Australian Bauxite updates Share Purchase Plan

Australian Bauxite Limited (ABx) holds the core of the newly discovered Eastern Australian Bauxite Province. Its 38 bauxite tenements in Queensland, NSW and Tasmania covering 8,250 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.

Australian Bauxite Limited (ASX: ABZ) (ABx) is pleased to announce it has raised A$455,850 via a Share Purchase Plan ("SPP"), which ran in conjunction with a placement to sophisticated, eligible and professional investors.

The combined fund raising totalled over $2 million in line with directors' projections.

ABx said it received applications for a total of 1.17 million ordinary shares from existing eligible shareholders, and that the SPP was now closed.

Together with the placement proceeds, existing funds available to ABx in cash reserves are in excess of $3 million.

The SPP funds will be used to progress ABx's drilling and development programs and to provide working capital.

ABx Managing Director Ian Levy said: "The ABx Board and staff acknowledge this impressive shareholder support at an important stage in the company's development."

The allotment of the shares and dispatch of holding statements will be completed before 20th July as previously advised on 13 June 2012.