12 Dec 2019 12:19
Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural Resources
12 December 2019
Bacanora Lithium plc ("Bacanora" or the "Company")
Result of AGM
Bacanora Lithium plc (AIM: BCN), the London traded lithium company, announces that at its annual general meeting held earlier today, all resolutions were duly passed with at least 90% votes in favour. A presentation of the AGM Proxy results for each resolution is available to view on the Company's website at https://www.bacanoralithium.com/investor-relations/restricted-aim-rule-26/
**ENDS**
For further information, please contact:
Bacanora Lithium plc | Peter Secker, CEO Janet Blas, CFO | info@bacanoralithium.com |
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7213 0880 |
Citigroup Global Markets, Broker | Tom Reid / Patrick Evans / Matthew Kenney | +44 (0) 20 7986 4000 |
Canaccord Genuity, Broker
| James Asensio
| +44 (0) 20 7523 8000 |
St Brides Partners, Financial PR Adviser | Charlotte Page / Megan Dennison | +44 (0) 20 7236 1177 |
ABOUT BACANORA LITHIUM:
Bacanora owns ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State in Mexico. Seven of these ten mining concessions (the "Sonora Lithium Project"1) were included in the Feasibility Study announced on 12 December 2017. The Company, through drilling and exploration work to date, has established a Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9 Mt of Measured Resources and 3.1 Mt of Indicated Resources) of LCE2 and an additional Inferred Mineral Resource of 3.7 Mt of LCE. The Company's Feasibility Study has established Proven Mineral Reserves (in accordance with NI 43-101) of 1.67 Mt and Probable Mineral Reserves of 2.85 Mt LCE and confirmed the economics associated with becoming a 35,000 tpa lithium carbonate and 30,000 tpa SOP producer in Mexico. In addition to the Sonora Lithium Project, the Company also has a 50% interest in the Zinnwald Lithium Project and the Falkenhain Licence in southern Saxony, Germany. Each of the Zinnwald Lithium Project and the Falkenhain Licence are located in a granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and lithium at different times over the past 300 years. The strategic location of the Zinnwald Lithium Project and the Falkenhain Licence provides close geographical proximity to the German automotive and downstream lithium chemical industries.
1. Sonora Lithium Ltd ("SLL") is the operational holding company for the Sonora Lithium Project and owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. SLL is owned 77.5% by Bacanora and 22.5% by Ganfeng Lithium Ltd. SLL also owns 70% of the El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ("Mexilit").
2. LCE = lithium carbonate (Li2CO3) equivalent; determined by multiplying Li value in percent by 5.323 to get an equivalent Li2CO3 value in per cent. Use of LCE is to provide data comparable with industry reports and assumes complete conversion of lithium in clays with no recovery or process losses.
IMPORTANT NOTICE
The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.