4 Mar 2015 07:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Board Changes
Bacanora, the London and Canadian listed (AIM: BCN and TSX-V: BCN) lithium and borates company focussed on Mexico, is pleased to announce that the board of directors of the Company has unanimously approved the appointment of David Lenigas as a non-executive director of the Company, subject to and effective upon completion of standard regulatory clearances with AIM and the TSX-V.
With this appointment, Rare Earth Minerals Plc has agreed to withdraw its request to call a Special Meeting of the Company's shareholders, as previously announced in the Company's press release dated 12 February 2015.
Mr. David Anthony Lenigas (aged 53) holds a Bachelor of Applied Science (Mining Engineering) from Curtin University's Kalgoorlie School of Mines and holds a First Class Mine Managers Certificate for Western Australia. Mr. Lenigas has extensive operational and corporate experience in managing companies within the oil and gas, gold, coal and other natural resource sectors. Mr. Lenigas also has a wealth of experience operating in global public markets, having served as a Chairman and/or director and acted in a senior executive capacity on many public company boards. He is currently the Executive Chairman of Rare Earth Minerals Plc, AfriAg Plc, UK Oil & Gas Investments Plc and Evocutis Plc and is the non- Executive Chairman of Inspirit Energy Holdings Plc and is a non-executive director of Octagonal Plc.
Colin Orr-Ewing, Non-Executive Chairman, commented: "We are very pleased to have David join our board and we look forward to working together with him. His extensive global corporate and mining experience is expected to assist in advancing the Company through this exciting time in its growth and development."
**ENDS**
For further information please visit www.bacanoraminerals.com or contact:
Bacanora Minerals Ltd
| Colin Orr-Ewing, Non-Executive Chairman Shane Shircliff, CEO | +44 (0) 20 3696 2410 +1 (403) 237 6122 |
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
HD Capital Partners LLP, Broker
| Philip Haydn-Slater / Paul Dudley
| +44 (0) 20 3551 4870 |
Buchanan, Financial PR Adviser
| Bobby Morse / Gordon Poole / Jason Day | +44 (0) 20 7466 5000 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (TSX-V: BCN and AIM: BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora. The two main assets of Bacanora are:
· The Sonora Lithium Project, which covers ten mining concession areas in North East Sonora state. The Company, through drilling work to date, has established a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Indicated Resource of 3.28 million tonnes ("mt") of lithium carbonate equivalent at a 2,000 ppm cut-off grade; and
· The Magdalena Borate Project in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has a NI 43-101 compliant Indicated Resource of 1.17 mt of B2O3, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.