Vancouver, Canada — MININGREVIEW.COM — 11 February, 2008 – Navasota Resources Ltd. – a Canadian-based, Toronto-listed mineral exploration company involved in the evaluation and development of resource properties – has raised further funds to expand its exploration campaign in West Africa.
A Navasota statement released here says the company has closed a non-brokered private placement of 6.3 million units for proceeds of US$950,000 (R7.1 million).This funding will be used mainly for exploration of its principal asset – a bauxite concession in the Republic of Guinea, which is one of the largest bauxite producers in the world, and contains 30% of global bauxite resources.
In an environment of high demand and tight supply, the acquisition and development of bauxite resources presents a tremendous opportunity, says the statement.
Navasota’s permits are in the Boke bauxite belt – situated in north-western Guinea – which hosts the world’s largest and highest quality bauxite deposits with grades of 40 – 60% alumina.
Three bauxite mines are operating in the region, in a 1,064 km² land package in the prefectures of Telimele and Gaoual. Project management is handled for Navasota by RSG Global Consulting of Perth, Australia, a subsidiary of Coffey Mining.
Navasota’s Phase 1 exploration in 2007 involved 4 865m of drilling (air-core) and the completion of 246 holes. Phase 2 drilling has recently begun, according to the statement, and the plan is to complete 5 500m of drilling in 275 holes.