News Release #04/2012

2012-01-18

Baja Mining Announces Further Draw of US$ 100 Million of Senior Debt for Boleo Vancouver, January 18, 2012 - Baja Mining (TSX: BAJ-OTCQX: BAJFF) today announced that its 70 per cent-owned Mexican subsidiary, Minera y Metalurgica del Boleo S.A de C.V. (MMB) drew a further US$ 100 million on January 17, 2012, the third draw on its senior debt facilities to date.

This brings the total debt drawn, including capitalized interest, to US$ 328 million. Senior and subordinated debt facilities total US$ 823 million.
The funds will be used to continue construction and development of the Boleo copper-cobalt-zinc manganese project located near Santa Rosalia, Baja California Sur, Mexico.
"We are very pleased to announce the third draw from our senior debt facility," says Baja President and CEO John Greenslade. "This draw shows further support from our lenders as we continue to stay on schedule and on budget."

Baja Mining (TSX:BAJ-OTCQX:BAJFF) is a mine development company with a 70 per cent interest in the Boleo copper-cobalt-zinc-manganese Project, Santa Rosalia, Baja California Sur, Mexico. Baja is the project operator and a Korean syndicate holds the remaining 30 per cent. Boleo is permitted, fully funded, under construction with copper production targeted for 2013. Boleo has 265 Mt of measured and indicated resources (including 85 Mt of proven and probable reserves) and 165 Mt of inferred resources. A March 2010 technical report confirmed Boleo can be developed economically at an after- tax IRR of 25.6 per cent. The Project, with a minimum scheduled mine life of 23 years, has a NPV of US$

1.3 billion (8 per cent discount rate), and an average life-of-mine cash cost of negative US$ 0.29/lb Cu. Metal Prices are based on SEC pricing (2010 report including $2.91/lb Cu, $26.85/lb Co and
$1,175/tonne ZnSO