Bacanora Provides Clarification Statement

CALGARY, ALBERTA--(Marketwired - Aug. 28, 2015) - BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN)(AIM:BCN) -

At the request of the Investment Industry Regulatory Organization of Canada, Bacanora is providing this clarification statement in connection with its press release dated August 27, 2015 wherein it announced the entering into of a supply agreement among Bacanora, Rare Earth Minerals plc ("REM") (AIM:REM) and, Tesla Motors, Inc. ("Tesla"), the maker of electric vehicles and energy storage solutions (the "Supply Agreement"). In that earlier release, the Company referred to the design and construction of a mine and processing facility with an initial estimated production capacity of 35,000 tonnes of lithium compounds, with the scaling potential of up to 50,000 tonnes per annum. It should be noted that the foregoing estimates are internal, Company estimates that have not yet been determined through a PEA, Pre-Feasibility or Feasibility study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")), as is required prior to the disclosure of a project's production potential. The August 27, 2015 press release also referred to development work being carried out for the pre-feasibility study ("PFS") for the Sonora Lithium Project. For details regarding the work being conducted and the estimated timing of the PFS, investors are referred to the Company's news release dated July 7, 2015, wherein this development work is described in further detail. Lastly, investors are cautioned that without a Pre-Feasibility or Feasibility study prepared in accordance with NI 43-101 there can be no assurance that the Supply Agreement will result in an actual producing lithium mine.

ABOUT BACANORA:

Bacanora is a Canadian and London listed minerals explorer (TSX VENTURE:BCN)(AIM:BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora. The two main assets of Bacanora are:

• The Sonora Lithium Project, which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with ("NI 43-101") of 1.12 Mt LCE contained in 95 Mt of clay at a Li grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm.
• The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 Mt of B₂O₃, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a prefeasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.

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