2nd Mar 2015 11:49
LONDON (Alliance News) - Bacanora Minerals Ltd Monday said its loss widened in the first half of the year, as it progressed with the development phase of its Sonora lithium project and Magdalena borate project in Mexico.
The Mexican-focused lithium and borates company, which is listed in both London and Canada and in which partner Rare Earth Minerals PLC holds a 14.48% stake, reported net loss attributable to shareholders of CAD1.2 million for the six months to end-December 2014, compared with a CAD654,549 loss the year before.
Interest income for the half-year increased to CAD34,813 from only CAD4,874 last year.
The company said that it has been transitioning from the exploration phase into the development phase, with fully funded pre-feasibility studies ongoing at both the Sonora Lithium Project and Magdalena Borate Project in Mexico.
Pre-feasibility activities at the Sonora Lithium Project during the period, included 24 holes drilled at Buenavista and ongoing infill drilling of 15 holes at La Ventana.
A pre-feasibility study is also underway at the El Cajon Borate concession at Magdalena.
Bacanora said it has a strong cash position with CAD11.9 million at the end of the half-year, and exploration expenditure of CAD1.1 million.
The company also said that it is at the "advanced stage" of recruiting a chief executive officer.
"We expect to appoint a CEO with the technical ability to propel our projects to the next phase in their development path and we look forward to providing updates in respect to this, as well as from our projects, over the coming months," said Chairman Colin Orr-Ewing in a statement.
Bacanora shares were trading 11% higher at 71.75 pence before midday Monday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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Related Shares:
BCN.LRare Earth Metals