Bacanora Minerals : Ld : Re Joint Venture

Bacanora Minerals Ltd.

("Bacanora Minerals" or the "Company")

Sonora Lithium Joint Venture

BACANORA MINERALS LTD. ("Bacanora" or the "Company") is pleased to announce that it has received $US1,000,000 from its joint venture partner, Rare Earth Minerals plc ("REM") in connection with the exercise by REM of its second stage option in respect of REM Agreement 2 and provides an update on general exploration activities on the Sonora Lithium Project in northern Mexico.

REM Agreement 2 - REM increases its interest to 30%

As REM has now fulfilled all of its obligations in connection with the exercise of its second stage option, REM's ownership in Megalit S.A. de C.V. (the company holding the Buenavista, Megalit and San Gabriel concessions that form part of the Sonora Lithium Project in Mexico) is hereby increased from 10% to 30%.  Bacanora continues to own the remaining 70% interest in Megalit. For further information on REM Agreement 2, please refer to the Company's Admission Document dated 21 July 2014.

The funds received from REM will be used for exploration and drilling expenditures over the following year on the concessions held by Megalit. As noted in its August 19 announcement, the Company is collecting surface bulk samples from trenches excavated in lithium-bearing clay horizons on the Buenavista concession, where lithium bearing clays have now been identified at surface with an exposure of over 6 kilometres in length and widths of over 1.25 kilometres. Metallurgical test work to determine lithium solubility and recovery from the clays there will be conducted as part of an initial program of drill testing of the clay units. Prospecting, geological mapping and rock sampling of lithium bearing clay horizons on the San Gabriel and large Megalit concessions are ongoing, with the focus of delineating basin configuration and planning the next drilling campaign to test the lithium-bearing clays found as a result of this ongoing work.

Additional Results Update

Results of the first four drill holes from the Megalit concession have been received. The drilling tested exposures of clay units 10 kilometres to the south of the lithium resource on El Sauz. The drill holes intersected faulted intervals of the sandstone and clay altered tuffaceous sediments that ranged from 0.91 to 5.79 metres in length. Samples from the clay intervals range from 352 to 1,470 ppm Li. The intercepts are interpreted to be proximal to the edge of a basin hosting lithium-bearing clay. Further work is required to determine if clay horizons intercepted in the holes are part of the basin containing the El Sauz - Fleur - La Ventana lithium deposit or are part of a separate basin and if there are thicker intervals of lithium-bearing clays within that basin. Surface sampling on the Buenavista concession, which is part of the Megalit holdings, have returned lithium values up to 1,700 ppm in clay units there. The lithium-bearing sediments on Buenavista strike north-south and are exposed for a length of 6 kilometres across the concession. The sediments dip, in general, gently to the east and crop out over 1.25 kilometres in an east-west direction.

In addition, results from the last hole drilled on the Fleur concession have been received. The drill hole was collared 1.7 kilometres to the west of the La Ventana lithium deposit. The hole intersected 29.06 metres of the tuffaceous, clay-rich sediments. Samples of the sediments ranged up to 438 ppm Li. The sequence is interpreted to be proximal to the basin edge and to correlate with the Upper Clay Unit of the lithium deposit.

Martin Vidal, President of Bacanora, commented:

"We are very pleased with REM's continued support of exploration and development of the concessions that make up Sonora Lithium Project.  Results to date continue to demonstrate the potential for finding additional lithium resources within the Sonora Lithium Project area".

"Work is progressing well on the plant design for a Lithium Carbonate project with a production target of up to 50,000 tonnes per annum and we are now planning a much larger drilling program on Sonora to not only provide detailed open pit design information, but to expand the lithium resources into Megalit. Further updates will be made on these developments in due course."

Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") that has reviewed and approved the technical contents of this news release.

ABOUT BACANORA:

Bacanora Minerals Ltd. is a Canadian and London listed junior minerals explorer (TSX-V: BCN and AIM: BCN), whose main projects are located in the northern Mexican state of Sonora. The Company's focus is on demonstrating feasibility of its lithium and borate deposits.

Lithium:

The Sonora Lithium Project consists of ten contiguous concessions covering 104,064 hectares. Two of the concessions (La Ventana and La Ventana 1) are owned 100% by Bacanora. The El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions (the "REM Agreement 1 Lands") are owned 70% by Bacanora and 30% by REM under REM Agreement 1.  The San Gabriel, Buenavista and Megalit concessions (the "REM Agreement 2 Lands") are owned 70% by Bacanora and 30% by REM under REM Agreement 2.  The Company has declared indicated resources on each of the La Ventana concessions and the REM Agreement 1 Lands, in respect of which reports have been prepared in accordance with NI 43-101 (please refer to the Company's SEDAR filings for copies of these reports and related press releases). For further details of REM Agreement 1 and REM Agreement 2, please refer to the Company's Admission Document dated 21 July 2014.  Bacanora has developed a process for recovering lithium from the clays and converting it into battery grade lithium carbonate (please refer to Bacanora's news release dated April 22, 2014).

Borates:

The El Cajon deposit is the most advanced of several borate targets within the Magdalena Borate Project. Concessions constituting the Magdalena Borate Project are 100% owned by Bacanora's wholly-owned subsidiary, Minera Sonora Borax S.A. de C.V., subject to royalties totalling 6%.

With NI 43-101 compliant drilled indicated borate resources of 11 million tonnes averaging 10.6% B2O3 or 1.17 Mt of B2O3 in three units from which metallurgical testwork has demonstrated, on a pilot plant scale, that boric acid is recoverable. Planning is in progress on design work for a boric acid plant capable of producing 25,000 tonnes of boric acid per annum from Cajon deposit.