Bacanora Announces Receipt of Stage 2 Exploration Funding from Rare Earth Minerals PLC
September 09, 2013 (Source: Marketwire) — BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN) announces today that Rare Earth Minerals PLC (“REM”), the Company’s joint venture partner in respect of the El Sauz and Fleur lithium concessions (the “Concessions”) in northern Mexico, has satisfied its funding obligations in connection with REM’s exercise of its option to increase its ownership in the Concessions from 10% to 30%. In accordance with the Company’s joint venture agreement with REM, the Company has received a payment of US$500,000, together with the deposit of U.S.$1 million, the latter of which will be used for the Stage 2 exploration and drilling programme on the Concessions. REM’s equity in the Bacanora subsidiary, MEXILIT SA de CV, which will hold the Concessions, will now increase from 10% to 30%.
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Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to,the potential for a significant lithium resource to be developed on the joint venture land and management’s intention to conduct additional drilling activities on the Sauz and Fleur concessions. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>