5 Jun 2015 07:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Project Update and Corporate Presentation
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Bacanora, the Canadian and London listed (TSX-V: BCN and AIM: BCN) lithium and borates development company focused on Mexico, is pleased to provide an update on the Company's upcoming milestones relating to its on-going transition from an exploration to a mine development company.
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During the last few weeks Bacanora has announced an update to the Mineral Resources for the Sonora Lithium Project and the appointment of a new CEO. 聽Over the next six months, commencing 1 July 2015, the Company will undertake the following project development tasks at Sonora:
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路 Commencement of an expansion and infill drilling programme at the Sonora Lithium Project which is expected to be followed by a further Mineral resource update and mining design and scheduling;
路 Continued optimisation of the lithium pilot plant operations and finalisation of the process flowsheet designs and mass balances;
路 Utilisation of the lithium pilot plant flowsheet designs to continue the Pre-Feasibility Study, ("PFS"); and
路 Production of lithium marketing samples in order to continue discussions with a number of global lithium end user groups and potential off-take partners, with which non-disclosure agreements have been signed.
During this development phase, the Company will continue to grow its project management team in Hermosillo, Mexico, as it builds its internal lithium operating expertise. This team will then lead the Definitive Feasibility Study following the completion of the PFS. At the same time, the project team will continue to finalise the PFS for the Magdalena Borates Project in Sonora State, Mexico and review potential cashflows from this project as a source of working capital for the Company.
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A new corporate presentation which highlights the Company's ongoing transition from explorer to mine developer can be found on the Company's website at www.bacanoraminerals.com.
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For further information, please contact:
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Bacanora Minerals Ltd 聽 | Peter Secker, CEO | info@bacanoraminerals.com 聽 |
Cairn Financial Advisers LLP, Nomad 聽 | Sandy Jamieson / Liam Murray 聽 | +44 (0) 20 7148 7900 |
HD Capital Partners Ltd, Broker 聽 | Philip Haydn-Slater / Paul Dudley 聽 | +44 (0) 20 3551 4870 |
St Brides Partners, Financial PR Adviser 聽 | Hugo de Salis / Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
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ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (TSX-V: BCN and AIM: BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora.聽The two main assets of Bacanora are:聽
路 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 NI 43-101 compliant Indicated Mineral Resource of 1.12 million tonnes ("Mt") of lithium carbonate equivalent ("LCE") contained in 95 Mt of clay at a Li grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 8500 Mt of clay at a Li grade of 2,300 ppm.; and聽
路 The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 mt of B2O3, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.
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