August 23, 2010 12:31 ET

Bacanora Announces Completion of Lithium Claims Acquisition

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2010) - BACANORA MINERALS LTD. (the "Corporation" or "Bacanora") (TSX VENTURE:BCN) is pleased to announce that it has completed its previously announced acquisition of four exploration licenses in respect of Lithium claims in the Sonora State of Mexico, covering approximately 4,050 hectares (the "Claims"), in addition to a pending application in respect of a further 500 hectares. The four Claims cover an aggregate of 4,050 Hectares, divided as follows:

Claim Claim Size (Ha) Location
La Ventana 875 Bacadehuachi
San Gabriel 1500 Divisaderos
El Sauz 1025 Bacadehuachi
Buenavista 650 Huasabas

For further details relating to these Claims, please refer to the Corporation's press release dated July 21, 2010. In accordance with Bacanora's agreement entered into with the holders of these Claims, an aggregate of 600,000 common shares of the Corporation have been issued as consideration, together with a payment in the amount of U.S.$25,000, representing the balance owing of reimbursable expenses contemplated under the agreement. All of the foregoing common shares are subject to four-month hold periods in accordance with applicable securities laws.

An initial drilling campaign is planned at the La Ventana target, while detailed mapping and systematic sampling followed by a target prioritization is planned for the El Sauz, Buenavista and San Gabriel targets, as well as the pending claim (El Penasco). At La Ventana, previous results returned values ranging between 1,700 to 5,500 ppm of Li, yielding between 0.3 to 2.5% Li2CO3 (lithium carbonate). The lithium bearing clays are contained in beds in excess of 20 metres thick and have been traced for over 3,000 metres. The clay Hectorite has been identified by X-ray diffraction analyses.

For the purpose of direct exploration on the La Ventana target, it has been divided into three easy handled segments of 1,000 x 300 metres. The initial drilling campaign is planned at the southernmost block, which is the area where most high grade samples collected to date are concentrated. This initial campaign will consist of roughly 1,500 metres of drilling in 18 NQ-core drillholes (200 by 100 centres).

Paul Conroy, President and CEO, states: "We are very pleased to have completed this acquisition and we expect to move directly into the initial drilling campaign on the Ventana target, where samples collected to date have indicated very encouraging prospects."

Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.

Other Information

Except for statements of historical fact relating to the Corporation, the information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Bacanora Minerals Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 697-4005
    (403) 263-0271 (FAX)