19 Dec 2014 17:35
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Statement re: Press Speculation
Further to the announcement released at 11.01 am this morning, Bacanora notes the continuing trading activity in its shares and in the shares of Rare Earth Minerals PLC ("REM"), which holds a 30 per cent. interest in Bacanora's subsidiaries, Minera Megalit S.A. de C.V. (the company holding the Buenavista, Megalit and San Gabriel concessions that form part of the Sonora Lithium Project in Mexico) and Mexilit S.A. de C.V. (the company holding the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 that form part of the Sonora Lithium Project in Mexico). Bacanora understands, after speaking with REM management, that REM has commissioned some independent work of its own in respect of certain of the Company's lithium properties, which could result in information arising at some point in time that may be material. Further announcements regarding the foregoing work may follow (to the extent that material information arises) and will be made in accordance with applicable securities laws and the Company's timely disclosure obligations.
Enquiries please contact:
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Bacanora Minerals Colin Orr-Ewing, Non-Executive Chairman Shane Shircliff, CEO
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+44 (0) 20 3696 2410 +1 (403) 237 6122 |
Cairn Financial Advisers LLP, Nomad Sandy Jamieson / Liam Murray
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+44 (0) 20 7148 7900 |
HD Capital Partners LLP, Broker Philip Haydn-Slater / Paul Dudley
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+44 (0) 20 3551 4870 |
Buchanan, Financial PR Adviser Bobby Morse / Gordon Poole / Louise Mason |
+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 (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.