RE: Guarantee to completionso I am right, they need to raise 30M
Baja Mining Clarifies Financing Announcement
VANCOUVER, BRITISH COLUMBIA, Apr 18, 2008 (MARKET WIRE via COMTEX News Network) --
Baja Mining Corp. (the "Company" or "Baja") (TSX: BAJ) clarifies an announcement made April 17, 2008.
Inregards to the press release dated April 17, 2008, the Company wishesto clarify the status of construction financing for the El BoleoProject. As announced, the estimated cost of construction (commencingfrom completion of the Definitive Feasibility Study in May 2007) iscurrently US$991 million. The Company has previously completed (in 2006& 2007) equity financings from which approximately US$52 millionwas available to contribute to the cost of construction. Based upon thepreviously announced first mortgage commitment of US$475 million, theannounced funding from the Korean Consortium of US$435 million and theUS$52 million previously raised, Baja has raised or receivedcommitments for US$962 million of an estimated US$991 million required.Assuming closing of all transactions, Baja will require a further US$29million to fully fund estimated construction costs. The remaining US$29million is expected to be raised as either subordinate debt relatedoff-take contracts, equity or a combination thereof.
There are no shares of Baja being issued as part of the current transaction with the Korean Consortium.
ON BEHALF OF THE BOARD OF DIRECTORS OF BAJA MINING CORP.
JOHN W. GREENSLADE, PRESIDENT
Someof the statements contained in this release are forward-lookingstatements, such as statements that describe the Company's expectationand timing of closing the Consortium's partnership deal, projectedmetal prices, the need for additional capital and expected method offinancing and other statements. Since forward-looking statements arenot statements of historical fact and address future events, conditionsand expectations, forward-looking statements by their nature inherentlyinvolve unknown risks, uncertainties, assumptions and other factorswell beyond the Company's ability to control or predict. Actual resultsand developments may differ materially from those contemplated by suchforward-looking statements. Material factors that could cause actualrevenues to differ materially from those contained in suchforwarding-looking statements include (i) fluctuations on the prices ofcopper, cobalt, zinc and manganese, (ii) interpretation of contractterms, (iii) accuracy of the Company's and consultants' projections,(iv) the Company's ability to finance, receive permits for, obtainequipment, construct and develop the El Boleo Project, (v) the effectsof weather; operating hazards; adverse geological conditions and globalwarming, (vi) impact of availability of labor, materials and equipment;and (vii) changes in governmental laws, regulations, economicconditions or shifts in political attitudes or stability.
Theseforward-looking statements represent the Company's views as of the dateof this release. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Readers should not place undue reliance on anyforward-looking statements.
Contacts: Baja Mining Corp. John Greenslade President (604) 685-2323 (604) 629-5228 (FAX) Website: www.bajamining.com
SOURCE: Baja Mining Corp.
https://www.bajamining.com
Copyright 2008 Market Wire, All rights reserved.