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Australian Bauxite in voluntary suspension ahead of capital raising announcement

Australian Bauxite in voluntary suspension ahead of capital raising announcement

Australian Bauxite (ASX: ABZ) has gone into voluntary suspension ahead of an announcement regarding a capital raising.

The company has not yet given any indication of the allocation of funds, but the company recently expanded the Pre-Feasibility Study (PFS) at the Goulburn Bauxite Project due to thick bauxite discovered earlier in the year.

Importantly, more than half of the 38 million tonne resource has been identified as high grade.

Metallurgical Tests, part of the PFS, confirmed that the remaining 47% of total identified bauxite resources, called PDM-DSO bauxite, contains dense, hard, magnetic emery nodules.

These are easily recovered by gravity screening for sale, leaving the remaining 70% light fraction as DSO grade bauxite.

Shares in Australian Bauxite will remain in suspension until the release of the announcement, which is expected by Friday June 8, 2012.

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Australian Bauxite Ltd Timeline

December 10 2013

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