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Mount Kellett Comments On Baja Mining Special Meeting Results

Mount Kellett Capital Management LP (“Mount Kellett”) today confirmed that, in an exceptionally close election at today’s Special Meeting of Shareholders of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”), its two independent shareholder nominees were not elected to the board by a margin of just one percent.

“We want to thank all our fellow shareholders for voting at the special meeting. It was extremely positive to have a near majority of shareholders aligned to support truly independent directors and a commitment to good corporate governance. We are also pleased to have had the support of the leading independent proxy advisor ISS and its recognition of the need for change at Baja.

“This election process yielded tangible accomplishments by publicizing important issues regarding corporate governance and compensation practices at Baja. As a result of our efforts, new governance policies were put in place and Baja made a commitment not to pursue a transaction with Catalyst Copper without shareholder approval, albeit under narrow circumstances.

“Our concern remains that a historical pattern of behavior by the current board introduces unnecessary risk to a copper project that has significant future value. Going forward, we will continue to hold the board and management accountable for their actions and will remain vigilant in pursuing all our options to protect shareholder value, including an audit and reconciliation of all voting results of the special meeting. We are, and will continue to be, supporters of the Boleo project and the creation of shareholder value.”

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.



Copyright Business Wire 2010

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