Australian Bauxite Limited (ASX:ABZ) Finalises A$3.5 Million Placement

Sydney, Mar 17, 2010 AEST (ABN Newswire) - The Directors of Australian Bauxite Limited (ABx)(ASX:ABZ) are pleased to advise that it has finalised a placement of 10 million fully paid ordinary shares at 35 cents per share raising A$3.5 million before costs.

The placement was arranged by State One Stockbroking Ltd. Shares were issued to institutions and sophisticated investors.

Settlement of the placement will take place on Thursday, 18th March, 2010.

About ABx Group Limited

ABx Group Limited (ABx) (ASX:ABX) is a uniquely positioned Australian company delivering materials for a cleaner future.

The three priority projects are:

- Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains

o Processing Options Analysis conducted in partnership with external experts

- Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE)

o Continuous pilot plant under construction in Bell Bay, Tasmania

- Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries

o Agreements executed with Good Importing International for bauxite projects in Queensland and New South Wales, and $2.7 million initial payment has been received

o Approvals well advanced for DL130 bauxite project in northern Tasmania

ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed.

   

Contact

Mr Ian Levy Chief Executive Officer Australian Bauxite Limited Tel: +61-2-9251-7177