22 AUGUST 2011abnnewswire
Bauxite Resources Limited (ASX:BAU) Increases Global Bauxite Resource By 35% To 33.4Mt
Edited by : AL CIRCLE
1 min read
Perth-based bauxite explorer and developer, Bauxite Resources Ltd (ASX:BAU) ("BRL" or "The Company") is pleased to announce an update to the bauxite resource base in the North Darling Range area. Resource modelling has been completed on recent drilling undertaken on the Cardea prospect that has produced a Maiden Inferred Resource of 6.4Mt, with a further 2.2Mt Maiden Inferred Resource for the Minerva prospect.
The Minerva area comes under the Bauxite Resource Joint Venture with Yankuang Group ("Yankuang"), with Bauxite Resources retaining a 30% bauxite interest, while the Cardea prospect is subject to a Farm In and Joint Venture Agreement between Bauxite Resources and HD Mining & Investment Pty Ltd (Shandong Provincial Bureau of Geology and Mineral Resources) ("Shandong") where Shandong may earn up to a 60% interest at the completion of certain milestones. Resource modelling for Minerva and Cardea has been conducted by Snowden Mining Industry Consultants Pty Ltd, and all results supersede previous resources announced by the Company.
The Minerva area comes under the Bauxite Resource Joint Venture with Yankuang Group ("Yankuang"), with Bauxite Resources retaining a 30% bauxite interest, while the Cardea prospect is subject to a Farm In and Joint Venture Agreement between Bauxite Resources and HD Mining & Investment Pty Ltd (Shandong Provincial Bureau of Geology and Mineral Resources) ("Shandong") where Shandong may earn up to a 60% interest at the completion of certain milestones. Resource modelling for Minerva and Cardea has been conducted by Snowden Mining Industry Consultants Pty Ltd, and all results supersede previous resources announced by the Company.
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