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Baja Mining Corp. ("Baja")
(TSX:BAJ - News)(Pinksheets:BAJFF
- News) is pleased to
announce the appointment of Mr. Wolf Seidler as an
Additional Director to Baja's Board of Directors effective January 28, 2011.
Mr. Seidler is
a graduate of Queen's University with an honours
degree in Mining Engineering and is a member of the Association of
Professional Engineers of Ontario, the Order of Engineers of Quebec, the
Institute of Corporate Directors and a life member of the Canadian Institute
of Mining and Metallurgy. He is also a graduate of the Institute of Corporate
Directors, Directors Education Program.
Mr. Seidler
has more than 40 years experience in the Canadian
and international mining industry as an executive and consultant. This
includes executive positions with Inmet Mining
Corporation, Normandy LaSource SAS, J.S. Redpath Ltd as well as senior operating positions with Teck Corporation, Quebec Cartier Mining Company (US
Steel) and Gold Fields Mining Corporation. For 5 years he managed, on behalf
of the French National Waste Agency (Andra), a 9
country European R & D project related to the deep geological disposal of
highly radioactive long lived waste. Mr. Seidler is
also a director of Inmet Mining Corporation and
Bridgeport Ventures Inc.
"We are very pleased to welcome
Wolf to Baja," said Tom Ogryzlo, Chair of
Baja's Board. "With his many years of operations experience and his
extensive knowledge of the industry, he is an excellent resource and a
welcome addition to our Board."
Baja Mining (TSX:BAJ - News)(Pinksheets:BAJFF
- News) is a mine development
company with a 70% interest in the Boleo
copper-cobalt-zinc-manganese Project located near Santa Rosalia,
Baja California Sur, Mexico. Baja is the project operator and a Korean
syndicate of industrial companies holds the remaining 30%. Boleo is fully permitted, fully funded, currently under
construction and targeted for copper commissioning in 2012, and copper
production in early 2013. Boleo has 265 Mt of
measured and indicated resources (including 85 Mt of proven and probable
reserves) and 165 Mt of inferred resources. A March 2010 updated technical
report to the 2007 definitive feasibility study, confirmed that Boleo can be developed economically at an after-tax IRR
of 25.6% (100% equity). The Project, which has a minimum scheduled mine life
of 23 years (during which approximately 70 Mt of the noted proven and
probable reserves will be exploited), has a NPV of US$ 1.3 billion (8%
discount rate), and an average life-of-mine cash cost of negative US$ 0.29/lb for copper, net of by-product credits. Metal Prices
are based on SEC pricing guidelines. For more information, please visit www.bajamining.com.
On behalf of the Board of Directors of
Baja Mining Corp.
John W. Greenslade,
President
Some of the statements contained in this
release are forward-looking statements, 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 copper production 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.
The Toronto Stock Exchange neither
approves nor disapproves the information contained in this news release
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