Baja Mining Delays Development of Boleo Project Pending Improved Market Environment

Baja Mining Corp. advises that due to the current global financial crisis, it has elected to delay construction activities at the Boleo Project, Mexico.

While project economics remain robust even at low metal prices, the impact of the current financial crisis on short term metal prices and hedging prices, coupled with an effective shutdown of the global bank syndication and equity markets, require Baja to revise its construction schedule. Bayerische Hypo- und Vereinsbank AG (“HVB”) have agreed to proceed with their syndication on a best efforts basis.

Ongoing baselining and engineering activities at Boleo will continue, as will completion of the Boleo construction camp and certain other on-site infrastructure activities. However, other activities at Boleo will be suspended until market conditions improve.

Baja will discuss a revised construction schedule with its Korean partners with a view to accelerating development of the Boleo Project during 2009. However, until the Company has had an opportunity to review its outstanding commitments with suppliers, it is premature to determine the impact these delays will have on the start-up date of the mine.

The Company will continue to work with HVB, the Export Import Bank of Korea and its other financing partners with a view to completing the arrangement and syndication of credit facilities in 2009.