CALGARY, ALBERTA–(Marketwired – June 9, 2017) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN)(AIM:BCN), the Canadian and London listed lithium exploration and development company, is pleased to announce the formal appointment of Dr. Andres Antonius and Mr. Junichi Tomono to the Board as Non-Executive Directors.
As noted in the announcement dated 15 May 2017, following approval by the Board of Bacanora the appointments were subject to the completion of standard regulatory reviews in accordance with the AIM Rules for Companies. These reviews have now been completed. As a result, the appointment to the Board of both Dr. Antonius, a Mexican national who has held positions in the Government of Mexico, the private sector and academia, and Mr. Tomono, head of the Speciality Metals and Alloys department of leading Japan-based global trading company Hanwa Co., LTD. (“Hanwa”), will now take full effect. There are no additions or changes to the information disclosed on Dr. Antonius and Mr. Tomono in the announcement dated 15 May 2017 which is required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.
The Board appointments are in line with the Company’s focus on developing its Sonora Project (“Sonora” or the “Project”) in Mexico into a world class lithium carbonate (“Li2CO3“) operation. A Full Feasibility Study for Sonora is on course for completion in Q4 2017. Subject to positive results of the Feasibility Study, the Company anticipates commissioning an operation in 2019 capable of delivering 17,500 tonnes per year of battery-grade Li2CO3 for the first two years and 35,000 tonnes Li2CO3 per year thereafter. Mr. Tomono’s appointment to the Board follows the signing of a strategic partnership and offtake agreement for Sonora with Hanwa, which also saw Hanwa acquire an initial 10% interest in Bacanora following a private placement.
Mark Hohnen, Chairman of Bacanora commented, “Dr. Antonius and Mr. Tomono each have their own highly specialized skillset and experience which complement those of the existing Board members and management team well. I look forward to working with them closely going forward, as we focus on completing the Sonora feasibility study later this year, the results of which we expect will further support the Project’s potential to become a major supplier to the rapidly growing global market for lithium products for many years to come.”
ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and development company (TSX VENTURE:BCN)(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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) of 4.5 million tonnes (LCE1) and 2.7 million tonnes Inferred.2 A Pre-Feasibility Study completed in Q1 20163 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 (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. |
| 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 http://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 http://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. In particular, forward-looking information in this press release includes, but is not limited to future production targets, completion of a Feasibility Study and becoming a supplier of lithium products. 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.
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Peter Secker, CEO
info@bacanoraminerals.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
St Brides Partners, Financial PR Adviser
Frank Buhagiar/Megan Dennison
+44 (0) 20 7236 1177