Baja Mining Corp.
TSX : BAJ

Baja Mining Corp.

October 16, 2007 16:25 ET

Baja Mining Announces Closing of Brokered Tranche of $45 Million Private Placement; Shareholder Consent Received

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - Baja Mining Corp. (the "Company") (TSX:BAJ), 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, PRESIDENT

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.

Contact Information

  • Baja Mining Corp.
    John Greenslade
    President
    (604) 685-2323
    (604) 629-5228 (FAX)
    Website: www.bajamining.com