Bacanora Minerals Ltd., the London and Canadian listed lithium exploration and development company, announces that Martin Vidal, President and a Director of the Company, has resigned the foregoing positions, effective 30 November 2017. Mr. Vidal will remain with the Company in an advisory/consultancy capacity going forward.
Mark Hohnen, Chairman of Bacanora, commented,"On behalf of the Board and shareholders, we express our sincere thanks to Martin for his various contributions to the Company, including the key role that he has played from the time of first discovery and exploration of our lithium assets, through to the development phase that we are presently moving into. His contributions have been substantial and greatly appreciated. We wish him the very best with all of his future endeavours."
For further information, please contact:
|Bacanora Minerals Ltd.||Peter Secker, CEO||[email protected]|
|Cairn Financial Advisers LLP, Nomad||Sandy Jamieson / Liam Murray||+44 (0) 207 213 0880|
|Canaccord Genuity, Broker||Martin Davison||+44 (0) 20 7523 8000|
|St Brides Partners, Financial PR Adviser||Hugo de Salis / Frank Buhagiar||+44 (0) 20 7236 1177|
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 NI-43-101) of 4.5 million tonnes (LCE 1 ) 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.
1LCE= lithium carbonate (Li2CO3 ) equivalent; determined by multiplying Li value in percent by 5.324 to get an equivalent Li2CO3 value in percent. Use of LCE is to provide data comparable with industry reports and assumes complete conversion of lithiumin clays with no recovery or process losses.
2See 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.
3See 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.
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. 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 atwww.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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