Bacanora Announces Appointment of New CEO
CALGARY, ALBERTA--(Marketwired - May 19, 2015) - BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN) (AIM:BCN) is very pleased to announce the appointment of Mr. Peter Secker as the new Chief Executive Officer of the Company. Mr. Secker has over 30 years' experience in developing, constructing and operating mines, and most recently, has direct experience of working with lithium projects. His appointment as CEO is in line with the Company's strategy to continue to advance its pre-feasibility studies and to continue to evaluate and progress its path towards production for both the Sonora Lithium Project and the Magdalena Borate Project in Mexico. As CEO, Mr. Secker will report directly to the board of directors of the Company (the "Board"). Mr. Secker's takes over the role of CEO from Shane Shircliff, who will remain on the Board as a director of the Company.
Peter Secker (55) holds a Bachelor of Applied Science in Mining Engineering from Newcastle University and a First Class Mine Managers Certificate for Australia and South Africa. Throughout his career he has built, commissioned and operated mining projects in Australia, China, Africa and Canada, and over the past 10 years he has served in a range of CEO roles with companies and ventures that have successfully raised over US$700 million from the debt and equity markets for new mine developments. As CEO and Deputy Chairman of Canada Lithium Corp., his most recent position, Mr. Secker oversaw the development of the Quebec Lithium Project, as well as the negotiation of the first large-scale, long-term lithium off-take with a Chinese state owned entity ("SOE").
Colin Orr-Ewing, Non-Executive Chairman, commented, "Peter is a highly commercial candidate who has specific experience of working in the lithium market and we are delighted to welcome him to our team during this exciting time in our development. The Sonora Lithium Project sits at the core of our portfolio and, considering its size and high grade nature, we are very eager to continue to develop and progress our plan towards future production and feel that Mr. Secker brings the skill set required to achieve this objective. His experience and the valuable lessons learnt from delivering funding for new mines and his milestone achievement of negotiating the first large-scale, long-term lithium off-take with a Chinese SOE, are expected to be highly beneficial to Bacanora as we focus on delivering value to shareholders. We plan to achieve this through the development of our high grade and innovative portfolio, located in a mining friendly jurisdiction. On behalf of the Board, I would also like to take this opportunity to express our sincere thanks to Shane Shircliff for the hard work and dedicated years of service that he has put into the role of CEO, and for his continuing efforts towards realizing value for shareholders."
Peter Secker, CEO, said, "Having operated in the lithium sector for many years, during which time I worked alongside my team to bring the Quebec Lithium Project through the development phase towards production, I feel that the strong commercial potential of the Sonora Lithium Project is clear. I look forward to utilizing the skills and network gained during my previous roles to progress the Company through its next stages of development with a view towards realizing the full value of this extremely exciting project."
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (TSX VENTURE:BCN) and (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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) of 1.12 Mt LCE contained in 95 Mt of clay at a Li grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm.
- 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 percent 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 prefeasibility 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.
Reader Advisory
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 advancing through pre-feasibility and potential future production. 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: commodity price volatility; general economic conditions in Canada, the United States, Mexico 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
Bacanora Minerals Ltd.
Peter Secker
Chief Executive Officer
(403) 237 6122
info@bacanoraminerals.com
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
