Dec 23 2014
BACANORA MINERALS LTD. notes the announcement made today by Rare Earth Minerals plc regarding their independently commissioned and funded scoping study on the El Sauz and Fleur concessions which form a part of the Company's Sonora Lithium Project in Sonora State in Northern Mexico. A summary of the REM Scoping Study has been provided by REM in their press release today.
Bacanora has not received a copy of the REM Scoping Study and is unable to comment on the valuations, assumptions, conclusions or methodology employed in the REM Scoping Study. Bacanora commends REM for its initiative in commissioning its independent study and its efforts in supporting the continued assessment and development of the concessions that are the subject of the study.
Bacanora remains committed to developing its borate and lithium projects in Mexico in the most efficient and optimal way possible. Once received, Bacanora will consider the study in conjunction with the ongoing exploration, development and pre-feasibility studies presently budgeted and under way on Bacanora's borate and lithium projects. The Company's current strategy is to remain focused on bringing the El Cajon (part of the Magdalena borate project) and La Ventana (part of the Sonora Lithium Project) concessions into production in the most efficient and economic manner.
Bacanora owns 70% of the shares of and Mexilit S.A. de C.V. (the company holding the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions that form part of the Sonora Lithium Project in Mexico), with REM owning the remaining 30%. Bacanora also owns 70 % of the shares of Minera Megalit S.A. de C.V. ("Megalit"), with REM owning the remaining 30%. Megalit owns the San Gabriel, Buenavista and Megalit concessions in Sonora State in Northern Mexico.
Source: http://www.bacanoraminerals.com/