Source - RNS
RNS Number : 3686K
Bacanora Minerals Ltd
20 September 2016

20 September 2016


Bacanora Minerals Ltd.

 ("Bacanora" or the "Company")


Holding in Company


Bacanora, the Canadian and London listed (TSX-V: BCN and AIM: BCN) lithium and borates company focussed on Mexico, has noted that Igneous Capital Limited ("Igneous"), a company in which Mr. Graham Edwards has an interest, notified SEDI in Canada on 17 September 2016 that it had agreed to sell 4.5 million shares in Bacanora on 16 September 2016 at £1 per share.  Igneous' shareholding in the Company on completion of the sale will be 10.5 million shares representing 9.73% of the issued share capital of the Company.  The Company also notes the announcement this morning by Rare Earth Minerals Plc that it has agreed to acquire 4.5 million shares in Bacanora with completion due by the end of the month, taking its interest to 19.8% of the Company's issued share capital.


Enquiries please contact:


Bacanora Minerals Ltd.


Peter Secker, CEO

[email protected]


Cairn Financial Advisers LLP, Nomad


Sandy Jamieson / Liam Murray


+44 (0) 20 7148 7900

Numis Securities Ltd,



John Prior/James Black/Paul Gillam

+44 (0) 20 7260 1000

St Brides Partners, Financial PR Adviser

Frank Buhagiar / Elisabeth Cowell /  Hugo de Salis

+44 (0) 20 7236 1177





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. The two main assets of Bacanora are: 


·    The Sonora Lithium Project, which consists of ten mining concession areas 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 4.46 Mt LCE contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained in 160 Mt of clay at a Li grade of 3,200 ppm.


·    The Magdalena Borate Project 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.


This information is provided by RNS
The company news service from the London Stock Exchange