Bacanora Minerals Ltd.
TSX VENTURE : BCN
AIM : BCN

Bacanora Minerals Ltd.

September 28, 2016 18:55 ET

Bacanora Announces Results of Its Annual and Special Meeting

CALGARY, ALBERTA--(Marketwired - Sept. 28, 2016) - Bacanora Minerals Ltd. ("Bacanora" or the "Company"), the Toronto and London listed (TSX VENTURE:BCN)(AIM:BCN) company focused on developing the Sonora Project ("Sonora" or the "Project") in Mexico into a world class lithium carbonate operation, held its Annual and Special Meeting of the Company in Canada today. All resolutions were duly passed other than resolution 5 to approve the re-domicile of the Company to the UK by means of the Plan of Arrangement, as set out in the Supplement to the Management Information Circular sent to shareholders dated August 30, 2016.

Accordingly the proposed re-domicile of the Company to the UK can no longer take place, and Bacanora will continue to pursue its corporate objectives as a Canadian registered company. The Company's common shares will continue to be traded on TSX-V and AIM.

Resolution Number: For (% of votes cast) Against (% of votes cast) Withheld (% of votes cast)
1 68,582,132 (99.99%) 6,008 (0.01%) -
2 (a) 52,870,378 (77.89%) - 15,010,630 (22.11%)
2 (b) 57,517,652 (85.67%) - 9,622,998 (14.33%)
2 (c) 52,120,830 (77.63%) - 15,019,820 (22.37%)
2 (d) 52,880,378 (77.90%) - 15,000,630 (22.10%)
2 (e) 67,130,830 (99.99%) - 9,820 (0.01%)
2 (f) 67,880,378 (100.00%) - 630 (0.00%)
3 68,582,132 (99.99%) - 4,419 (0.01%)
4 52,854,008 (77.86%) 15,028,589 (22.14%) -
5 36,162,093 (53.27%) 31,720,504 (46.73%) -

ABOUT BACANORA:

Bacanora is a Canadian and London listed minerals explorer (TSX VENTURE:BCN)(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 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 NI 43-101) of 4.5 million tonnes (LCE) and 2.7 million tonnes Inferred. A PFS completed in Q1 2016 demonstrated the robust economics associated with becoming a 35,000 tpa lithium carbonate and 50,000 tpa SOP producer in Mexico.
  • The Magdalena Borate Project, covering 16,503 hectares 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.

Contact Information

  • Bacanora Minerals Ltd.
    Peter Secker
    CEO
    info@bacanoraminerals.com

    Cairn Financial Advisers LLP, Nomad
    Sandy Jamieson
    Liam Murray
    +44 (0) 20 7148 7900

    Numis Securities Ltd, Broker
    John Prior
    James Black
    Paul Gillam
    +44 (0) 20 7260 1000

    St Brides Partners, Financial PR Adviser
    Frank Buhagiar
    Elisabeth Cowell
    +44 (0) 20 7236 1177

    Macquarie Capital (Europe) Limited, Corporate Adviser
    Raj Khatri
    +44 (0) 20 3037 2000