Issue of Equity

Bacanora Minerals Ltd.

("Bacanora Minerals" or the "Company")

Exercise of Warrants

and Holding(s) in Company

Bacanora Minerals, the Canadian resources company with assets in Mexico, announces that the Company has issued 5,000,000 new Common Shares in the Company to Igneous Capital Limited ("Igneous") pursuant to the exercise of their entire holding of warrants. The warrants entitled Igneous to acquire new Common Shares at C$0.45 per Common Share.

Igneous now holds 15,000,000 Common Shares in the Company, representing 17.9 per cent. of the enlarged issued share capital of the Company. Igneous has agreed that it will not dispose of any interest it holds in Common Shares for a period of 12 months following Admission, pursuant to the lock-in agreement, as set out in the Admission Document dated 21 July 2014.

Application has been made for the 5,000,000 new Common Shares to be admitted to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 16 October 2014. The new Common Shares will rank pari passu with the existing Common Shares in issue. Following the issue of the new Common Shares as outlined above, there will be 83,965,661 Common Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

Graham Edwards is the ultimate beneficial owner of Igneous. Mr. Edwards is also one of the potential beneficiaries of a trust that owns D&A Income Limited, which owns 5,303,030 Common Shares representing 6.3% per cent. of the issued share capital of the Company.