Boleo Project and Baja Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE:BAJ) (OTCQB:BAJFF) wishes to provide an update on the Boleo Project construction budget and schedule and the updated Boleo Project technical report, based on the latest information provided to it by Minera y Metalúrgica del Boleo, S.A.P.I. de C.V. ("MMB").

Boleo Project Construction Cost and Schedule Update

MMB has reported to Baja that it has completed its most recent capital cost and operating budget and schedule reviews for the Boleo Project, and has advised the Company of the following:

• The Board of MMB has conditionally approved an aggregate construction capital cost and operating budget to the end of 2014 of $1.878 billion, subject to MMB management undertaking to identify further operating efficiencies and/or revenue growth in the start-up phase;

• Piping and electrical construction schedules remain under pressure due to ongoing work force shortages and corrections of design errors;

• MMB is now targeting mechanical completion of the copper circuit by the beginning of May, but given scheduling pressures on the piping and electrical construction there remains continuing uncertainty regarding the schedule;

• Plant commissioning is expected to extend two months from the date of mechanical completion of the copper circuit, with first ore (or hot commissioning) to be processed before the end of June 2014, and first copper production by mid-July 2014; and

• The mechanical completion of the cobalt zinc circuits is now scheduled for the beginning of June 2014, with first production scheduled for the beginning of September 2014.

MMB Standstill Agreement with Lenders

The latest standstill agreement extension with the remaining 2010 Project Financing lenders expired on April 30, 2014. MMB advises that MMB and Korea Resources Corporation ("KORES") are presently advancing an alternative funding solution, which should be finalized shortly.

Updated Boleo Project Technical Report

MMB and KORES have informed the Company that they are no longer working with SRK Consulting Ltd. to assist in revising the Boleo mine plan, but continue to investigate and evaluate alternative underground mining and open pit approaches to overcome the challenging underground conditions at Boleo and to optimize the mine plan. The Company understands from MMB and Kores that this is an ongoing process, and MMB's own mine plan will be finalized in the foreseeable future. MMB is unlikely to resume using SRK Consulting to assist with the mine plan. Therefore, the Company believes that the preparation of an updated technical report which complies with NI 43-101 standards may not be practicable.