First Bauxite Surges 20% After New Feasibility Study Doubles Bonasika Mine Life
First Bauxite Corp. (FBX.V) is just off its high for the session at 83 cents a share, gaining more than 20% after saying the now-completed feasibility study for its Bonasika project in Guyana found that the addition of the Bonasika 7 aluminum ore deposit is likely to double the working life of the mine.
The company now plans to mine Bonasika 7 ore first even though it is buried by thicker overburden than other areas, explaining it is higher in quality and can be mined selectively, according to the new report. Projected annual production target for the mine remains at 100,000 tons of sintered bauxite.
Shares reached 87 cents each, up 18 cents, within the past hour before easing.
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