Bacanora Minerals Ltd. announced the entering into of a consultancy agreement in respect of the liason with and procurement of potential purchasers for the company's lithium products. The agreement is with a private company that is controlled by Mark Hohnen, who is a proposed nominee for election to the Board of Bacanora whose approval as a director remains subject to final regulatory approval. The consultancy agreement is for a period of eighteen months, subject to early termination by either party upon one month notice.

Compensation payable under the agreement consists of a quarterly fee in the amount of GBP 57,000 exclusive of Value Added Tax where applicable, such fee being payable quarterly in arrears and being comprised of the following components: GBP 36,000 per quarter - fee for services; GBP 15,000 per quarter - rental allowance; and GBP 6,000 per quarter - travel allowance. Expenditures incurred in connection with services provided thereunder shall also be eligible for reimbursement.