Bacanora Minerals Ltd Formal Appointment of Non-Executive Directors (6045H)

TIDMBCN

RNS Number : 6045H

Bacanora Minerals Ltd

09 June 2017

9 June 2017

Bacanora Minerals Ltd

('Bacanora' or the 'Company')

Formal Appointment of Non-Executive Directors

Bacanora, the London and Canadian listed (AIM: BCN, TSXV: BCN) 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 specialised 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."

**ENDS**

 
 Bacanora Minerals      Peter Secker, CEO        [e-mail] 
  Ltd. 
---------------------  -----------------------  -------------------------- 
 Cairn Financial 
  Advisers LLP,         Sandy Jamieson/Liam                     +44 (0) 20 
  Nomad                  Murray                                  7213 0880 
---------------------  -----------------------  -------------------------- 
 Canaccord Genuity,     Martin Davison, James                   +44 (0) 20 
  Broker                 Asensio                                 7523 8000 
---------------------  -----------------------  -------------------------- 
 St Brides Partners, 
  Financial PR          Frank Buhagiar/Megan                    +44 (0) 20 
  Adviser                Dennison                                7236 1177 
---------------------  -----------------------  -------------------------- 
 

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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("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) 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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June 09, 2017 02:00 ET (06:00 GMT)