10 Aug 2016 09:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Postponement of Annual and General Meeting
Bacanora, (TSX-V: BCN and AIM: BCN) the AIM and TSX Venture Exchange listed lithium and borates company focussed on Mexico, announces that the Company will be postponing its upcoming annual and special meeting of its shareholders (the "Meeting") on August 15, 2016 until September 28, 2016 (the "Postponement"). The Company decided on the Postponement in connection with the recent passing of the Hon. Colin Orr-Ewing, a Non-Executive Director on August 3, 2016.
Colin Orr-Ewing was one of the director nominees and was one of the proxy appointees of the Company. The Company intends to seek an amended interim order from the Alberta Court of Queen's Bench regarding the new date of the Meeting and will be mailing out an addendum to the management information circular of the Company dated July 11, 2016 and an amended form of proxy to reduce the number of directors from seven to six, to remove Hon. Colin Orr-Ewing as a director nominee and to appoint an alternate proxy appointee.
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 (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 consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("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 is undertaking a prefeasibility 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.