Igneous Capital Limited Acquires Shares and Warrants of Bacanora Minerals Ltd.

CALGARY, ALBERTA--(Marketwire - March 26, 2013) - Igneous Capital Limited ("Igneous") issues this press release pursuant to Part 3 - Early Warning Requirements of National Instrument 62-103 with respect to Bacanora Minerals Ltd. (the "Issuer" or "Bacanora").

On March 26, 2013, Igneous subscribed for an aggregate of 10,000,000 units of Bacanora (each, a "Unit") at a price of $0.30 per Unit. Each Unit is comprised of one common share of the Issuer (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant being a "Warrant"), with each Warrant being exercisable into one Common Share at a price of $0.45 for a period of five (5) years.

The Common Shares acquired by Igneous represent approximately 15.8% of the current issued and outstanding Common Shares of Bacanora. Prior to this subscription, Igneous held no securities of Bacanora. Following this subscription, Igneous will hold an aggregate of 10,000,000 Common Shares (15.8% of the outstanding Common Shares of Bacanora) and Warrants to purchase an additional 5,000,000 Common Shares. If Igneous was to exercise all of the Warrants, it would hold a total of 15,000,000, or approximately 21.7% of the issued and outstanding Common Shares of Bacanora calculated on a partially diluted basis assuming the exercise of the Warrants (but no other exercises of convertible securities).

These securities were acquired for investment purposes only. In the future, Igneous may acquire additional securities of Bacanora, dispose of some or all of the securities that it now owns or exerts control or direction over, or may continue to hold its current position. The acquisition of the Common Shares and Warrants by Igneous was exempted from securities legislation under Alberta Securities Commission Rule 72-501 - Distributions to Purchasers Outside Alberta. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "BCN".

For further information or to receive a copy of the early warning report filed by Igneous with securities regulatory authorities in Canada in connection with this press release, please contact Guy Walker.