TIDMBCN
RNS Number : 2120Y
Bacanora Minerals Ltd
04 December 2017
Bacanora Minerals LTD / Index: AIM; TSX-V / Epic: BCN / Sector:
Natural Resources
4 December 2017
Bacanora Minerals Ltd ("Bacanora" or the "Company")
Directorate Change
Bacanora Minerals Ltd., the London and Canadian listed lithium
exploration and development company, announces that Martin Vidal,
President and a Director of the Company, has resigned the foregoing
positions, effective 30 November 2017. Mr. Vidal will remain with
the Company in an advisory/consultancy capacity going forward.
Mark Hohnen, Chairman of Bacanora, commented, "On behalf of the
Board and shareholders, we express our sincere thanks to Martin for
his various contributions to the Company, including the key role
that he has played from the time of first discovery and exploration
of our lithium assets, through to the development phase that we are
presently moving into. His contributions have been substantial and
greatly appreciated. We wish him the very best with all of his
future endeavours."
**ENDS**
For further information, please contact:
Bacanora Minerals Ltd. Peter Secker, CEO info@bacanoraminerals.com
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Cairn Financial Advisers +44 (0) 207
LLP, Nomad Sandy Jamieson / Liam Murray 213 0880
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Canaccord Genuity, +44 (0) 20 7523
Broker Martin Davison 8000
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St Brides Partners, +44 (0) 20 7236
Financial PR Adviser Hugo de Salis / Frank Buhagiar 1177
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ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and
development company (TSX-V: BCN and AIM: BCN). The Company is
exploring for, and developing a pipeline of international lithium
projects, with a primary focus on the Sonora Lithium Project. The
Company's operations are based in Hermosillo in northern Mexico.
The Company is led by a team with lithium expertise and proven mine
development, construction and operations experience.
The Sonora Lithium Project, which consists of ten mining
concession areas covering approximately 100 thousand hectares in
the northeast of Sonora State. The Company, through drilling and
exploration work to date, has established an Indicated Mineral
Resource (in accordance with NI-43-101) of 4.5 million tonnes
(LCE(1) ) and 2.7 million tonnes Inferred.(2) A Pre-Feasibility
Study completed in Q1 2016(3) established Probable Mineral Reserve
(in accordance with NI 43-101) of 2.1 million tonnes LCE and
demonstrated the economics associated with becoming a 35,000 tpa
lithium carbonate and 50,000 tpa SOP producer in Mexico.
In addition to the Sonora Lithium Project, the Company also has
a 50% interest in the Zinnwald Lithium Project in southern Saxony,
Germany. The Zinnwald Lithium Project is 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 allows
immediate access to the German automotive and downstream lithium
chemical industries.
______________
(1) LCE = lithium carbonate (Li(2) CO(3) ) equivalent;
determined by multiplying Li value in percent by 5.324 to get an
equivalent Li(2) CO(3) 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.
(2) See Amended Mineral Resource Estimate for the Sonora Lithium
Project, Mexico, April 2016. The lead author of the amended report
is Mr. Martin Pittuck (MSc., C.Eng., FGS, MIMMM) of SRK Consulting
(UK) Limited ("SRK"). A copy of this report is available under
Bacanora's corporate profile at www.sedar.com.
(3) See Technical Report on the Pre-Feasibility Study for the
Sonora Lithium Project, Mexico, 15 April 2016. The authors of the
PFS are Ausenco Limited, SRK and Independent Mining Consultants
Inc. A copy of this report is available under Bacanora's corporate
profile at www.sedar.com.
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. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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