Baja Mining Announces Effective Date of Share Consolidation and Name Change

VANCOUVER, BC--(Marketwired - October 14, 2016) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE: BAJ) (OTCQB: BAJFF) announced today that the previously announced consolidation (the "Consolidation") of the Company's issued and outstanding common shares on the basis of one (1) post-consolidation common share (each, a "Common Share") for every twenty (20) pre-consolidation common shares and the change of the Company's name from "Baja Mining Corp." to "Camrova Resources Inc." will be effective on October 17, 2016. The Common Shares will begin trading on a post-consolidated basis and under the new Company name on the TSX Venture Exchange (the "TSX-V") under the trading symbol "CAV" at market open on Monday, October 17, 2016.

The Consolidation and the name change were approved by the TSX-V and a related bulletin will be issued by the TSX-V on October 14, 2016.

Prior to the Consolidation, the Company had approximately 340.2 million common shares outstanding. As a result of the Consolidation, the Company has approximately 17.0 million Common Shares outstanding. The exercise and conversion prices and the number of Common Shares issuable under the Company's outstanding stock options and other convertible instruments will be proportionately adjusted as a result of the Consolidation.

A letter of transmittal will be mailed to registered shareholders on October 17, 2016 providing instructions to surrender the certificates evidencing their pre-consolidation common shares for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation and name change. Until surrendered, each certificate representing common share of the Company prior to the Consolidation and name change will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation and name change.

Boleo and Corporate Update

Production from the Boleo underground mine and process plant is not currently meeting expectations. Unsatisfactory operating results are being caused by high mine operating costs, low metallurgical recoveries and low copper prices. The operations continue to face significant challenges with lower underground mining rates and grades than originally planned. However, new underground mining equipment has been delivered to try different underground mining methods. Changes are also being made to the process plant to increase metal recoveries. However, improvements in underground mining rates, operating costs and the achievement of targeted recoveries will likely require a lengthy period of time. It is uncertain when operations will become cash flow positive.