March 8,
2010
TSX:BAJ
OTCQX: BAJFF
NEWS
RELEASE
BAJA
FILES UPDATED TECHNICAL REPORT AND AMENDED FINANCIAL STATEMENTS
Baja
Mining Corp. today announced that, further to its news release dated January
15, 2010, it has filed an updated NI 43-101 compliant technical report (the “Technical
Report”) on the Boleo Project. The Technical
Report can be found on Baja’s website at www.bajamining.com and on SEDAR at www.sedar.com.
The “Updated
Technical Report” dated February 24, 2010, prepared by Michael Shaw,
P.E.; Thomas Gluck, PhD; David Dreisinger, PhD; Scott
Britton, P.E.; Terry Hodson, P.Geo.
(all of Baja); and Timothy Ross (of Agapito &
Associates), all Qualified Persons, projects an average annual production for
the first six years, of the currently scheduled initial 23 years of plant
production, of 56,697 tonnes of copper cathode, 1,708 tonnes of cobalt cathode
and 25,364 tonnes of zinc sulphate. The project has proven and probable
reserves that support a mine life of more than 25 years. Average life-of-mine
(currently anticipated at 25 years of mining and 23 years of process plant)
cash costs (based on the three year trailing average metal prices, as of
December 31, 2009, in accordance with SEC guidelines) are negative US$0.29 per
pound of copper, net of by-product credits for cobalt and zinc, and with no
credit for manganese.
In
conjunction with the filing of the base shelf prospectus and related filings in
the United States reported earlier today, March 8, 2010, Baja has filed amended
consolidated financial statements for the year ended December 31, 2008 and for
the interim period ended September 30, 2009 plus the amended management
discussion and analysis for the period ended September 30, 2009. The financial
statements have been reconciled, as required by the filing of the Registration
Statement, to US GAAP Item 18. In addition, during the review for the filing of
the amended financial statements for the prospectus, Baja discovered an error
in the cash flow statement of the September 30, 2009 interim financial
statements.
Certain
cash flows arising from changes in project vendors’ deposits were
incorrectly presented as part of changes in working capital within operating
activities. The receipts (amounting to $6.6 million) are considered cash
receipts from the repayment of advances and should therefore have been included
as part of investing activities, thereby reducing the cash flows invested in
mineral properties during the three and nine-month periods ended September 30, 2009.
As
at September 30, 2009 this adjustment had no effect on the Company’s
earnings or on the interim consolidated balance sheet. Amended consolidated
financial statements and the Company’s management discussion and analysis
have been filed and are available on SEDAR at www.sedar.com,
as well as on the Company’s website at www.bajamining.com.
Baja
Mining is a
Vancouver-based publicly traded mine development company (TSX:BAJ; OTCQX:BAJFF)
with a 70% interest in the Boleo
copper-cobalt-zinc-manganese project located near Santa Rosalia,
Baja California Sur, Mexico. A Korean syndicate holds the remaining 30%. Baja
is the project operator. The target date for commissioning Boleo
is 2012.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BAJA MINING CORP.
John
W. Greenslade
JOHN W. GREENSLADE, PRESIDENT
For
further information please contact John Greenslade,
President, at (604) 685-2323
Some of the statements contained in this release are
forward-looking statements, within the meaning of the U.S. Securities Act
of 1933 and U.S. Securities Exchange Act of 1934 and forward-looking
information within the meaning of Canadian securities laws, such as
statements that describe the anticipated mine life; the Company?s
expected NPV and IRR of the project; expected future metal prices; expected
timing of start-up; expected timing of a manganese feasibility study; expected
timing for construction and other statements. Since forward-looking
statements are not statements of historical fact and address future events,
conditions and expectations, forward-looking statements by their nature
inherently involve unknown risks, uncertainties, assumptions and other factors
well beyond the Company?s ability to control or
predict. Actual results and developments may differ materially from those
contemplated by such forward-looking statements. Material factors that could
cause actual revenues to differ materially from those contained in such
forwarding-looking statements include (i)
fluctuations on the prices of copper, cobalt, zinc and manganese, (ii)
interpretation of contract terms, (iii) accuracy of the Company?s
and consultants? projections, (iv) the Company?s
ability to finance, receive permits for, obtain equipment, construct and
develop the El Boleo Project, (v) the effects of
weather; operating hazards; adverse geological conditions and global warming,
(vi) impact of availability of labor, materials and
equipment; and (vii) changes in governmental laws, regulations, economic
conditions or shifts in political attitudes or stability.
These forward-looking statements represent the Company?s views as of the date of
this release. There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Readers should not
place undue reliance on any forward-looking statements. Cautionary
Note to U.S. Investors -The United States
Securities and Exchange Commission (SEC) permits U.S. mining companies, in
their filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. We use certain
terms in this press release such as "measured,"
"indicated," and "inferred" "resources", which
the SEC guidelines strictly prohibit U.S. registered companies from including
in their filings with the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 20-F which may be secured from us, or from
the SEC website at http://www.sec.gov/edgar.shtml.
The Toronto Stock Exchange neither approves nor
disapproves the information contained in this news release.
Baja
Mining Corp.
Tel:
604-685-2323
Web:
www.bajamining.com
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