11 Dec 2018 07:00
Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural Resources
11 December 2018
Bacanora Lithium plc ("Bacanora" or the "Company")
Response to Speculation
Bacanora Lithium plc (AIM: BCN), the London traded lithium company, notes speculation arising from a Webinar held by Cadence Minerals PLC, a significant shareholder in Bacanora, on 10 December 2018. The Company would like to reiterate that Cadence Minerals PLC is not an insider to Bacanora and neither it nor any other shareholder is in possession of any inside information regarding a potential equity raise or any other funding matters.
**ENDS**
For further information, please visit www.bacanoralithium.com or contact:
Bacanora Lithium plc | Peter Secker, CEO Janet Boyce, CFO | info@bacanoralithium.com |
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7213 0880 |
Canaccord Genuity, Broker
| Martin Davison / James Asensio
| +44 (0) 20 7523 8000 |
Citigroup Global Markets, Broker | Tom Reid / Patrick Evans / Matthew Kenney | +44 (0) 20 7986 4000 |
St Brides Partners, Financial PR Adviser | Frank Buhagiar / Gaby Jenner | +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 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 1.9Mt of Measured Resources and 3.1Mt 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. The Sonora Lithium Project is comprised of the following lithium properties: La Ventana lithium concession, which is 100 percent owned by Bacanora and El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70 percent by Bacanora and 30 percent by Cadence Minerals Plc.
2. LCE = lithium carbonate (Li2CO3) equivalent; determined by multiplying Li value in percent by 5.324 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.