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Baja Mining (BAJ.TO), which has fallen more than 13% late morning to trade at 328.5 cents, said today it may not be able to continue as a going concern. The shares hit a low of 26 cents earlier.

On April 23, 2012, the Company announced that, while the review was not yet complete, it had identified a projected increase in the capital costs of the Boleo Project of approximately $246 million after exhausting existing contingency and cost overrun facilities. The funding shortfall of $246 million was estimated after considering existing cost overrun facilities of $100 million and approximate additional cost contingencies of $54 million, suggesting a total estimated cost overrun of approximately $400 million.

The company is also facing a liquidity crisis.

Baja management believes that it may not be able to obtain necessary finacing based on Boleo's underlying value.

Close to 2 million shares have changed hands.

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