Bacanora, the London and Canadian listed (AIM: BCN, TSXV: BCN) lithium exploration and development company, is pleased to announce changes to the Board, as well as provide an update on its flagship Sonora Project (‘Sonora’) in Mexico where a Feasibility Study (‘FS’) for a 35,000 tonnes per annum lithium carbonate operation is now on course for completion in late 2017. The Company has also recently commenced a FS for the Zinnwald Project (‘Zinnwald’) located near Dresden, Germany. In addition the Company is pleased to announce the appointment of two new Non-executive directors and Canaccord Genuity Limited as its sole broker with immediate effect.
Changes to Board of Directors
The Company announces the appointment of Dr Andres Antonius, who is based in Mexico City, and Mr. Junichi Tomono, head of the Speciality Metals and Alloys department of leading Japan-based global trading company Hanwa Co., LTD. (‘Hanwa’), as Non-executive Directors of the Company. Such appointments have been approved by the Board of Bacanora and will take full effect upon completion of standard regulatory reviews, which are underway.
The two appointments replace Mr. James Leahy, who has stepped down from the Board to pursue other business interests, and Mr. Kiran Morzaria who resigned from his position as Non-executive Director of the Company earlier this year (see announcement of 26 January 2017 for further details). Mr. Tomono’s appointment to the Board follows the signing of a strategic partnership and offtake agreement for Sonora which has seen Hanwa acquire an initial 10% interest in Bacanora following a private placement (see announcement of 2 May 2017 for further details).