Sydney, Mar 9, 2010 (ABN Newswire) - Emerging Australian bauxite company, Australian Bauxite Limited (ASX:ABZ) has applied for eight (8) new bauxite exploration tenements in Tasmania covering an area totalling 1,508 square kilometres (km2) and containing good quality bauxite in favourable settings for potential development.
Australian Bauxite Limited CEO, Ian Levy said; "These unexpectedly high quality bauxite discoveries are especially exciting because they are all in cleared land, near to rail transport networks leading directly to major export ports in a state with a well-developed mining sector. There are also coal mines and an aluminium smelter nearby which could assist in making the processing of bauxite in Tasmania attractive.
"Because of this major expansion in our tenement areas, we intend to step-up our exploration efforts to accelerate the rate of expansion in our JORC-compliant resources and to establish project prioritisation.
"These new discoveries of bauxite demonstrate that the disciplined work by our exploration team led by Jacob Rebek since 2006, and Tamara Coyte in Tasmania, has given us control of the core of the Eastern Australian Bauxite Province which we believe contains better bauxite than most bauxites world-wide."
For the complete Australian Bauxite ASX Announcement, please click the link below:
Australian Bauxite Limited (ABx) (ASX:ABZ) holds the core of the newly discovered Eastern Australian Bauxite Province. Its 37 bauxite tenements in Queensland, NSW and Tasmania covering 8,500 km2 were rigorously selected on 3 principles: 1. good quality bauxite; 2. proximity to infrastructure connected to export ports; and, 3. free of socio-environmental or native title land constraints.
All tenements are 100% owned and free of obligations for processing and third-party royalties. ABx has already discovered many bauxite deposits and new discoveries are still being made as knowledge and expertise grows.
The company's bauxite is high quality and can be processed into alumina at low temperature – the type that is in short-supply globally. Global resources declared to date are 68 million tonnes. At the company's first drilling prospect in Inverell, northern NSW, an interim resource of 35 million tonnes has been reported from drilling 15% to 20% of the area prospective for bauxite and a resource of 25 million tonnes of bauxite has been reported at the Taralga project in southern NSW. 6 million tonnes maiden resource was declared at Guyra. Results from the Binjour Plateau in central QLD confirm that ABx has discovered a significant bauxite deposit including some bauxite of outstandingly high quality. Australian Bauxite Limited aspires to identify large bauxite resources in the Eastern Australian Bauxite Province which is emerging as one of the world's best bauxite provinces.
ABx has the potential to create significant bauxite developments in three states - Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
Contact
Investor Relations Henry Kinstlinger Australian Bauxite Limited Telephone: +61-2-9251-7177
ASX:ABZ) has applied for eight (8) new bauxite exploration tenements in Tasmania covering an area totalling 1,508 square kilometres (km2) and containing good quality bauxite in favourable settings for potential development.
Australian Bauxite Limited
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