Bacanora Announces Filing of Technical Report and New Option Agreement With Rare Earth Minerals Plc
June 24 2014 - 6:27PM
Marketwired
Bacanora Announces Filing of Technical Report and New Option
Agreement With Rare Earth Minerals Plc
CALGARY, ALBERTA--(Marketwired - Jun 24, 2014) - BACANORA
MINERALS LTD. (TSX-VENTURE:BCN) is pleased to announce the filing
of a Technical Report ("Report") in respect of its Ventana and
Fleur and El Sauz concessions that form part of the Sonora Lithium
Project in northern Mexico. The Report has been prepared in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects and is entitled, Updated
and Reclassified Lithium Resources, - Sonora Lithium Project.
The lead author of the Technical Report is Carl G. Verley, P.Geo.,
who is a "qualified person" within the meaning of NI 43-101 and is
independent of the Company. The Report summarizes increases to the
resources tonnage and classification that were announced by the
Company in its press release dated June 3, 2014. For a summary of
those increases, readers are encouraged to refer to the prior press
release or directly to the Report, which has been filed on SEDAR
and is also available for download on the Company's website.
Bacanora is also pleased to announce that it has entered into an
agreement with Rare Earth Minerals Plc (LSE:REM)(AIM:REM), pursuant
to which it has granted REM a new option to negotiate an increase
in its ownership interest in Mexilit S.A. de C.V. ("Mexilit")
(which holds the Sauz, Sauz 1, Sauz 2, Fleur and Fleur 1
concessions), from its current 30% interest to 49.9%. The original
option expired on May 22, 2014 and the companies have agreed to a
new option, under identical terms, which will expire on September
30, 2014. For further details regarding the formal agreement
governing Mexilit, please refer to the Company's news release dated
May 22, 2013.
Reader Advisory
Except for
statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. In particular, forward-looking information in this
press release includes, but is not limited to the potential for REM
to negotiate an increase in its ownership percentage of Mexilit
S.A. de C.V. Although we believe that the expectations reflected in
the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We
cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in
the forward-looking information.
Forward-looking
information is based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those anticipated in
the forward-looking information. Some of the risks and other
factors that could cause the results to differ materially from
those expressed in the forward-looking information include, but are
not limited to: commodity price volatility; general economic
conditions in Canada, the United States, Mexico and globally;
industry conditions, governmental regulation, including
environmental regulation; unanticipated operating events or
performance; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; competition for, among other things, capital, skilled
personnel and supplies; changes in tax laws; and the other risk
factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no
duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602Bacanora Minerals Ltd.Martin
VidalPresident(+52 662) 210-0767www.bacanoraminerals.com
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