May 7 (Reuters) - Canadian miner Baja Mining Corp said its copper-cobalt-zinc project in Mexico will not be able to proceed beyond mid-June unless it finds a way to fund cost overruns swiftly.

Spending at the Boleo project, which it owns along with a Korean consortium, is expected to be $246 million more than the $1.14 billion estimated in 2010, the company said in April.

The subsidiary in charge of the Boleo project has only $41 million in cash, with another $24 million available through a restricted intermediary account, Baja said. But the project needs to spend $60 million in May and $75 million in June.

Baja is exploring funding alternatives for the project and said it is in discussion with its project partners and third parties.

Further funds will not be available from its credit line until an acceptable funding solution is provided, Baja said.

Baja said its new board, with three new members, will also need to approve any new proposal.

"The company is concerned that an approval process in regards to the potential funding solutions being investigated may not be completed as quickly as required even if approved by the consortium," Baja said in a statement on Monday.

Baja shares, which have more than halved since it announced cost overruns, were down 5 percent at 39 Canadian cents in early trade on Monday on Toronto Stock Exchange.