Bauxite Resources Limited ASX / Media Release 25 November 2010
Introduction * Ladies and Gentlemen, welcome to the Bauxite Resources Limited 2010 Annual General Meeting.

* My name is Barry Carbon and I am honoured to address you as Chairman and Acting CEO and thank you for your ongoing support over the past year.

* It is also my pleasure today to introduce you to the members of the Board and senior executives.

Each of our Directors is profiled in the Annual Report with detailed information available on our website.

Luke Atkins Neil Lithgow Rob Nash David McSweeney Ding Feng (absent) Yan Jitai (absent) Paul Fromson -- Chief Financial Officer and Company Secretary Progress to Date & Objectives * 2010 has been a year of challenges and achievements for BRL.

A metaphorical line in the sand was drawn during 2010 to reflect a response to a reduction in global bauxite prices and the viability of a short term DSO strategy to finance operations.

Instead, the Board began to focus on a plan of execution for a downstream strategy involving a secondary processing facility to achieve the original long term objective.

* The long term goal has been and continues to remain to design and build a state of the art alumina refinery in the South West using the local high quality bauxite to produce the alumina.

* The recently announced and well-publicised Heads of Agreement with Yankuang Corporation has significantly de-risked this long term objective and sets BRL up with a credible and achievable strategic plan.

Key Announcements and Highlights in 2010 * Three trial shipments of bauxite to customer refineries reaffirmed the excellent refining characteristics of Darling Range bauxite.

* In January 2010, BRL signed a Heads of Agreement with Yankuang Corporation for the joint development and ownership of an alumina refinery in the south west of Western Australia.

* Despite the global downturn a group of Chinese refineries was prepared to take a Direct Shipping Ore order of 1.2 million tonnes of bauxite if it could be commenced by 1 July 2010.

* In March, notice was received from the EPA advising that BRLs application for 1.2 million tonnes of bauxite at a private farm north of Bindoon would require assessment via a Public Environmental Review.

* In April, BRL lodged an appeal regarding the EPAs decision to set the level of referral to a Public Environmental Review.

* Subsequently, and in response to EPA guidance for assessment of a longer term proposal, BRL made an application for a two million tonne per annum mining operation on private land north of Bindoon.

BRL withdrew the previous application and appeal against the EPA decision on the level of assessment on its application to undertake a 1.2 million tonne six month operation in north Bindoon.

* In May, the former Managing Director, Dan Tenardi, resigned and then followed a recruitment search for an appropriate replacement.

* In July, a litigation funding company announced an intention to fund legal action against the Company if it could attract sufficient support from former and current shareholders.

No legal proceedings have been commenced.

BRL considers that the allegations asserted by the litigation funding company are inaccurate and provide a misleading impression of BRLs activities.

BRL will defend any potential legal action.

* In September, a further Heads of Agreement was signed with Yankuang Corporation to de-risk the long term strategy and ensure that designing and building an alumina refinery becomes a financially viable project.

* In November, BRL announced a new CEO after an intensive search for an appropriate candidate.

I have pleasure in introducing Scott Donaldson who will be commencing as CEO on 31 January 2011.

Scott brings more than 20 years experience in the mining industry in Australia and New Zealand with a variety of minerals including gold, nickel, copper, zinc and lead sulphides, copper oxides, coal and chromite.

In the meantime, I will continue to be the Acting CEO.

Concluding Remarks The Board looks forward to a successful 2011 with the Company building on the fundamental changes that have taken place over the past 12 months.

I look forward to the remainder of the meeting, your questions and comments as well as the opportunity to catch up with you at the conclusion of the meeting and presentation.

I would now like to now move to the business of the meeting.

ENDS
To read the full announcement please click here: http://www.stocknessmonster.com/news-item?S=BAU&E=ASX&N=517048
Bauxite Resources Limited Investors Paul Fromson Chief Financial Officer / Company Secretary Tel: +61 8 9200 6300 Em: Bauxite Resources Limited Media Chantelle OSullivan Public Affairs Manager Telephone: +61 8 9200 6309 Em: Professional Public Relations James Harris Professional Public Relations T: +61 8 9388 0944 / 0400 296 547 Em:
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