Mount Kellett Updates Call for Reconstitution of Baja Mining Board of Directors

Mount Kellett Capital Management LP (“Mount Kellett”) today announced another step in its effort to reconstitute the Board of Directors of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”) and to obtain the resignation of John Greenslade.

Tom Ogryzlo and Wolf Seidler, former directors of Baja who recently resigned over governance concerns impacting the company, have agreed with Mount Kellett to join a reconstituted board of Baja that would also include Lorie Waisberg and Stephen Lehner.
Mr. Ogryzlo has indicated to Mount Kellett that, following the resignation of John Greenslade, he would be willing, as needed and as may be appropriate, to serve as interim chief executive officer of Baja while a search is carried out for a permanent replacement.
Mount Kellett recognizes the right of Louis Dreyfus Commodities Metals Suisse SA to representation on the Baja board and is prepared to support its director nominee.

Jonathan Fiorello, Chief Operating Officer of Mount Kellett, said, “We are extremely pleased that two long serving former directors of Baja have agreed to resume service to Baja’s shareholders on a reconstituted Board. We are also thankful that Tom Ogryzlo is prepared and willing to serve as interim chief executive officer when this needed transition comes about. Messrs. Ogryzlo and Seidler bring not only their demonstrated commitment to superior corporate governance, but a wealth of knowledge about Baja and the Boleo project which will be important assets to the Company at this critical juncture."

Mr. Ogryzlo said, “I am honored to have the opportunity to work with a reconstituted Board to solve Baja’s significant financial and governance problems. While there are challenges ahead, challenges that were compounded by recent events, I am a firm believer in the world-class Boleo project and its potential to deliver significant value to Baja’s shareholders.”

Mr Seidler stated, “I resigned from the Baja Board with great reluctance but I felt that under the circumstances I could not provide the level of corporate governance that Baja shareholders deserve. I am pleased to have the opportunity to return to service on a reconstituted Board to help Baja at this critical time.”

Added Mr. Fiorello, “Time is of the essence. The current board must take immediate action by demanding the resignation of John Greenslade and take steps to appoint these new director nominees so that shareholder interests, and indeed their investments, can be protected.”

Mount Kellett is prepared to take legal action to protect shareholder interests, including contesting any agreement the company may enter into that adversely affects the investment of all Baja shareholders. Mount Kellett has already requested that the Toronto Stock Exchange and the British Columbia Securities Commission urgently conduct disclosure reviews of the Company, focusing particularly on when the Company’s senior management knew of the material cost overruns at the Boleo project and the timing of the disclosure of the resulting material adverse change.

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 $7 billion in assets under management.

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