First Bauxite Corporation Announces Non-Brokered Private Placement

First Bauxite Corporation ("First Bauxite" or the "Company") (TSX
VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) is pleased to announce that the Company
is proceeding with a non-brokered private placement (the "Private Placement") to
Resource Capital Fund V LP and certain entities comprising the Pacific Road
Resources Funds for up to 22,641,510 units (the "Units") at a price of $0.53 per
Unit to raise total proceeds of $12,000,000. Each Unit will consist of one
common share and one-half of a transferable common share purchase warrant (a
"Warrant"). Each whole Warrant will be exercisable for one additional common
share (a "Warrant Share") of the Company for a period of 36 months following the
closing of the Private Placement, at an exercise price of $0.75 per Warrant
Share.


A fee equal to 3.5% of the gross proceeds will be paid in cash or the equivalent
value of Units to certain parties on completion of the Private Placement.


The Private Placement is subject to the approval of the TSX Venture Exchange.

Net proceeds of the Private Placement will be used primarily to fund the
continued development of the Company's Bonasika refractory grade bauxite
property in Guyana, as well as general working capital expenses.


Funds used for the Bonasika property will include the commencement of the
Engineering Project Construction Management work, including front end detailed
engineering and design of the mine plant and processes, in addition to the
preparation of bulk sampling for distribution to potential customers, and
commercial debt financing and marketing activities. 


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.