Baja Mining Corp.

Baja Mining Corp.

March 16, 2005 09:00 ET

Baja Mining Corp.: Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BAJA MINING CORP.

TSX VENTURE SYMBOL: BAJ

MARCH 16, 2005 - 09:00 ET

Baja Mining Corp.: Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2005) - Baja
Mining Corp. (TSX VENTURE:BAJ)

John Greenslade, President of Baja Mining Corp. (the "Company"), is
pleased to advise that it has arranged, subject to TSX Venture Exchange
approval, a private placement of 1,600,000 Units at a price of $0.75 per
Unit for proceeds of $1,200,000 to Fondel Finance B.V., a private
holding company owned by Willem C. van't Wout, of Rotterdam, and his
family. Each Unit will consist of one common share and one-half share
purchase warrant. Each whole warrant will entitle Fondel to purchase a
further common share at a price of $1.15 per share. The period to
exercise this warrant right will be for a minimum of 2 years (or such
greater period, to a maximum of 5 years as the TSX Venture Exchange may
permit). In the event the Company enters into any agreements for further
third party equity placements in the immediate future at a lower issue
price the current placement pricing will be reduced accordingly. A
finders fee will be paid in accordance with TSX Venture Exchange policy
on the placement.

The Fondel Group is based in Rotterdam -The Netherlands. Fondel's core
businesses lie in two key areas: (1) activities in metal trading,
processing and recycling with many decades of experience); (2) shipping
and stevedoring services, which is mainly handling conventional bulk
cargo, containers and roro cargo. Its metal activities consist of toll
treating large quantities of nickel and cobalt from concentrate to metal
and furthermore the Group specialises in the procurement, trade and
conversion of non-ferrous metals, and special ferro alloys, including
nickel, copper, cobalt, molybdenum, chromium. The Fondel Group not only
is a world leading metal trader but a main processor, producing various
value-added products.

The Company's El Boleo Property in Baja California Sur, Mexico is a
copper, cobalt and zinc deposit currently proceeding to completion of a
Definitive Feasibility Study. The Company currently has approximately
60.2 million (74.2 million fully diluted) common shares issued and
outstanding. Fondel's metal trading and processing expertise in the
areas of copper, cobalt and zinc sulphate may prove of assistance as the
El Boleo project moves towards a production decision.

The Company looks forward to an ongoing relationship with Mr. van't Wout
and the Fondel Group.

On behalf of the Board of Directors

John Greenslade, President

The statements made in this News Release may contain certain
forward-looking statements. Actual events or results may differ from the
Company's expectations. Certain risk factors may also affect the actual
results achieved by the Company.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Baja Mining Corp.
    John Greenslade
    President
    (604) 685-2323
    (604) 688-0426 (FAX)
    or
    Baja Mining Corp.
    Conrad Clemiss
    Investor Relations Department
    (604) 683-5774
    or
    Baja Mining Corp.
    Tom Byrne
    Investor Relations Department
    (604) 683-5774
    www.bajamining.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.