Bacanora Minerals Ltd.
TSX VENTURE : BCN

Bacanora Minerals Ltd.

April 03, 2012 13:12 ET

Bacanora Achieves Commercial Colemanite Grades and Provides Update on its Borate Program

CALGARY, ALBERTA--(Marketwire - April 3, 2012) - BACANORA MINERALS LTD. (the "Company" or "Bacanora") (TSX VENTURE:BCN) is pleased to announce that it has successfully achieved marketable grades of colemanite concentrate after extensive laboratory testing of borates from its El Cajon deposit. Bench scale testing has yielded product with grades upwards of 40% B2O3, which is considered as the industry benchmark grade for commercial production of colemanite concentrate. Based on management's review of published price indicators 40-42% colemanite concentrate is currently selling for approximately $500 per tonne. Both the glass and textile fibre glass industries have been identified as potential markets for Bacanora's colemanite products.

Testing conducted to date has consisted of metallurgical and process testing that has been ongoing since September 2011 and has included grinding, desliming, reagent and flotation analyses. The testing procedures were developed by internal Company experts and consultants, with actual laboratory work performed by ALS-Chemex, an independent lab based in Hermosillo, Mexico.

Now that the Company has successfully achieved a colemanite concentrate grade of 40% B2O3, further testing will be required in order to refine the flow sheet for the Company's proposed pilot plant. Upon the conclusion of testing the equipment list detailing the components required for pilot plant operation will be finalized and components will be ordered. A siting study for the pilot plant and Company laboratory has been concluded, with several possible locations identified within acceptable proximity to the El Cajon property. Upon completion of testing, focus will return to completing an updated National Instrument 43-101 compliant report targeted for release in the third quarter of 2012.

The consulting group Servicios Geologicos IMEX SC have been engaged for the generation of 3D block model, mine plan and pit design. Mining permit applications have been finalized and all applicable documents are ready for filing with the Secretary of Environment. In addition, long term lease contracts for surface rights are being negotiated. Infrastructure access, including water availability is being arranged concurrently.

Paul Conroy, President and CEO, states: "We are extremely pleased with the progress that our team has made by achieving the milestone of commercial grade colemanite from our El Cajon borate deposit. We look forward to further scaling up this process to the pilot scale level in the coming months and continue to take positive steps forward toward our goal of commercial production."

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

Reader Advisory

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. 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: general economic conditions in Canada, the United States 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 at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

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Contact Information

  • Bacanora Minerals Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (306) 649-0600
    (306) 649-0601 (FAX)