and the shares closed at 31 cents. The high price for the stock in December was 49 cents, the low was 25 cents.

During December (4 days trading) the total trade value was A$1.46 million, with 395 trades (average of A$3,706 per trade).

According the weekend Financial Review (Jan 03 2010), there were 41 IPOs in 2009; the ABx IPO was the 10th most successful.

ABx website launched

The ABx website went online on 21 December 2010, coinciding with the Company's Listing. It can be accessed at australianbauxite.com.au where subscription to an email update service is available.

Extension of time to hold AGM

The Company applied for and was granted an extension of time within which to hold its 2009 annual general meeting by the Australian Securities and Investments Commission (ASIC).

ASIC granted the Company an extension to 28 May 2010 and the Company must now hold its annual general meeting by this date.

The Corporations Act requires that a public company holds an annual general meeting each calendar year. A company with only one shareholder is exempt; accordingly as the Company had only 1 shareholder prior to 18 December 2009 it was exempt and further, it was not practicable to conduct an audit and hold an AGM within the 13 days remaining in 2009.

EXPLORATION

Update of work completed by Hudson Resources Limited
- EL 6997 Inverell, drilling programme August 2009

A total of 35 holes were completed (NR101-135), using 'push-tube' technique and the following particle size fractions were assayed:

- +1.2mm

- -1.2 +0.6mm

- -0.6 + 0.18mm

- Total sample (so that assay values for -0.18mm fraction can also be calculated) Results were as follows:

1) Holder and Lockwood Plateau:

- Nine new holes (six on Holder Plateau and three on Lockwood Plateau) were drilled adjacent to six of the Jan-Feb 09 drill holes to obtain fresh samples for a new assaying programme including 4 particle size fractions and assays for Reactive Silica and Available Alumina.

- Three additional new holes were drilled adjacent to above holes to obtain undisturbed sample for metallurgical testing.

- Eleven holes were drilled in the area between Holder and Lockwood Plateaus to confirm that the bauxite layer extends from one Plateau to the other.

- A preliminary resource estimate of the order of 20 million tonnes has been made (for Holder and Lockwood Plateaus and the connecting zone between them). This estimate is currently being prepared to JORC code standards.

2) Cherry Tree Group of Plateaus:

- a bauxite layer (3 to +10m thick) was intersected in all drill holes;

- follow-up drilling is being planned to infill the gaps between existing holes and to expand the drill pattern over other parts of a 5km by 2km zone.

A progress report of the maiden Resource Estimate at EL 6997 is attached as Appendix A.

A resource estimate has not been stated and the report only presents methodology being adopted in preparation of a JORC compliant statement.

A comprehensive drilling programme (650 holes) on targets drill tested to date by wide spaced pattern of holes and on new targets is planned to commence in early 2010.

Queensland Tenement transfer

ABx received advice from Queensland Mines and Energy that title in all the Queensland ABx Project Tenements has been transferred from Hudson Resources Limited to ABx3 Pty Ltd, a wholly owned subsidiary of ABx.

The effective date of transfer was 23rd December 2009. The Queensland tenements are:
-----------------------------------------------------Licence No Project Geological Description-----------------------------------------------------EPM 17830 Haden      Outcrops of a massive EPM 17831 Hillgrove  cemented bauxite layer.-----------------------------------------------------EPM 17790 Hampton    Bauxite in thick red soil on                     a 3 kilometres wide plateau.                     Whilst close to Brisbane Port,                     alternative transport options                     warrant consideration.-----------------------------------------------------EPM 17800 Red Hill   Outcrops of massive cementedEPM 17801 Red Hill   bauxite layers in a Tertiary           South     Volcanic area similar to those                     in EL 6997 at Inverell, NSW-----------------------------------------------------EPM 18014 Binjour    Bauxite in thick lateritic red                     soil profile developed on a wide                     plateau. May be transported to                     Gladstone via an old rail line                     that could be rehabilitated.-----------------------------------------------------
2010 Exploration Programme

Target prioritisation and planning for an accelerated exploration and evaluation programme for the coming year is well underway.

For the complete Australian Bauxite Quarterly Report for the period ended 31 December 2009, please click the link below:

http://www.abnnewswire.net/media/en/docs/62191-ASX-ABZ-580887.pdf

About Australian Bauxite Ltd

Australian Bauxite Ltd ASX:ABXAustralian Bauxite Limited (ABx) (ASX:ABX) has its first bauxite mine in Tasmania & controls the Eastern Australian Bauxite Province. ABx's 11 bauxite tenements in Queensland, New South Wales & Tasmania totalling 662 km2 are all 100% owned, unencumbered & free of third-party royalties. ABx's bauxite is gibbsite trihydrate (THA) bauxite that can be processed into alumina at low temperature.

ABx has committed a large proportion of its expenditure into Research and Development to find ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and partitioned into layers, nodules, particles and grains of different qualities that can be separated into different product streams using physical, chemical and geophysical methods.

ABx has declared large Mineral Resources in northern NSW, southern NSW, Binjour in central QLD & in northern Tasmania.

ABx's first mine commenced at Bald Hill near Campbell Town, Tasmania in December 2014 - the first new Australian bauxite mine for more than 35 years.

ABx aspires to identify large bauxite resources in the Eastern Australian Bauxite Province and has created significant bauxite development projects in 3 states, Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.

ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.

abnnewswire.com 


Contact

Investor Relations
Henry Kinstlinger
Australian Bauxite Limited
Telephone: +61-2-9251-7177



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