Baja Mining Corp. Vancouver, B.C., TSX : BAJ, has a 70% controlling interest in the El Boleo Project, an advanced polymetallic (copper, cobalt, zinc, manganese) property located in Baja California Sur, Mexico’s Largest Copper/Cobalt Deposit

100% owned by Minera y Metalurgica del Boleo (“MMB”) – BAJ 70%; Korean Consortium 30%

Since September 2007, Baja has received commitments for $961 million, or 97% of the necessary funding for the entire Boleo Project

Baja has completed a positive Definitive Feasibility Study (DFS), Environmental Impact Manifest (EIM) and received all necessary mine permits for the construction of the Boleo Project

On October 29, Baja announced that construction of the Boleo Project is currently slowed down due to funding issues related to the global credit crisis, in particular, the syndication market

Baja Mining has a 70% stake in MMB, A consortium of Korean companies bought a 30% stake in MMB in April 2008

Korean Consortium consists of:

• Kores –Korea Resource Corporation –a state-owned corporation, with mandate to invest in natural resource projects (eg. Ambatovy)LS Nikko Copper –a major Korean copper smelting company
• Hyundai Hysco –the steel making division of Hyundai Motor
• SK Networks –a major Korean conglomerate
• Iljin Copper –a large copper end user and manufacturer of copper foil

The Consortium of Korean companies is financing approximately US$294 million of the project through its 30% ownership:

• US$103 million in cash paid to Baja
• A US$50 million shareholder loan to MMB to fund part of Baja’s construction commitment for Boleo
• US$60 million subordinated loan to MMB
• A 30% share of the remaining construction costs for Boleo (estimated by Baja to be approximately US$81 million)
• Its share of Completion Guarantees in respect of an increased Senior Debt Financing of US$665 million
• US$64 million equipment lease arranged

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• Definitive Feasibility Study completed
• Approval received for Environmental Impact Manifest
• Average annual production, for the first four years of production:
  • Copper cathode: 55,750 tonnes
  • Cobalt cathode: 1,535 tonnes
  • Zinc contained metal: 6,300 tonnes
• Proven and probable reserves provide for 25 year mine life
• Measured and Indicated resources: 277.2 million tonnes grading 1.77% copper equivalent
• Inferred resources: 253.2 million tonnes grading 1.29% copper equivalent
• Management ownership: approximately 24%
• US$665 million first mortgage debt facility jointly mandated with the Export Import Bank of Korea (K-EXIM) and Bayerische Hypo-und Vereinsbank AG, a member of UniCredit Group.

Commercial life of mine average cash cost of negative $0.07/lb of produced copper, net of by-products (based on DFS estimates). We expect this could increase as detailed engineering is completed.

Measured and indicated resources of 277.2 million tonnes grading 1.77% copper equivalent (CuEq) & Inferred resources of 253.2 million tonnes grading 1.29% CuEq. Average copper grade (not CuEq) approx. 1.5% for first 25 years of production.

Average annual production, for the first four years:

• Copper cathode: 55,750 tonnes
• Cobalt cathode: 1,535 tonnes
• Zinc contained metal: 6,300 tonnes