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Australian Bauxite looks to drill Tasmania deposits before year end

Australian Bauxite looks to drill Tasmania deposits before year end

Sydney-based exploration company Australian Bauxite (ASX: ABZ) has successfully completed its first-pass drilling campaigns on all of its Queensland projects and its second-pass drilling campaign at Inverell in northern NSW along with a first-pass exploratory drilling of Pindaroi near Inverell.

Results are considered satisfactory, and, in some places, better than expected. At Binjour in central Queensland, a good quality concealed bauxite layer has been discovered and a bauxite deposit has also been located at Haden, south-eastern Queensland.

Initial laboratory results for Inverell & Pindaroi in northern New South Wales, plus Hampton and Binjour in Queensland have been received. A resource upgrade for Inverell has commenced on schedule and will be reported in late August.

First-pass drilling near Goulburn, southern NSW, is intercepting bauxite in most holes and preparations for commercial discussions in September-December are on track. The company said drilling is continuing ahead of schedule in southern NSW near Goulburn with a high success rate.

Ian Levy, CEO, said “the ABx exploration team is achieving rapid discovery rates and a massive increase in geological knowledge about this large, new bauxite province that ABx has discovered over 1,400 kms from central Queensland to Tasmania."

“In March 2010, we told shareholders we wanted to accelerate exploration and our team has already delivered on that promise. We could be drilling our exciting Tasmanian deposits before year-end, thus completing a first-pass evaluation of all our projects 6 months ahead of schedule.”

The drilling rig and crews have moved to the Goulburn area, southern NSW where application of improved geological understanding of these bauxite occurrences has led to a significant increase in the frequency of bauxite intercepts.

The company said good thicknesses of bauxite up to 7 metres thick are being intersected in most drillholes and the consistency of the bauxite is impressive.

The Department of Industry and Investment has approved a 780 hole drilling program at Inverell, following submission of a Review of Environmental Factors. The approval is for 3 years.

ABx's bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers. The ABx discoveries of bauxite in Tasmania are yet to be evaluated by drilling but bauxite is confirmed to extend over relatively large areas.

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Australian Bauxite Ltd Timeline

December 10 2013

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