CALGARY, ALBERTA–(Marketwired – Sept. 30, 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, announces that it has received an unsolicited non-binding indicative proposal (the “Proposal“) from Rare Earth Minerals plc (“REM“), an AIM listed investment vehicle with a 19.8% holding in the Company. The Proposal envisages an all-share merger of Bacanora and REM with REM acting as the acquiring entity (via a reverse takeover) and issuing newly issued REM shares to Bacanora’s shareholders. The merger exchange ratio proposed by REM is between 135 and 141 REM shares for each outstanding Bacanora share (the “Proposed Offer“). The Board of Bacanora strongly rejects the Proposal believing it significantly undervalues the Company and jeopardises Sonora’s development path to production.