StockMarketWire.com - Bacanora Minerals reports a net loss of C$5.5m for the nine months to the end of March - up from $1.1m a year ago.

Bacanora reports a net loss of $1.6m in the third quarter against net income of $98,296 last time.

Revenue for the nine-month period totalled $89,871 against $52,920 a year ago.

Chairman Colin Orr-Ewing said: "The lithium market is a highly exciting sector to be in at the moment and given the low costs and robust economics associated with delivering 35,000 tonnes of lithium carbonate a year, as demonstrated through our PFS announced during the period, we are ideally positioned to capitalise on the strong and growing market for this important commodity.

"The Feasibility Study is now under way, and as part of this we are positively advancing discussions with potential off-take partners in Asia which will be an integral part of our commercialisation of Sonora, which is both large in terms of resources and scalable. We are planning to distribute samples to potential partners in Q3 2016. The Feasibility Study is scheduled to be delivered in Q1 2017.

"Subject to the successful outcome of the FS and project financing, the Company's overall timetable could potentially align well with a potential future forecasted supply deficit that is being fueled by growth in innovative technologies such as electric vehicles, energy storage and portable devices."




At 9:53am: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was +0.5p at 97p



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