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.
The Company continues to pursue other prospective investment opportunities and discussions continue in respect of a possible
investment in a small-scale copper processing plant in Chile.
The Company and KORES are still working to finalize documentation related to the revised Minera y Metalurgica del Boleo
S.A.P.I. de C.V. ("MMB") shareholders agreement (the "Shareholders' Agreement") and final approvals by KORES and the remaining
members of the Korean Consortium are pending. If finally approved, a portion of the management services agreement margin amount
owing to Baja by MMB is to be paid to the Company shortly after finalizing the Shareholders' Agreement.
About Baja Mining
Baja is a Canadian mining company. Baja, through Minera y Metalurgica del Boleo S.A.P.I. de C.V. (MMB), currently owns a 10%
interest in the Boleo copper-cobalt-zinc-manganese project located in Baja California Sur, Mexico. The Boleo project is producing
copper, cobalt and zinc and the commissioning phase of the processing plant has been declared competed. The Company is working to
identify and evaluate alternative project opportunities that are consistent with its technical expertise and have the potential
for near-term generation of cash flow or value creation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements or
forward-looking information (forward-looking statements). These statements can be identified by expressions of belief,
expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number
of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or
implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current
estimates, expectations and projections, which the Company believes are reasonable as of the current date. Actual results could
differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not
be placed on forward-looking statements. Additional risks and uncertainties can be found in the Company's reporting documents
filed on SEDAR (www.sedar.com), including its Management Discussion and Analysis. Forward-looking statements are given only as at
the date of this press release and the Company disclaims any obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.