The Korean Consortium has advanced approximately $73.5 million of the total $90 million of Stage I financing, which is sufficient to trigger the reduction in Baja's interest in MMB from 70% to 49%.
Mexica Mining News
Riverside Resources and Guerrero Exploration have agreed on a transaction that will result in Guerrero owning 100% interests in the Cerro Azul and Chapalota Mexican gold projects with Riverside receiving $2,000,000 in Guerrero shares. After the transaction Riverside will be the largest shareholder of Guerrero.
Financial highlight: the $17.1 million net loss of April 30, 2011 increased to $28.9 million.