CALGARY, ALBERTA, May 26, 2014 (Marketwired via COMTEX) -- BACANORA MINERALS LTD. ("Bacanora" or the "Company") CA:BCN -10.61% announced today that Rare Earth Minerals, Plc ("REM"), has provided written notice of the exercise its second stage option in respect of Joint Venture #2, confirming its desire to increase its ownership therein from 10% to 30%. In accordance with the Company's agreement with REM, the Company has received a payment of US$500,000 as part of this option exercise. REM now has up to six (6) months to provide an additional US$1 million, which is to be used for exploration and drilling expenditures over the following year. Upon receipt of this additional US$1 million, REM will have completed its second stage option exercise and will be entitled to an additional 20% stake in Bacanora's subsidiary that will hold the concessions under the Joint Venture #2. Joint Venture #2 applies in respect of the San Gabriel, Buenavista and Megalit concessions. For more information on Joint Venture #2, please refer to the Company's press release dated March 12, 2014.
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The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to updat any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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