Bacanora Announces Annual Financial Results

https://www.fscwire.com/newsrelease/bacanora-announces-annual-financial-results

Calgary, Alberta (FSCwire) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX-V: BCN and AIM: BCN), the Canadian and London listed lithium exploration and development company, is pleased to announce its audited final results for the 12 months ended 30 June 2017.

 

The Company’s Audited Annual Financial Statements and Management’s Discussion and Analysis for the year ended 30 June 2017 are being printed and will be posted to shareholders shortly.  Electronic copies of these documents are available on the Company’s website at www.bacanoraminerals.com and on SEDAR at www.sedar.com.  This announcement of final results is presented in Canadian dollars, unless stated otherwise.

 

Highlights

 

  • Delivering on objective to transform Bacanora into a global lithium producer

 

  • Strategic partnership and offtake agreement for flagship Sonora lithium project in Mexico (“Sonora” and the “Project”) secured with Hanwa Co., LTD. (“Hanwa”), a leading Japan-based global trading company and one of the larger traders of battery chemicals in Japan

 

º  Partnership provides third party validation of quality of resource, process and product and follows extensive due diligence by Hanwa covering the Project, Pilot Plant and battery grade lithium carbonate samples

 

  • Feasibility Study (“FS”) on course to be completed in Q4 2017 and expected to confirm Sonora occupies a favourable position on the industry cost curve

 

  • Battery grade lithium carbonate continuously produced at the Company’s Pilot Plant since May 2016 has enabled optimisation and refinement of beneficiation process for Sonora FS

 

  • 4,000 metre infill drilling programme completed to upgrade a portion of the current Mineral Resource from the Indicated to Measured category, in conjunction with geotechnical and hydrological drilling for the FS

 

º  Sonora currently has a large Indicated Resource comprised of 259 Mt averaging 3,200 ppm Li for 4.5 Mt of lithium carbonate equivalent (“LCE”)

 

º  An updated resource model prepared by SRK Exploration Ltd to be included in the FS

 

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