StockMarketWire.com - Bacanora Minerals posts a pre-tax loss of C$2,741,164 for the year to the end of June - up from C$2,654,959 last time.

Highlights during the year included:

Admission to AIM and associated £4.75 million fundraising to advance transition into the development phase with fully funded pre-feasibility studies ongoing at the Sonora Lithium Project in Mexico

· Mineral resource estimate for Sonora Lithium project in Mexico:

- Indicated portion of the MRE is 1.14 million tonnes ("Mt") lithium carbonate equivalent ("LCE")(2) contained in 95 Mt of clay, at lithium grade of 2,200 ppm

- Inferred portion of the MRE is 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm

- Multiple opportunities to expand the resource

· Start of pre-feasibility study technical report that will be prepared in accordance with National Instrument 43-101

· Ongoing testwork under way on the El Cajon deposit at the Magdalena Borate Project in Mexico to produce up to 50,000 tonnes of boric acid per year

Chief executive Peter Secker said: "We continue to progress the pre-feasibility study for the Sonora Lithium Project, which is due to be completed in calendar Q1 2016. Bacanora continues its strategy towards becoming a supplier in the rapidly growing lithium market. Unlike a number of other commodities, the supply / demand dynamics for lithium are highly favourable as a result of the vital role it plays in high growth industries such as mobile communications, electric vehicles and energy storage. Set against this supportive backdrop and subject to the results of the PFS, we expect to immediately embark on a Bankable Feasibility study in tandem with progressing our ongoing discussions with potential offtake partners, as we continue to focus on bringing the Sonora Lithium Project into production in order to generate substantial value for our shareholders."




At 8:10am: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was 0p at 89p



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