CALGARY, ALBERTA -- (Marketwired) -- 05/26/14 -- BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE: BCN) 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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Contacts:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
www.bacanoraminerals.com
