FBX First Bauxite Corporation (delisted)

First Bauxite Corporation (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First
Bauxite" or the "Company") is pleased to announce that it has signed a Letter of
Intent ("LOI") to enter into its first Sintered Bauxite Supply Off-Take
Agreement ("Off-Take Agreement") with a global refractory products manufacturer
(the "Customer"). The LOI commits both the Company and the Customer to conclude
a multi-year Off-Take Agreement within six months from the date of signing based
on terms which have been set out in the LOI. The LOI reflects the recognition by
the Customer that FBX is in the process of securing "Bankable" Off-Take
Agreements to underpin the debt component of its project financing plan.


"The Customer is a leading producer of shaped and monolithic refractories and a
significant purchaser of refractory bauxite," stated Hilbert N. Shields,
President and CEO. "The Customer's strategic interest in becoming First
Bauxite's inaugural consumer is gratifying in that it further validates the high
quality of First Bauxite's expected Guysin(R) product from a prominent end-user
of refractory bauxite."


First Bauxite has received feedback from a number of potential customers on all
continents who are end users of the Company's Guysin(R) product and to whom
"lab-scale" manufactured Guysin(R) samples were distributed for qualifying in
their own test facilities. The responses have been very positive and have
generated requests for larger samples that can be integrated and "works tested"
in their benchmarked product lines.


Mr. Ioannis (Yannis) Tsitos, Interim Chairman, commented, "The execution of this
first LOI represents an important step towards securing project financing to
bring the Bonasika refractory bauxite mine into production. Along with the
recently announced Bankable Feasibility Study Update, receipt of the
Environmental Permit, and the signing of the Mineral Agreement in Guyana, the
conversion of market interest in Guysin(R) into a Sintered Bauxite Supply
Off-Take Agreements is a significant milestone in enabling First Bauxite to
develop this world-class project."


About First Bauxite

First Bauxite Corporation (TSX VENTURE:FBX) is a Canadian natural resource
company engaged in the exploration and development of bauxite deposits in
Guyana, South America. The Company has its head office in Toronto and is managed
by experienced geoscientists and business development professionals with
worldwide experience in the exploration and mining business across a number of
mineral commodities. The mission of First Bauxite is to become a near term,
medium size producer and supplier of high quality refractory grade sintered
(calcined) bauxite. First Bauxite controls a large land package in Guyana's
historical coastal bauxite belt, including the Bonasika Mining License, the
Waratilla-Cartwright Prospecting License, and the Essequibo PGGS Prospecting
Permit. The Company also holds the Tarakuli and contiguous Tarakuli North-West
Prospecting Licenses in Northeast Guyana. The Company's Bankable Feasibility
Study Update defines and confirms the economic viability of an operation based
on sequential mining of the two (2) bauxite deposits (Bonasika 6 and Bonasika
7), and the construction of a washing plant facility, a sintering plant, and
load out facilities, at Sand Hills. The Bonasika 1, 2 and 5 deposits are
additional value and would increase the mine of life from 36 years to 44.5
years. For further information on First Bauxite Corporation, please visit our
corporate website at www.firstbauxite.com.


On behalf of The Board of Directors of First Bauxite Corporation

Hilbert N. Shields, President & CEO

Certain statements contained herein constitute "forward-looking statements".
Forward-looking statements look into the future and provide an opinion as to the
effect of certain events and trends on the business. Forward-looking statements
may include words such as "developing", "will", "move forward", "next",
"obtaining", "constructing" and similar expressions. These statements include,
but are not limited to, statements regarding the continued advancement of the
Bonasika Bauxite Project. These forward- looking statements are based on current
expectations and entail various risks and uncertainties. Actual results may
materially differ from expectations, if known and unknown risks or uncertainties
affect our business, or if our estimates or assumptions prove inaccurate.
Factors that could cause results or events to differ materially from current
expectations expressed or implied by the forward-looking statements, include,
but are not limited to, the effect of capital market conditions and other
factors on capital availability; availability of sufficient financing to fund
planned or further required work in a timely manner and on acceptable terms;
changes in project parameters as plans continue to be refined and other risks
more fully described in the Company's Management Discussion & Analysis of
Financial Position and Results of Operations, which is available on SEDAR at
www.sedar.com. Readers are cautioned not to place undue reliance on the
forward-looking statements contained in this press release. Except as required
by law, the Company assumes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future events
or any other reason.

First Bauxite Corporation (TSXV:FBX)
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First Bauxite Corporation (TSXV:FBX)
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