BajaNews
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Release: Mexican Secretary of Economy Lays First Stone at Minera Boleo (Baja Mining)
http://www.marketwatch.com/story/baja-mining-corp-secretary-...
June 16, 2011
SANTA ROSALIA, BAJA CALIFORNIA SUR, MEXICO, Jun 16, 2011 (MARKETWIRE via COMTEX) -- Baja Mining Corp. (otcqx:BAJFF) ("Baja or the "Company") is
pleased to announce that Dr. Bruno Ferrari Garcia de Alba, Secretary of Economy of Mexico as the personal representative of the President of Mexico,
presided over the ceremony to lay the First Stone of Boleo's mining construction at its 70% owned copper-cobalt-zinc project ("Boleo"), located near
Santa Rosalia, Baja California Sur, Mexico on June 15, 2011.
This project is of considerable importance to the regional and national economy, as it represents a major investment of US $1.2 Billion, significant
job creation with up to 3,000 jobs being offered by the time of peak construction and an increase in the export of vital copper, cobalt and zinc
commodities.
The Secretary of Economy of Mexico was welcomed at the site by the Company's President and CEO, John Greenslade, the Governor of Baja California Sur,
Lic. Marcos Alberto Covarrubias Villasenor, the Municipal President of Mulege, Lic. Guillermo Santillan Meza and a 130-strong audience including
senior management from the Company's Korean Consortium minority partner, shareholders from London, U.K. and New York City and members of the local
Santa Rosalia community.
A series of brief speeches were made from the Federal, State and Municipal Governement, and Korean Resources Corporation which highlighted the key
characteristics and advantages of the Boleo Project.
"It is a great honour and privilege for the Company to receive this Federal, State and Municipal Government support and recognition, and we are
thrilled to welcome all the guests to this momentous First Stone laying event to celebrate the commencement of construction at the Boleo Project,"
said Baja's President and CEO, John Greenslade.
The Boleo project is currently meeting its scheduled milestones, with environmental compliance and surface mining activities continuing in targeted
areas, the processing plant and road earthworks well underway, in addition to the site camp, utilities and services being finalized. Ongoing delivery
of major equipment and materials, including the major ore grinding equipment (scheduled to arrive on site in July 2011) is supporting the timely
starting of the broader plant construction plans in accordance with the schedule of the project's EPCM contractor. First copper production remains on
target for first quarter, 2013.
Baja Mining 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: http://www.bajamining.com
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mtgoat666
Select Nomad
Posts: 18398
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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i find mining in 3rd world countries interesting. sometimes it is done well, sometimes it is done horribly.
i suggest some nomad pilots photograph the site occasionally - would like to see the surface mine development over time. once per year should be
sufficient - collect oblique photos of mine workings and processing areas.
also, does anyone know what firm is doing mine planning design work?
does mexico require mining firms to post a bond or other financial assurance to ensure funds exist for closure/reclamation?
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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Ya might want to check on the miners that are on strike over on the main land... seems to me that more than just a few have shown solidarity for their
fellow workers... Like our Steelworkers Union .. and many other countries in the world..
International solidarity with Mexican miners continues
the link to the story is below .... just for JOe...
http://www.imfmetal.org/index.cfm?c=17737&l=2
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Juanita
Junior Nomad
Posts: 96
Registered: 8-31-2006
Location: San Ignacio, Baja California Sur
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You can go online and get the Baja Mining Corp., El Boleo Project Feasibility Study Report, 11 July 2007. The report states the mining work will be
in tunnels during the early years of the mine and then open pit in the 21st to 26th years (see page 165).
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BCSTech
Senior Nomad
Posts: 584
Registered: 4-16-2006
Location: Todos Santos, BCS / Placerville, CA.
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Mood: Carpe Manana
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Here are photos from the site:
http://www.bajamining.com/boleo/gallery
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