VANCOUVER, BC--(Marketwired - August 15, 2014) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE: BAJ) (OTCQB: 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 KORES has provided a US$20 million bridge loan to MMB to fund the continuing construction of the Boleo Project (the "Bridge Loan"). The Bridge Loan is intended to provide interim funding to MMB while the company works to secure additional external financing of up to US$200 million required for completion of construction and working capital until production reaches a normalized level. The Bridge Loan is repayable within six months and bears interest at a rate of 10% per annum.
MMB has also advised that further delays may occur to the completion of construction and production of first copper and therefore it has reported to the Company that it is expecting production of first copper before the end of the fourth quarter of 2014. The Company will provide a further update on the construction completion and start-up schedule as and when it is advised of any specific target dates by MMB or KORES.
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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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 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.