Boleo First Copper Shipment and Funding Update
VANCOUVER, BC--(Marketwired - July 20, 2015) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE: BAJ)(OTCQB: BAJFF) reports that further to its news release dated July 2, 2015, it has received confirmation from Minera y Metalúrgica del Boleo, S.A. P.I. de C.V. ("MMB") that the Boleo Project completed its first shipment of copper. On July 12, 2015, MMB shipped 1,919 tonnes of electrolytic copper cathodes from its marine terminal at Boleo.
Mr. Tom Ogryzlo, Interim CEO of Baja, commented, "We are pleased that the Boleo Project has achieved yet another notable milestone in the ramp-up of its production operations. From experience, I know that there are always many challenges encountered in the start-up of any major processing operation, and Boleo is no exception. This is an important achievement for MMB senior management and all the employees of MMB. We wish the Project team continued success as it continues to ramp-up production and works to optimize the underground mining operations."
In addition, Baja has also been advised by MMB and Korea Resources Corporation ("KORES") that MMB has issued a further aggregate principal amount of US$120 million of its 2.875% Guaranteed Notes due 2019 (the "Additional Notes"). The Additional Notes constitute a further issuance of the US$340,000,000 aggregate principal amount of 2.875% Guaranteed Notes due 2019 that MMB issued on May 7, 2014, backed by a KORES guarantee (see Baja News Release dated May 13, 2014). The proceeds will be used to fund the production ramp-up and operations through 2015, according to the latest MMB financing plan.
For further information, please contact Baja's Interim CEO Tom Ogryzlo at 604 685 2323 or via email at info@bajamining.com
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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the Company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking statements. Additional risks and uncertainties can be found in the Company's reporting documents filed on SEDAR (www.sedar.com), including its Management Discussion and Analysis. Forward-looking statements are given only as at the date of this press release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
