BAJFF Camrova Resources Inc (CE)

Mount Kellett Capital Management LP (“Mount Kellett”) today sent the following open letter to the shareholders of Baja Mining Corp. (TSX: BAJ) (OTCQX: BAJFF) (“Baja”) urging them to vote their BLUE proxy FOR the addition of both of Mount Kellett’s nominees to Baja’s board of directors at the Special Meeting of Shareholders to be held on April 3, 2012.

Dear Fellow Shareholders,

The Special Meeting of Shareholders to be held on April 3 is rapidly approaching – and how you vote will be critical to your investment and the future of Baja. We are pleased to note the significant momentum surrounding our campaign to promote corporate governance changes at the Baja board and management. In particular, we point to the strong third-party endorsements of Institutional Shareholder Services Inc. (“ISS”), the leading independent proxy advisor, and Robert Moaut, a founder of Baja and the Boleo project and former Baja board member.

As you may have seen, the ISS report recommended that shareholders of Baja vote FOR the addition of both of Mount Kellett’s nominees to Baja’s board of directors, explicitly outlining the need for change to the Baja board:

“Based on the evidence of problematic governance practices in the recent past – including exorbitant equity grants to directors, the CEO's troubling willingness to take an active role in what is supposed to be a completely independent Nominating Committee, and the reactive nature of the governance provisions the board has recently adopted – the dissident has made a compelling case that change is warranted at the board level.”

(ISS Proxy Advisory Report for Baja Mining Corp., March 21, 2012*)

Robert Moaut, one of Baja’s founders and a former director, wrote an open letter published by the Globe and Mail that expresses deep misgivings about the past and present conduct of John Greenslade, the chief executive of Baja AND Catalyst Copper Corp. Mr. Mouat wrote:

“In the last few years, John has started putting his interests squarely and significantly ahead of the interests of Baja Mining.”

(Robert Mouat’s open letter to shareholders as seen in TheGlobeAndMail.com’s “Former Baja director blasts CEO, backs dissident,” March 8, 2012*)

We are encouraged by this support. It’s worth noting that another proxy advisory firm said:

“We acknowledge that Mount Kellett has identified behavior and practices that should concern shareholders. These concerns include (i) the CEO's apparent entrenchment, (ii) the appointment of multiple board members who, while independent in our view, still are somewhat related to the CEO, (iii) the potential of pursuing a transaction with another company where the CEO also serves as CEO, without approval of disinterested directors or shareholders and (iv) reactive as opposed to proactive governance improvements”.

(Glass Lewis Proxy Advisory Report for Baja Mining Corp., March 22, 2012*)

Once again, we urge you to support independent shareholder representation. Mount Kellett is seeking to elect these two new independent shareholder nominees to ensure the Baja board acts on behalf of all shareholders and remains focused on creating shareholder value.

We thank you for your consideration and look forward to your support in working to protect the investments and interests of all Baja shareholders.

Sincerely,/s/ Jonathan FiorelloChief Operating OfficerMount Kellett Capital Management LP

*Permission to reproduce quotes from third party sources was neither sought nor obtained.

Mount Kellett urges its fellow shareholders to vote their BLUE proxy card to elect Mr. Stephen Lehner and Mr. Lorie Waisberg, two highly qualified, independent candidates, to the Baja board of directors. Once elected, Messrs. Lehner and Waisberg will represent a minority of the board and will work with the other directors to provide much-needed independent oversight and an owner-driven mindset. Mount Kellett continues to believe that Giles Baynham and Gerald Prosalendis – two hand-picked directors who are very much entangled in Baja’s web of conflicts – should be removed from Baja’s board.

For more information on how to vote your BLUE proxy, as well as access to other important materials, please visit www.ShareholdersForBaja.com. If you have any questions and/or need assistance in voting your shares, please call Kingsdale Shareholder Services at 1-888-518-1562 or 1-416-867-2272 (collect calls accepted).

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 $6 billion in assets under management.

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