Mount Kellett Urges Shareholders to Support Change to the Baja Board

Mount Kellett Capital Management LP (“Mount Kellett”), today urged fellow shareholders of Baja Mining Corp. (TSX:BAJ) (OTCQX: BAJFF) (“Baja” or the “company”) to vote for two new independent shareholder nominees at the Special Meeting of Shareholders to be held on April 3, 2012. For more information on how to vote the BLUE proxy, as well as access to other important materials, please visit www.ShareholdersForBaja.com.

Mount Kellett asks shareholders to consider the following:

The Door is Still Wide Open for Related Party Transactions: After Mount Kellett exposed the pursuit of a transaction with Catalyst Copper Corp. that would primarily serve the financial interests of Baja’s CEO, John Greenslade, his family and his hand-picked board members, the company claims that “while Baja's management has considered investing in Catalyst, Baja has no current intention [emphasis added] of doing so” and offers a weak and highly conditional commitment to seek the approval of disinterested shareholders for an investment. The facts are clear: Baja management and the current board have regularly ignored or manipulated their own announced policies for their own benefit. Why should shareholders trust them now? What other related party transactions are Mr. Greenslade and the board planning? Shareholders need truly independent directors on the board to stop self-enriching related party transactions before they happen.

Cronyism and Egregious Compensation: Mr. Greenslade and friends have shown a pattern of misrepresenting the facts to benefit themselves. In particular, the stock option plan shareholders voted on at the 2011 Annual General Meeting was presented by Mr. Greenslade as “essential to hire senior management candidates and key personnel.” Instead, huge stock options grants were awarded to newly appointed, interlocking directors, Mr. Gerald Prosalendis, Mr. François Marland and Mr. Giles Baynham. Since joining one another's boards, in a short 18 month period, Messrs. Greenslade, Marland, Baynham, and Prosalendis have exchanged more than $4,000,000 in value from options.

Independent Shareholder Nominees Are Urgently Needed: There is an irrefutable need to elect new directors that are independent of Mr. Greenslade and his friends to watch out for the interests of all Baja shareholders. The recent actions by Baja to attempt to clean up its corporate governance and deny related party transactions is entirely a result of the spotlight that Mount Kellett has put on the company. New, truly independent oversight is needed to ensure policy changes are permanent and adhered to in practice, something that we believe will not happen with a board that is tightly controlled by Mr. Greenslade.

Independent shareholder nominees must be added to the Baja board to watch out for the interests of the public shareholders from the inside. Given the conduct of Baja’s current board, it is the only sure method to uphold good corporate governance, prevent self-dealing and enrichment and protect shareholder value.

Mount Kellett encourages shareholders to carefully review the Proxy Circular mailed on February 23, 2012 and vote only their BLUE proxy in advance of the proxy voting deadline of March 30, 2012 at 7:00 am (Vancouver Time).

Voting Instructions: If you have any questions and/or need assistance in voting your shares, please call Kingsdale Shareholder Services at 1-888-518-1562 or 1-416-867-2272 (collect calls accepted).

About Mount Kellett Capital Management LP

Mount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing. The firm has approximately 100 employees with offices in New York, Hong Kong, London, and Mumbai. The firm currently has in excess of $6 billion in assets under management.

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