Bacanora Minerals Ltd Formal Appointment of Non-Executive Directors (6045H)
June 09 2017 - 1:00AM
UK Regulatory
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 info@bacanoraminerals.com
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
END
BOAVVLFBDQFEBBV
(END) Dow Jones Newswires
June 09, 2017 02:00 ET (06:00 GMT)
Bacanora Lithium (LSE:BCN)
Historical Stock Chart
From Apr 2024 to May 2024
Bacanora Lithium (LSE:BCN)
Historical Stock Chart
From May 2023 to May 2024