26 Jul 2016 07:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Board Change
BACANORA MINERALS LTD. (AIM: BCN and TSX-V: BCN), the AIM and TSX Venture Exchange listed lithium and borates company focussed on Mexico, announces that Colin Orr-Ewing is stepping down as Non-Executive Chairman of the Company due to personal reasons. Mr Orr-Ewing will remain on the Board as a Non-Executive Director.
James Leahy, an existing Non-Executive Director of the Company, will be appointed as the Non-Executive Chairman of the Company on an interim basis until further notice, effective as of 25 July 2016.
Mr Orr-Ewing is a founder of Bacanora and has been Chairman of the Company since 20 June 2014. The Board would like to express its strong appreciation and thanks for all his efforts on behalf of Bacanora during his Chairmanship and looks forward to continue working with him in his capacity as Non-Executive Director.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@Bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
Stifel Nicolaus Europe Ltd, Broker | Simon Mensley | +44 (0) 20 77107600 |
St Brides Partners, Financial PR Adviser
| Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (AIM and TSX-V: BCN). The Company explores and is developing industrial mineral projects, with a primary focus on its lithium project. The Company's operations are based in Hermosillo in northern Mexico. The main assets of Bacanora are:
· The Sonora Lithium Project, which consists of ten mining concession in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with NI 43-101) of 4.46 Mt LCE contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained in 160 Mt of clay at a Li grade of 3,200 ppm.
· The Magdalena Borate Project, in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 mt of B2O3, at an eight percent cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and will undertake 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.