CAMROVA RESOURCES INC 
By News Release #02/2012
2012-01-09
Baja Mining Calls Requisitioned Special Meeting for April 3, 2012 Vancouver, January 9, 2012 - Baja Mining Corp. ("Baja" or the "Company") (TSX:BAJ - OTCQX:BAJFF) announces that it has scheduled a special meeting of shareholders (the "Meeting") in response to a requisition by dissident shareholder Mount Kellett Master Fund II A LP, as noted in Baja's news release of December 19, 2011.
The Meeting is scheduled to take place on Tuesday, the 3rd
day of April, 2012 at 10:00 a.m. (Vancouver Time). It will be
held at Oceanview Suite 4, Pan Pacific Hotel, 999 Canada
Place, Vancouver, British Columbia, Canada V6C 3E1.
The record date for determining Shareholders entitled to
notice of the Meeting and to vote at the Meeting is set as
February 3, 2012
Baja will provide important information and the text of the
requisition in a Management Information Circular that will be
mailed to shareholders and posted to Baja's website and SEDAR
in due course.
It is unfortunate that Baja will be subject to the cost and
disruption of a proxy contest, especially since Baja has
taken concrete action to address the requisition. Baja's
board is fully committed to responsible corporate governance,
fulfilling its fiduciary duties and acting in the best
interests of Baja and all of its stakeholders, including
ensuring that management remains focused on creating value
for shareholders by developing the Boleo
copper-cobalt-zinc-manganese project on schedule and on
budget.
Baja has retained Stikeman Elliott LLP as a legal advisor.
2010 updated technical report to the 2007 definitive
feasibility study, confirmed that Boleo can be developed
economically at an after-tax IRR of 25.6% (100% equity). The
Project, which has a minimum scheduled mine life of 23 years
(during which approximately 70 Mt of the noted proven and
probable reserves will be exploited), has a NPV of US$ 1.3
billion (8% discount rate), and an average life-of-mine cash
cost of negative US$ 0.29/lb for copper, net of by-product
credits. Metal Prices are based on SEC pricing guidelines
(which at the time of the 2010 report were $2.91/lb Cu,
$26.85/lb Co and
$1,175/tonne ZnSO
