CALGARY, ALBERTA--(Marketwired - July 25, 2016) - BACANORA MINERALS LTD. ("Bacanora" or the
"Company") (TSX VENTURE:BCN) (AIM:BCN) the AIM and TSX Venture Exchange listed lithium and borates company focussed on Mexico,
announces that Colin Orr-Ewing is stepping down as Non-Executive Chairman of the Company due to personal reasons. Mr.
Orr-Ewing will remain on the Board as a Non-Executive Director.
James Leahy, an existing Non-Executive Director of the Company, will be appointed as the Non-Executive Chairman of the Company
on an interim basis until further notice, effective as of 25 July 2016.
Mr. Orr-Ewing is a founder of Bacanora and has been Chairman of the Company since 20 June 2014. The Board would like to
express its strong appreciation and thanks for all his efforts on behalf of Bacanora during his Chairmanship and looks forward to
continue working with him in his capacity as Non-Executive Director.
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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"))
of 4.46 Mt LCE contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained
in 160 Mt of clay at a Li grade of 3,200 ppm.
- The Magdalena Borate Project, 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. 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.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in
our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue
reliance on forward-looking information.
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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.