Vancouver, January 20, 2015 – Baja Mining Corp. (the “Company”) (TSX-V: BAJ – OTC: BAJFF) announces that it has been advised by Minera y Metalúrgica del Boleo, S.A. P.I. de C.V. (“MMB”) and Korea Resources Corporation (“KORES”) that prior problems relating to the acid plant have been resolved and the Boleo plant achieved first copper production on January 17, 2015.
MMB has also advised that commissioning of the cobalt-zinc circuit has commenced following techanical completion. MMB is currently targeting the completion of copper production ramp-up and normalized production by July 2015, completion of commissioning and start-up of the cobalt-zinc circuits by March 2015, and completion of production ramp-up by October 2015.
In addition, MMB and KORES have advised that MMB has issued an AUD100 million corporate bond with a fixed annual interest rate of 4.125% and repayment due December 3, 2019, fully backed by a KORES guarantee, and entered into 5 year AUD/USD cross currency swaps for proceeds of approximately USD84 million, with a fixed annual interest rate of 2.67%. The swap proceeds are intended to fund MMB through the start-up phase of operations to the time when positive operating cash flow can be achieved, based on MMB’s current financing plan.
For further information, please contact Baja’s Interim CEO Tom Ogryzlo at 604-685-2323 or via email at [email protected]
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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 and Annual Information Form. 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.