Anglo Aluminum Corp. Proposes To Spin Out New Company

Anglo Aluminum Corp. announced that it intends to reorganize its business by transferring all of the issued and outstanding shares of its wholly- owned subsidiary, Societe Guineenne de Fer et de Bauxite (SGFB), a company incorporated under the laws of the Republic of Guinea that holds the Mamou-Dalaba bauxite permits, to its wholly owned subsidiary, Africa Bauxite Corporation, with the intention of making an application for the shares of Africa Bauxite Corporation to be listed on the TSX Venture Exchange (Exchange). At this time, Anglo has not made a formal application for the shares of Africa Bauxite Corporation to be listed on the Exchange, and there can be no assurance that the reorganization will be accepted by the Exchange as proposed or at all. In addition, completion of the proposed reorganization is subject to the approval of Anglo's shareholders and the Supreme Court of British Columbia. Accordingly, no assurance can be given that the proposed reorganization will be completed as envisaged, nor that Anglo will achieve its reorganization objectives. At this time, Anglo has not made a formal application for the shares of Africa Bauxite Corporation to be listed on the Exchange, and there can be no assurance that the reorganization will be accepted by the Exchange as proposed or at all. In addition, completion of the proposed reorganization is subject to the approval of Anglo's shareholders and the Supreme Court of British Columbia.