First Bauxite Announces Signing of Mineral Agreement With the Government of Guyana for Its Bonasika Bauxite Project and the R...

First Bauxite Corporation (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First
Bauxite" or the "Company") is pleased to announce that it has signed a bilateral
mineral agreement (the "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 (the "Bonasika 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, include:




--  a mining royalty of 1.5% on the FOB bauxite product sales price;
--  no withholding taxes on interest payments to lenders and on dividends;
    and
--  duty and value added tax exemptions on all imports of equipment and
    materials for all continuing operations at Bonasika, including the
    construction and operation of a planned port facility, road and power
    improvements and the construction and operation of the mine.



On November 25, 2011 the Company received an Environmental Permit from the
Environmental Protection Agency of Guyana to mine the Bonasika 6 & 7 bauxite
deposits and to haul and process the bauxite ore at the Sand Hills sinter plant
complex. The Bonasika 6 & 7 deposits are the two new deposits added to the ore
reserve base of the Bonasika Project and the subject of the recently announced
NI 43-101 Technical Report - Bankable Feasibility Study Update ("BFSU") filed on
SEDAR on November 18, 2011.


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.


"The signing of this Mineral Agreement demonstrates the commitment of the
Government of Guyana to the development and operation of the Bonasika Project
and we thank the Government for their efforts in completing these negotiations,"
stated Hilbert N. Shields, CEO. "Together with the completion of the BFSU and
receipt of the Environmental Permit, all of which are major operational
milestones for the Company, FBX has a clear mandate to advance the Bonasika
Project forward by securing financing, building and operating the mine and
become a productive contributor to the Guyana economy."


About First Bauxite Corporation

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 Vancouver 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, CEO & Director

Ioannis (Yannis) Tsitos, President & Director

This document contains certain forward looking statements which involve known
and unknown risks, delays, and uncertainties not under the Company's control
which may cause actual results, performance or achievement of the Company to be
materially different from the results, performance or expectation implied by
these forward looking statements.