Quarterly Activities and Cashflow Report
Sydney, Feb 1, 2018 AEST (ABN Newswire) - Queensland Bauxite Limited (
ASX:QBL) provides the Company's Quarterly Activities Report.
Highlights
MCL: VITACANN ANNOUNCEMENT
8 January
VitaCann Pty Ltd ("VitaCann") signed an exclusive joint venture agreement for a World First Pharmaceutical Grade Medical Cannabis Extended Release Pill with Canntab Therapeutics Limited ("Canntab") of Toronto, Ontario, Canada.
JOHN EASTERLING TO JOIN THE BOARD OF MCL
18 January
John Easterling to join the Board of MCL. He brings a wealth of experience and international contacts in the medical cannabis industry.
South Johnstone Bauxite Project Update
During the December Quarter 2017, Queensland Bauxite Limited (ASX:QBL) (or the "Company") continued to press to progress the development of its flagship South Johnstone DSO bauxite project in northern Queensland, with the Company aiming to generate positive net cash flows in the short term through the commencement of DSO bauxite production and shipping.
Significant milestones were achieved during the quarter with the final granting of the MDL in October.
QBL's mining engineering and environmental consultants continue to work on components key to submitting a Mining Lease (ML) application to enable mining of all the feasible ore at Camp Creek.
A marketing agency has been signed up to assist in the process of obtaining sales agreements with bauxite refineries.
In addition, the Company and its team continue to actively evaluate and assess a number of additional opportunities that the Board believes may greatly enhance the Company's market value. This has led the Company to strategically invest in a leading pioneering Australian Medical Cannabis and Hemp Company which the directors believe has major potential to capitalize significantly on its first mover advantage in this new emerging multi-billion-dollar global industry.
To view the full report, please visit:
http://abnnewswire.net/lnk/0Z5WJJBI
About Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has agreed to acquire a 100% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries, and a 100% shareholding in Medcan Australia Pty Ltd, a company with an ODC cultivation and production License and a DA approved Cannabis production and manufacturing facility.
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