BCN.L Regulatory News (BCN)

Bacanora Minerals Ltd.

("Bacanora" or the "Company")

REQUISITION OF SPECIAL MEETING AND SEARCH FOR NEW CEO

Bacanora announces that the Directors of Bacanora have received a requisition from Rare Earth Minerals Plc ("REM") under the Company's governing corporate statute (the Business Corporations Act (Alberta) (the "ABCA")), to call a meeting of Bacanora shareholders for the purpose of passing a resolution appointing Mr. David Anthony Lenigas, current Executive Chairman of REM, as a director of Bacanora. In accordance with the ABCA, in the event that the Directors do not call for a special meeting within twenty-one (21) days from receipt of a requisition, the requisitioning shareholder shall be entitled to call such a meeting.

REM owns roughly 12 per cent. of the outstanding shares in the Company and a 30 per cent interest in two of Bacanora's subsidiaries. In recognition of the investment made by REM in Bacanora, Kiran Morzaria was appointed to the Board of Bacanora as REM's representative in September 2014 (see Bacanora's press release dated September 10, 2014).

The Directors will review the requisition in detail in accordance with the ABCA and will update the market once the review has been completed and a determination with respect to the requested meeting has been made.

The Board of Bacanora remains focussed on delivering on its stated objectives with regards to its world class lithium and borate projects in Mexico. The Company has and remains focussed on delivering its objectives and advancing its portfolio in order to build long-term shareholder value. Following careful investment of shareholder capital, it has reached the next stage of its genesis, having achieved its major stated development milestones to date, which include:

· Identification and building of resources for both its lithium and borates projects;

· Constructing and operating a pilot plant in Hermosillo;

· Production of battery grade lithium from the pilot plant;

· Production of commercial grade borate products from the pilot plant; and

· A successful admission to the AIM market in July 2014, when the Company raised £4.75 million from new and existing investors.

In order to advance beyond an exploration company and into the development and production phase, the Company has been undergoing a process to identify and secure a technically orientated CEO (with previous mine development and production experience) to complement the existing Board and to steward Bacanora into the next phase of its growth. Several candidates have been identified and Bacanora is very pleased with the quality of the potential candidates presented to date. Further announcements may be forthcoming as and when a new CEO has been engaged.

Colin Orr-Ewing, Chairman of the Board, commented: "Bacanora is focussing on the development of its world class Sonora Lithium Project and the Magdalena Borate Project, the latter of which is the Company's prospect that is expected to generate cash flow within the shortest period of time. The management and Board of the Company have made incredible progress over the last 18 months, and remain focussed on our primary objectives for the development of our projects and the maximization of long-term shareholder value."

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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 104,064 hectares in the north east of Sonora state. The Company, through drilling work to date, has established an NI 43-101 compliant indicated resource of 3.28 million tonnes ("mt") of lithium carbonate equivalent ("LCE") at a 2,000 ppm cut-off grade. The Company's 100 per cent. owned La Ventana deposit, which lies within the Sonora Lithium Project, hosts an NI 43-101 compliant drill Indicated lithium resource of 1.27 mt of LCE; and 

· The Magdalena borate project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an 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.