18th Apr 2016 09:33
LONDON (Alliance News) - Bacanora Minerals Ltd on Monday said it has filed the pre-feasibility study for the Sonora lithium project in Mexico and said talks are ongoing with various offtake partners for the project.
Bacanora said it is in talks with Asian offtake partners, banks, debt providers and strategic investors in regards to the project. It remains focused on a project financing strategy for the project and on producing further battery-grade lithium carbonate samples to distribute to potential Asian partners in the third quarter of 2016.
The feasibility study for the project has now started, with a drilling contractor mobilised to start infill reserve drilling in the second quarter. Bacanora expects this to be completed by the third quarter.
It has also started the process of appointing engineering and technical consultants for the project, along with further personnel with lithium development and operating expertise.
Bacanora shares were up 5.6% to 75.00 pence on Monday.
Rare Earth Minerals Ltd, which owns a 17.2% stake in Bacanora, noted the statement. Its shares were up 5.8% to 0.55p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
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