First Bauxite Announces Signing of Mineral Agreement With the Government of Guyana Bauxite Project and the Receipt of Environmental Permit to Mine Deposits

First Bauxite Corporation is pleased to announce that it has signed a bilateral mineral agreement between the Government of Guyana and the Company and its local operating subsidiary, Guyana Industrial Minerals Inc., for the operation of the Bonasika Bauxite Project in Guyana, South America. The Company is also pleased to announce that it has received its Environmental Permit, to mine the Bonasika 6 & 7 bauxite deposits.

Signed November 24, 2011 at a ceremony at the Office of the President in Georgetown, Guyana, the Mineral Agreement details the terms and conditions which govern all fiscal, property, import-export procedures, taxation provisions and other related conditions for the continued exploration, mine development and operation for the life of the Bonasika Project.

The Key terms of the Mineral Agreement which, are similar to terms for existing operations in the bauxite sector in Guyana.

The Company currently holds a Mining License (the "BML") over the Bonasika 1, 2 and 5 deposits and a Prospecting License (the "WCPL") over the Bonasika 6 & 7 deposits. Both the BML and WCPL are in good standing and wholly-owned by the Company. Mining operations are now planned to commence on the Bonasika 7 deposit.

The Company has now submitted an application to the Guyana Geology & Mines Commission (the "GGMC") for a Mining License covering the Bonasika 6 & 7 deposits. As part of this application, submission of the BFSU, which includes the Mining Plan for the Bonasika 6 & 7 deposits, and the Environmental Permit, fulfills all requirements of the GGMC and the Company expects to receive its Mining License in the very near future.