TIDMBCN
RNS Number : 9692D
Bacanora Minerals Ltd
06 February 2018
Bacanora Minerals LTD / Index: AIM; TSX-V / Epic: BCN / Sector:
Natural Resources
6 February 2018
Bacanora Minerals Ltd ("Bacanora" or the "Company")
Appointment of Non-Executive Director and Chief Financial
Officer
Bacanora Minerals Ltd., the London and Canadian listed lithium
company, is pleased to announce that Ms Eileen Carr has agreed to
join the Board as a Non-Executive Director with immediate effect.
Ms Carr is a Chartered Certified Accountant with over 25 years'
experience in the resource sector during which she has worked on
both energy and mining projects across the world, including
projects in China, Russia, Australia, Latin America and Africa.
In addition, the Company announces the appointment of Ms Janet
Boyce as Chief Financial Officer with immediate effect. Ms Boyce is
a certified public accountant who has held a number of senior
financial roles, including Group Chief Financial Officer and
Executive Director of Gemfields plc, a leading supplier of
gemstones. Ms Boyce replaces Mr Derek Batorowski, who is stepping
down as CFO to pursue other business interests. Mr Batorowski will
continue to serve Bacanora as a Non-Executive Director of the
Company.
The appointments of both Ms Carr and Ms Boyce are in line with
Bacanora's transition from an explorer to a lithium development
company, as it enters the construction phase at its Sonora Lithium
Project in Mexico, which was assigned a US$1.25 billion NPV and 26%
IRR in its recently completed Feasibility Study.
Ms Eileen Carr - Non-Executive Director
Over the course of her career, Ms Carr has been a key member of
teams behind the development of a number of successful mining
operations across the world, including the Freda Rebecca gold mine
in Zimbabwe, the Ayanfuri gold mine in Ghana, the Kalsaka gold mine
in Burkina Faso and the Angovia gold mine in Ivory Coast. She has
served as Finance Director/ CFO for both private and public
companies starting with Cluff Resources in 1993. She has since gone
on to hold several executive directorships in the resource sector,
including CFO at both AIM traded Monterrico Metals plc and
Alexander Mining plc. She was also a Director at European
Goldfields Inc, a TSX listed gold exploration company with
operations in Romania.
Ms Carr has also held a number of Non-Executive Directorships
and currently sits on the Board and the Audit Committee of Sylvania
Platinum Limited, an AIM listed PGM (platinum group metals) company
with operations in South Africa. Her first non-executive role was
for Banro Corp in 1998 and more recently she was a Non-Executive
Director for Talvivaara Mining Co, the Finnish nickel company, and
Goldstar Resources NL, an ASX listed gold company. Ms Carr holds an
MSc in Management from London University and is a SLOAN fellow of
London Business School.
Ms Janet Boyce - Chief Financial Officer
As a member of the executive management team between August 2013
and July 2017, Ms Boyce played a key role in the formulation and
implementation of group strategy at Gemfields. During this period,
Ms Boyce's responsibilities included: managing the accounting,
insurance, legal, tax, and treasury functions; providing strategic
guidance to operating subsidiaries and divisions; and overseeing
the financial activities of subsidiary companies and foreign
operations. As well as playing a key role in the Group's investor
relations, she was instrumental in increasing the Group's banking
facilities from US$15m to US$100m. In addition, Ms Boyce managed
Gemfields' preparations for a main board listing: establishing risk
management, internal audit, legal, tax and CoSec functions;
integrating management reporting processes; implementing accounting
systems; and upgrading corporate governance.
Prior to Gemfields, Ms Boyce held a number of senior positions
with ENRC Plc (August 2007 - July 2013), which at the time of her
employment was a FTSE 100 mining and metals company. Her roles
included: Group accounting methodology manager; Deputy Finance
Controller; Corporate accounting manager and Group reporting
manager. Previously Ms Boyce was part of the Audit and Assurance
Services team at Ernst & Young LLP in London and
PricewaterhouseCoopers in the Philippines (2002 - 2007).
Peter Secker, CEO of Bacanora, commented, "To have secured the
services of a Non-Executive Director and a CFO who have both held
senior finance positions at multi-divisional natural resources
companies, reflects the significant progress made by Bacanora in
the last twelve months. This has seen us complete a positive
Feasibility Study at Sonora and also secure leading Japanese
battery trader Hanwa as a strategic investor and offtake partner,
in addition to other large institutional investors. I look forward
to working with both Janet and Eileen during what promises to be an
exciting period for Bacanora, as we focus on embarking on the
construction phase of a 35,000 tonnes per annum battery grade
lithium carbonate operation at Sonora in H1 2018.
"I would like to take this opportunity to thank Derek Batorowski
for the valuable contribution he has made to the Company as Finance
Director over the years. Derek was one of the founding Directors of
Bacanora and has carried out the CFO function since the Company's
incorporation. I look forward to continue working with him in the
future as a Non-Executive Director, as we look to deliver on our
objective to build a leading supplier of high value lithium
products to fast growing industries such as electric vehicles and
energy storage."
Disclosures under Schedule 2 of the AIM Rules
Ms Eileen Carr, aged 61, holds or has held the following
directorships and/or partnerships in the previous five years:
Present Directorships/Partnerships Past Directorships/Partnerships
----------------------------------- --------------------------------
Sylvania Platinum Ltd Nobel Holdings Investments
Bunree Resources Management Ltd
Ltd Talvivaara Mining Company
Plc
Buenavista Gold Plc
----------------------------------- --------------------------------
Ms Carr was a Non-Executive Director of Talvivaara Mining
Company Plc ("Talvivaara") from June 2007 until June 2014.
Talvivaara applied for corporate reorganisation proceedings
governed by the Finnish Restructuring of Enterprises Act (47/1993,
as amended) on 15 November 2013. On 2 June 2017, Talvivaara
announced that the District Court of Espoo had confirmed
Talvivaara's Restructuring Programme.
Ms Carr does not currently hold any shares in the Company.
There are no other disclosures to be made under Schedule Two
paragraph (g) of the AIM Rules in respect of Ms Carr.
**S**
For further information please visit www.bacanoraminerals.com or
contact:
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
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Cairn Financial
Advisers LLP, Sandy Jamieson/Liam +44 (0) 20
Nomad Murray 7213 0880
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Canaccord Genuity, Martin Davison, +44 (0) 20
Broker James Asensio 7523 8000
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St Brides Partners,
Financial PR Frank Buhagiar / +44 (0) 20
Adviser Megan Dennison 7236 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(1) , 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 a Measured plus Indicated
Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of
Measured Resources and 3.1Mt of Indicated Resources) of LCE(2) and
an additional Inferred Mineral Resource of 3.7 Mt of LCE. The
Company's Feasibility Study (which was announced 12 December 2017)
has established Proven Mineral Reserves (in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects) 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 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 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.
FORWARD LOOKING STATEMENTS:
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
estimation of resources and reserves, estimated IRR and NPV and the
entering into of the construction phase of development. 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. Readers are cautioned that this list of
risk factors should not be construed as exhaustive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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