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Bacanora appoints Hohnen as director

Last updated: 15:04 28 Apr 2016 EDT, First published: 10:04 28 Apr 2016 EDT

Lithium
Hohnen joins the Bacanora board

Bacanora Minerals (CVE:BCN) said on Thursday it has appointed Mark Hohnen as a director with immediate effect.

Hohnen, 66, has been involved in the mineral business since the late 1970s. He has had extensive international business experience in a wide range of industries including mining and exploration, property, investment, software, and agriculture.

He has held a number of directorships in both public and private companies, and was founding chairman of Cape Mentelle and Cloudy Bay wines, as well as the oil and coal company Anglo Pacific Resources PLC.

Hohnen was also a director of Kalahari Minerals and Extract Resources, having successfully negotiated the sale of both companies to Taurus (CGN). He remains on the board of Swakop Uranium, which is developing the world's second largest uranium mine and the largest mine development in southern Africa. He is also a director of ASX-listed Salt Lake Potash Ltd.

Concurrent with his appointment, an aggregate of two million options to acquire common shares in the capital to the company have been granted to Hohnen, each such option being exercisable into one common share at a price of 0.9625 British pound sterling (approximately $1.94) per share for a period of 24 months from the vesting date.

The first one million options shall vest and become exercisable on the date that is the earlier of 12 months from Hohnen's appointment as a director of the company, as well as other conditions.

The remaining one million options shall vest and become exercisable on the date that is the earlier of 18 months from Hohnen's appointment as a director of the company, as well as other conditions.

Hohnen also has an interest in 606,666 common shares in the capital of the company.

Bacanora is a Canadian and London-listed minerals explorer. The Company explores and is developing industrial mineral projects, with a primary focus on its lithium project. The Company's operations are based in Hermosillo in northern Mexico. The main assets of Bacanora are:

The Sonora Lithium Project, which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) of 4.46 Mt LCE(1) contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained in 160 Mt of clay at a Li grade of 3,200 ppm.

The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 Mt of B2O3, at an eight percent cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.

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on 02/09/2021