- Bacanora Minerals posts a net loss of CD3.9m for the six months to the end of December - up from CD1.2m a year ago.

Chief executive Peter Secker said: "With Indicated lithium resources of 5.0 Mt LCE contained in 364 Mt of clay, at a Li grade of 2,600 ppm, Sonora is one of the world's larger lithium deposits.

"During the period under review we commenced a PFS to establish the commerciality of a plant at Sonora with the potential to deliver up to 35,000 tonnes per annum of lithium carbonate, in a two phase process. We are highly encouraged by the progress made to date and we expect to be in a position to announce the results of the PFS in Q1, 2016.

"Subject to the results of the PFS, we will look to immediately embark on a Definitive Feasibility Study. Thanks to the successful private placement during the period, which brought our first top tier institutional investor onto our shareholder register, not only is the DFS fully funded, but we are also able to expand and upgrade the Company's lithium pilot plant in Hermosillo, Mexico.

"This will allow us to produce battery grade lithium carbonate marketing samples for distribution to potential off-take partners in Europe and Asia later this year. 2016 is shaping up to be a pivotal year in the transformation of Bacanora into a supplier to the rapidly growing lithium market and I look forward to providing further updates on our progress."

At 9:19am: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was 0p at 72p

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