CAMROVA RESOURCES INC 
By News Release #03/2012
2012-01-12
Baja Mining Amends Stock Option Plan and Extends Board Invitations to Mount Kellett and its Nominee Vancouver, January 12, 2012 - Baja Mining Corp. ("Baja" or the "Company") (TSX:BAJ - OTCQX:BAJFF) today announced that it will amend its Stock Option Plan a s requested in the December 16, 2011 special meeting requisition it received from Mount Kellett Master Fund II A LP ("Mount Kellett"). Baja further announced that it has delivered an invitation to Mr. Lorie Waisberg to join the Board of Directors of Baja and that it has invited Mount Kellett to name an additional nominee independent of Mount Kellett to serve on the Board of Directors and represent the interests of all shareholders."With these steps we have made a significant offer to Mount Kellett intend ed to avert the cost and distraction of a proxy contest," said John Greenslade, President and CEO of Baja. "We look forward to Mount Kellett's response and hope that Baja can soon return its focus to the development of its Boleo mining project in Mexico."
Option Plan
Subject to shareholder approval, Baja will amend its Stock
Option Plan to make it compliant with
International Shareholder Services guidelines as requested by
Mount Kellett in its December 16,
2011 meeting requisition.
Per the new stipulations of the Amended Stock Option Plan,
non -executive directors as a group may not be granted
options exercisable for more than 1% of Baja's issued and
outstanding shares. Baja currently has options outstanding to
non -executive directors permitting them to acquire
approximately 1.5% of Baja's ou tstanding common shares. Baja
will not issue any further options to non-executive directors
until the number of options held by them as a group has
dropped below the 1% threshold either through exercise or
expiry, an d will thereafter not grant options in excess of
this threshold.
Amendments to Baja's stock option plan require shareholder
approval. Baja will submit the amended stock option plan to
its shareholders for their approval at its next general
meeting of shareholders. Further, pending such vote, Baja
will administer its stock option plan in accordance with such
amendments.
Lorie Waisberg
Mr. Waisberg is one of the candidates for election to the Board of Baja put forward by Mount Kellett. The Board and its Nominating Committee have considered Mr. Waisberg's suitability as a director and have invited him to join the Board.
1 of 7
News Release #03/2012
2012-01-12
This invitation is conditional upon Mr. Waisberg agreeing to
an advance meeting with one or more members of the Baja Board
(a standard req uirement to which all Baja board members are
subject prior to their appointment), and to his confirmation
that he is independent of Mount Kellett and expects to
receive no collateral benefit from Mount Kellett as a result
of his appointment to the Board.
It is Baja's expectation and assumption that neither of these
matters will create any impediment to Mr. Waisberg's
appointment.
Baja has asked Mr. Waisberg to provide his response to that
invitation by January 18, 2012.
A copy of Baja's letter to Mr. W aisberg is attached as
Schedule A to this press release.
Additional Mount Kellett Nominee
In recognition of Mount Kellett's request that it be
permitted to propose two nominees to the Board, the Board has
today invited Mount Kellett to put forward an add itional
candidate for nomination to the Board of Baja. The Board
believes that to avoid conflicts of interest, directors
should not be current employees, senior officers or directors
of institutional and corporate shareholders or their
affiliates.
Baja is hopeful that Mount Kellett will accept this
invitation and agree to put forward an additional nominee who
is independent of Mount Kellett to serve on the Board of
Directors and represent the interests of all
shareholders.
A copy of Baja's letter to Mo unt Kellett is attached as
Schedule B to this press release.
2010 updated technical report to the 2007 definitive
feasibility study, confirmed that Boleo can be developed
economically at an after-tax IRR of 25.6% (100% equity). The
Project, which has a minimum scheduled mine life of 23 years
(during which approximately 70 Mt of the noted proven and
probable reserves will be exploited), has a NPV of US$ 1.3
billion (8% discount rate), and an average life-of-mine cash
cost of negative US$ 0.29/lb for copper, net of by-product
credits. Metal Prices are based on SEC pricing guidelines
(which at the time of the 2010 report were $2.91/lb Cu,
$26.85/lb Co and
$1,175/tonne ZnSO
