- Bacanora Minerals posts a loss of C$4,822,572 for the six months to the end of December - up from C$3,956,432 a year ago.

The company said it had approximately $24 million in the bank and was fully funded through to the completion of the feasibility study on the Sonora lithium project in Mexico, expected to be completed in late summer.

In order to meet the company's planned growth and development activities, it has budgeted to spend an aggregate of approximately $17 million over the next 12 months, with approximately $7 million on the feasibility study and related expenditures, and approximately $2 million on pilot plant related capital expenditures.

Chief executive Peter Secker said, "Bacanora's strategy is to continue to build an international lithium company with a portfolio of projects producing high value lithium products for the electric vehicle and energy storage sectors.

"The full feasibility study at Sonora is well advanced and on course to be completed in the second half of the year.

"An infill drilling programme has been completed, the results of which will be included in an updated resource model.

"Our pilot plant has been running continuously since May 2016 producing battery grade lithium carbonate samples which provides the basis for our ongoing discussions with potential offtake partners.

"We are pleased with the progress being made and our target remains for production at Sonora to commence in early 2019.

"As we advance Sonora towards production, it is our intention to develop a pipeline of additional lithium projects with a strategic geographical focus.

"The recent acquisition of 50% of the Zinnwald lithium project in Germany is the next step down this path.

"Zinnwald provides Bacanora with a potential entry into the important European lithium market which we expect to complement the Company's existing exposure to the large Asian market that Sonora provides.

"We will continue to provide further updates on our progress, as we look to confirm Sonora's status as the next world class lithium deposit and commence a feasibility study at Zinnwald."

At 9:48am: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was -1.5p at 89.5p

Story provided by