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Navasota's principle asset is its bauxite concession in Guinea, West Africa.
Message: Navasota & the Government of Guinea to Seek Sale of Koba Bauxite Resources
| May 7, 2009 |
| Navasota & the Government of Guinea to Seek Sale of Koba Bauxite Resources |
| KAMLOOPS, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Navasota Resources Ltd. (TSX VENTURE:NAV) announces that it has entered into a Memorandum of Understanding with the Ministry of Mines, Energy and Hydraulic of the Republic of Guinea allowing for the sale of Navasota's Koba Project mineral resources located in the Boke Bauxite Belt. Navasota will work together with the Ministry to identify acceptable, potential purchasers for its bauxite resources and endeavour to complete a sale in a timely manner. The Ministry shall provide all requisite approvals for the sale and, in consideration for such approval, Navasota will pay 50% of net proceeds to the Ministry. Any disposition of the claims shall be subject to acceptance of the TSX Venture Exchange and, if required, approvals by Navasota shareholders. Jim Gillis, President of Navasota, said: "Navasota, through continual and diligent work on its Guinean projects, is very fortunate to have developed such a good working relationship with the government. We believe that both our shareholders and the people of Guinea will benefit greatly from the sale and subsequent development of our world-class bauxite assets." In accordance with Guinean mining law, Navasota's mineral claims have now been reduced in area by 50% resulting in two new claims that have been renewed by the Ministry for a period of two years. Navasota's new, southern, 406 square kilometre Telimele claim includes all of the bauxite resources outlined in the Scott Wilson Roscoe Postle Associates Inc. resource study, which conforms to Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects. This study showed total indicated resources of 343,183,000 tonnes averaging 42.78 per cent Al2O3, 2.85 per cent SiO2 and 27.83 per cent Fe2O3, with an additional 63,342,000 tonnes averaging 43.81 per cent Al2O3, 2.74 per cent SiO2 and 26.76 per cent Fe2O3 classified as inferred resources (see Navasota news release dated January 23, 2009). The new northern Gaoual claim covers a 130 square kilometre area that has been partially drilled by Navasota. Samples from this property are now located at the SGS Lakefield Research Limited laboratories in Ontario awaiting analysis. Christopher J. Wild, P.Eng., Vice-President Exploration with Navasota Resources Ltd., a Qualified Person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Maps showing locations of the new claims are posted on Navasota's website at www.navasota.com. On behalf of the Board of Directors Navasota Resources Ltd. James T. Gillis, President & CEO |
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