TIDMBCN
RNS Number : 0050Q
Bacanora Minerals Ltd
24 November 2016
Bacanora Minerals Ltd
('Bacanora' or the 'Company')
Board Changes and Corporate Update
The Board of Bacanora ('Bacanora' or 'the Company'), the
Canadian and London listed (TSX-V: BCN and AIM: BCN) company
focused on developing the Sonora Project ('Sonora' or 'the
Project') in Mexico, is pleased to announce changes to the
composition of the Board. These are in line with the Company's
strategy to build a robust and independent Board with a
complementary skill set to effectively facilitate the development
of Sonora into a world class lithium carbonate operation.
Changes to Board of Directors
The Company is pleased to announce that Mark Hohnen,
Non-Executive Director of the Company, has assumed the role of
Chairman with immediate effect. James Leahy, interim Non-Executive
Chairman, will resume his role as Non-Executive Director of the
Company.
Mr. Hohnen has a long track record of creating value through the
development of resource projects, as demonstrated during his time
as Director of Kalahari Minerals and Extract Resources and in his
current role as Director of Swakop Uranium, which is developing the
world's second largest uranium mine and the largest mine
development in southern Africa.
Additionally, Bacanora announces the appointment of Ray
Hodgkinson as a Canadian based Non-Executive Director of the
Company, replacing Shane Shircliff who has stepped down from this
role to pursue other business interests. Mr. Shircliff served as
CEO of Bacanora from May 2013 to May 2015 and as a director from
February 2014 to present. Ray Hodgkinson resides in Canada and has
both substantial public company and natural resource experience. He
is very familiar with Bacanora having been on its Board between
2006 and 2013, prior to its AIM listing.
Mr. Raymond John Hodgkinson (aged 60) has previously worked as
an engineering consultant to Striker Exploration Corp., Exoro
Energy Inc. and Ripper Oil & Gas Inc. He has been an
Independent Director of Westcore Energy Ltd. since March 2007 and a
Director of Troy Energy Corp. since September 2009. He served as
Chief Operating Officer of Aztek Energy Ltd. from June 1, 2006 to
January 2010. He served as a Director of Tembo Gold Corp (formerly
Lakota Resources Inc.) from October 2009 to July 15, 2011. He has
30 years of experience in the natural resources sector and is a
Member of the Association of Professional Engineers and
Geoscientists of Alberta. Mr. Hodgkinson received Bachelor of
Science Degree in Engineering from University of Calgary in June
1977.
Set out below are details of Mr. Hodgkinson's current
directorships and those that he has held within the last five
years.
Current Directorships Past Directorships (past 5 years)
Troy Energy Corp. Bacanora Minerals Ltd.
Westcore Energy Ltd. Tembo Gold Corp.
Aztek Energy Ltd.
Mr. Hodgkinson has an interest in 756,050 common shares in
Bacanora. There is no further information on Mr. Hodgkinson, which
is required to be disclosed under Schedule Two, paragraph (g) of
the AIM Rules for Companies.
Corporate Update
Bacanora and Rare Earth Minerals plc (AIM/ISDX: REM; OTC REMMY),
together advise that the financing condition in the conditional
lithium hydroxide supply agreement ("the Agreement") previously
announced on 28 August 2015 has not been met under the terms of the
Agreement. We advise further that we have had extensive discussions
with the customer as to the feasiblity of securing project specific
financing pursuant to the terms and conditions of the Agreement,
that those discussions have now concluded, and therefore we are
discontinuing further efforts to secure project specific financing
pursuant to the Agreement.
It remains Bacanora's strategy to focus on the production of
lithium carbonate to service the rapidly growing Asian and European
markets for electric vehicles and energy storage. Sales of lithium
carbonate represent some 75% of the current world market of lithium
products.
During the year Bacanora has rapidly advanced the Sonora Lithium
Project, the pre-feasibility study which was published in March and
showed positive economics returns, from a development plan that
involved ramping up production to 35 Kt of LCE over 2 years. In
addition, Bacanora has demonstrated that it can produce
battery-grade lithium carbonate from the ore at the Sonora Lithium
Project and has distributed samples of its product for preliminary
appraisal and testing by potential end-users.
The Sonora Lithium Project consists of ten mining concession
areas covering approximately 100 thousand hectares in the northeast
of Sonora State. It has an Indicated Mineral Resource (in
accordance with NI 43-101) of 4.5 million tonnes (LCE) and 2.7
million tonnes (LCE) within the Inferred category.
Bacanora continues to focus on its core business which is the
completion of the Sonora lithium carbonate Feasibility Study ("FS")
targeted for completion at the end of Q1, 2017 and the advancement
of discussions with potential lithium carbonate customers.
New Chairman Mark Hohnen said, "Sonora is a compelling lithium
asset poised to capitalise on a growing market for lithium
carbonate and I am pleased to take on this role at this exciting
time for Bacanora. I would like to thank James Leahy for his
commitment to the Company following the sad passing of Colin
Orr-Ewing. I also take this opportunity to welcome back Ray and
look forward to benefitting from his significant experience of the
Canadian markets. In addition, on behalf of the entire Board I
would like to thank Shane Shircliff for his years of dedication to
Bacanora throughout its formative stages and to offer him sincere
best wishes in his future endeavours. As recent appointments have
shown, we are dedicated to creating a strong, independent Board
which has the ability to deliver production at Sonora, so that we
may capitalise on the robust economics demonstrated from a 35,000
tonne per annum lithium carbonate operation for the benefit of our
shareholders."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
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Cairn Financial
Advisers LLP, Sandy Jamieson/Liam +44 (0) 20
Nomad Murray 7213 0880
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Numis Securities
Ltd, John Prior/James +44 (0) 20
Broker Black/Paul Gillam 7260 1000
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St Brides Partners,
Financial PR Frank Buhagiar/ Elisabeth +44 (0) 20
Adviser Cowell 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. 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 (lithium carbonate equivalent) and 2.7 million tonnes
Inferred. A Pre-Feasibility Study completed in Q1 2016 demonstrated
the positive economics associated with becoming a 35,000 tpa
lithium carbonate and 50,000 tpa SOP producer in Mexico. The
Company is led by a team with lithium expertise which have proven
mine development, construction and operational experience.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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