October 16,
2007
TSX:BAJ
PRESS RELEASE
BAJA MINING
ANNOUNCES CLOSING OF BROKERED TRANCHE OF $45MILLION PRIVATE PLACEMENT;
SHAREHOLDER CONSENT
RECEIVED
Baja
Mining Corp. (the “Company”), further to its press release of
September 13, 2007, is pleased to announce that it has closed the brokered
second tranche of its previously announced $45 million private placement (the
“Offering”) with Versant Partners Inc. The brokered portion of the
Offering was fully subscribed, and raised gross proceeds totaling $15,000,900.
The Company is also pleased to advise that as of Friday, October 12, 2007, more than 58% of the Company’s shareholders had
executed and returned consents in favour of the brokered portion of the
Offering, with further positive consents continuing to be received by the
Company on a daily basis. The Company thanks those shareholders who returned consent
forms for their continued support of the Company and the Boleo Project, Santa Rosalia, Baja California
Sur, Mexico (“Boleo”).
ON BEHALF OF THE BOARD OF DIRECTORS OF
BAJA MINING CORP.
“John W. Greenslade”
JOHN W. GREENSLADE, PRESIDENT
For further information please
contact John Greenslade, President,
at (604) 685-2323
Some of the
statements contained in this release are forward-looking statements, such as
statements that describe the Company’s expected timing of construction mobilization,
expected timing of site preparation for construction activities 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.
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2350-1177
West Hastings St.
Vancouver, B.C.
V6E 2K3 Canada
Tel: 604-685-2323
Fax: 604-629-5228
Email: info@bajamining.com
Web: www.bajamining.com
