24 Dec 2013
Cinto Colorado tailings and slag liberation project, as good as a TSX inventory review.Baja Mining Corp. (“Baja” or a “Company”) (TSX: BAJ – OTCQB: BAJFF) wishes to yield an refurbish on a Boleo Project construction news and a SRK Boleo technical report, formed on a latest information supposing to it by Minera y Metalurgica del Boleo, S.A.P.I. de C.V. (“MMB”). Baja binds a 10% tenure seductiveness in MMB and has defended one deputy on a five-member MMB house of directors and, as a result, has singular change over decisions relating to a Project. In addition, a Company provides a standing refurbish on a separate
Construction Schedule Update
MMB has reported to Baja that:
– MMB is targeting automatic execution of a copper circuit by a finish of Jan 2014, though given intensity manpower shortages during a holiday duration there is intensity that this execution might trip to a finish of February.
– Plant commissioning is approaching to extend 3 months from a date of automatic execution of a copper circuit, with initial ore (or prohibited commissioning) targeted to embark by May 1, 2014, and initial copper prolongation by Jun 1, 2014.
– The automatic execution of a cobalt zinc circuits is now scheduled during a beginning for a center of May 2014, with initial prolongation still scheduled during a beginning for Jul 1, 2014.
SRK Boleo Technical Report
The Company has been suggested by MMB that a many new chronicle of a SRK Report being prepared for MMB and a lenders formed on a updated Boleo cave devise has been submitted to MMB’s blurb banks and is underneath examination by a banks and their technical advisers. MMB serve advises that, in parallel, Korea Resources Corporation and MMB continue their discussions with a banks to renegotiate a lending comforts and to determine to a longer-term delay arrangement. The prior delay agreement lapsed in May 2013.
The Company is now incompetent to allege work on a updated NI 43-101 agreeable technical news on a Boleo Project until all parties are in agreement on a final cave plan.
The Company continues to allege a authorised due industry regarding to title, licenses and environmental issues relating to Cinto Colorado. The Company is in discussions with Cinto Colorado to rectify a Agreement, including fluctuating a pre-feasibility examine smoothness date to accommodate a execution of authorised due diligence, that has taken longer than a parties creatively anticipated.
TSX Listing Review
The Company has been told by a Toronto Stock Exchange (“TSX”) that it is reviewing a eligibility for continued inventory on TSX of a bonds of a Company pursuant to Part VII of The Toronto Stock Exchange Company Manual. The Company is being reviewed underneath a Remedial Review Process and has been postulated 60 days to approve with all mandate for continued listing. If a Company can't denote that it meets all TSX mandate set out in Part VII of The Toronto Stock Exchange Company Manual on or before Feb 18, 2014, a Company’s bonds will be delisted 30 days from such date.
In a meantime, a Company will examine if a bonds might validate for an choice inventory on TSX Venture Exchange to ensure, to a border possible, undeviating trade for a Company’s securities.
For serve information greatfully hit Baja’s Interim CEO Tom Ogryzlo during 604‐685‐2323 or around email during
For a pdf of a news recover greatfully click here
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