Baja Mining Announces Further Standstill Extension
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/12 -- Baja
Mining Corp. ("Baja") (TSX:BAJ)(OTCQX:BAJFF) announces that the
lenders to its 49% owned company, Minera y Metalurgica del Boleo S.A.
de C.V. ("MMB") have agreed to two further extensions to the
standstill agreement of August 7, 2012 until November 20, 2012.
The second extension to the agreement expired on October 22, 2012 and
required an advance of US$20 million to MMB by the Korean Consortium,
which amount was previously advanced as per Baja's news releases of
October 5 and October 15, 2012.
The third extension was subject to a US$84 million cash injection to
MMB by the Korean Consortium which has already been advanced as per
Baja's news releases of November 02, 2012, and will extend the
standstill to November 20, 2012.
The recently advanced funds and the extensions will allow
construction of the Boleo project to continue until November 20,
In addition, the Korean Consortium is actively engaging the lenders
in a renegotiation of the original project financing in an effort to
partially re-activate the loan facilities by November 20, 2012.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This
presentation 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
information. Additional risks and uncertainties can be found in
company's reporting documents filed on SEDAR (www.sedar.com),
including its Management Discussion and Analysis in respect of the
three month period e
nded March 31, 2012. Forward-looking statements
are given only as at the date of this presentation 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.
Baja Mining Corp.
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