Bacanora Announces Signing of Definitive Agreement Re Joint Venture #2 With Rare Earth Minerals and Provides Progress Updates...

BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN) is
pleased to provide an update of recently completed corporate activities, ongoing
exploration work and future plans for the Sonora Lithium Project in Mexico.


Highlights:



--  Joint Venture #2 
    --  Bacanora and Rare Earth Minerals PLC ("REM") have signed a
        definitive joint venture agreement in respect of the San Gabriel,
        Buenavista and Megalit concessions ("Joint Venture #2"); 
    --  A 1,500 metre diamond drill program is planned for the Penasco
        lithium clay prospect on the Megalit concession, with mapping and
        prospecting to commence soon; and 
    --  Trenching of lithium clay surface showings on the Buenavista
        concession will be undertaken as a part of the program.

--  Joint Venture #1 
    --  Stage 2 drill program recently completed on the El Sauz - Fleur
        concessions ("Joint Venture #1") (for further information, please
        refer to Bacanora's news release dated March 4, 2014); 
    --  A 1,500 metre Stage 3 drill program will be initiated on the Joint
        Venture #1 lands with the objective of upgrading the lithium
        resourcefrom the inferred resource category to the indicated
        resource category (though there can be no assurance at this stage
        that such an upgrade will be declared) and for the purpose of
        providing data for a Preliminary Economic Assessment ("PEA") on the
        Joint Venture #1 lands; and 
    --  1 tonne bulk samples from surface exposures of the upper and lower
        clay units exposed on both the La Ventana and Joint Venture 1 lands
        have been collected for metallurgical and mineral processing test
        work.



The Sonora Lithium Project now consists of 10 contiguous concessions, two of
which (La Ventana and La Ventana 1) are owned 100% by Bacanora. Another five
concessions (El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1) form the lands
under Bacanora's Joint Venture #1 with REM, pursuant to which REM has a 30%
interest (with Bacanora holding the remaining 70%). Lastly, three concessions
(San Gabriel, Buenavista and Megalit) form the lands under Bacanora's Joint
Venture #2 with REM (in respect of which REM has an option to earn up to a 49.9%
interest - see the discussion below under the heading "REM Formal Agreement").


REM Formal Agreement

Bacanora is pleased to announce that is has signed a definitive agreement with
REM, which shall supercede the previously announced Memorandum of Understanding
between Bacanora and REM (see Bacanora's press release dated December 5, 2013
for further details thereof). Highlights of the formal agreement are:




--  REM has the option to acquire an initial 10% interest in the San
    Gabrial, Buenavista and Megalit concessions by virtue of REM paying
    Bacanora an upfront cash consideration of U.S.$250,000 and spending
    U.S.$500,000 on exploration and drilling on the Joint Venture #2
    concessions over a 6 month period. 
--  REM has the option to increase its interest to 30% by virtue of an
    additional cash consideration of U.S.$500,000 and committing to a
    further U.S.$1,000,000 in expenditures for exploration and drilling on
    the same concessions over 1 year. 
--  REM will have the right to advance these payments and acquire the 30% on
    an accelerated basis. 
--  REM will then have an exclusive option (exercisable until December 2015)
    to negotiate terms to increase from a 30% interest to a maximum of
    49.9%.



San Gabriel, Buena Vista and Megalit Concessions (Joint Venture #2) Update

The Company plans to test a new lithium bearing clay prospect, Penasco, located
on the Megalit concession, to the south of El Sauz, with a five hole-diamond
drill program. In addition, a clay occurrence to the east of the Penasco
prospect will be drill tested. The initial drill program is expected to start as
soon as a rig can be mobilized to site and will be in the order of 1,500 metres
in 7 holes.


In conjunction with the drilling, mapping and prospecting will continue on the
large (94,815 hectare) Megalit concession in order to locate and sample
additional exposures of the lithium-bearing clay basin. In addition, trenching
of surface exposures on lithium-bearing clays striking northerly along 6
kilometres on the Buenavista concession will be undertaken. Previous sampling by
the Company returned lithium values ranging from 121 to 1,350 ppm Li (0.72% LCE)
from surface clay samples collected on Buena Vista (see the Company's press
release dated December 5, 2013 for further details).


El Sauz and Fleur Concessions (Joint Venture #1) Update

Stage 2 diamond drilling, consisting of 2,384.76 metres in 19 holes, was
completed in January 2014 (refer to attached Figure 1), with analytical results
having been recently received. To date, a total of 3,804.22 metres have been
drilled in 29 holes by the Company on Joint Venture #1 lands. Results from the
last holes of the Stage 2 drilling varied from 150 ppm Li to 2,011 ppm Li (1.07%
LCE(1)) across 36.58 metres in the upper clay unit and from 41 to 5,351 ppm Li
(2.85% LCE) across 25 metres in the lower clay unit (for further details, please
refer to the Company's news release dated March 4, 2014). 


A stage 3 drilling program, consisting of approximately 1,500 metres in 10
holes, is expected to commence in the next few weeks. The objectives of this
program will be to provide further definition of the extent of the clay units on
El Sauz and to provide sufficient data to upgrade the Li resources from the
inferred resource category to the indicated resource category (though there can
be no assurance at this stage that such an upgrade will be declared), as well as
to provide data for a PEA of the Li resources on the Joint Venture #1 lands.


Metallurgical and Mineral Processing Test Work

Metallurgical and mineral processing tests are ongoing on samples from La
Ventana and Joint Venture #1 lands. The pilot plant at Bacanora's test facility
in Hermosillo is operating and processing material. Bulk samples, each of
approximately one tonne in size, from the upper and lower clay units of both La
Ventana and El Sauz/Fleur are being readied for process tests in order to
produce lithium carbonate from the clays. The results of this work will provide
data for a pre-feasibility study of the La Ventana lithium deposit as well as
data for a PEA on the southern extension of the La Ventana deposit and on the El
Sauz and Fleur concessions.


Martin Vidal, President of Bacanora, commented, "We are very pleased with the
rapid progress that has been made in developing lithium resources and the
testing metallurgy and process options for production of lithium carbonate from
the Sonora Lithium Project. New lithium-bearing clay units discovered on Joint
Venture #2 lands provide further evidence regarding the Sonora Lithium Project's
potential to develop into a world class lithium property. We look forward to
further results as Stage 3 drilling commences on the Joint Venture #1 and #2
lands, and we optimistically await further metallurgical and mineral process
results regarding lithium recovery and lithium carbonate production from the
clay units."


Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument
43-101 - Standards of Disclosure for Mineral Projects that has reviewed and
approved the technical contents of this news release.


(1) LCE = lithium carbonate equivalent (Li2CO3): determined by multiplying Li
value in percent by 5.324 to get an equivalent Li2CO3value in percent. Use of
LCE is to provide data comparable with industry standards.


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 drilling activities, future payments and
property interests being earned and transferred and results of metallurgical
testing. 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.


To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/933013m.pdf


FOR FURTHER INFORMATION PLEASE CONTACT: 
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
[phone]


Bacanora Minerals Ltd.
Martin Vidal
President
([phone]
www.bacanoraminerals.com