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Baja Mining Corp

Friday, September 14th, 2007

Baja Mining Corp. is pleased to announce that it has reached agreements for the private placement of 24,215,000 Units at a price of $1.86 per Unit for gross proceeds of $45,039,900.
The Offering will consist of a non-brokered placement of 16,150,000 Units and an underwriting on a “Bought Deal” basis of a further 8,065,000 Units by Versant Partners, of Toronto, Ontario. Commissions will be paid in accordance with industry standards.
Each unit shall consist of one common share and 0.65 of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $2.50 for 60 months from the closing date.
In the event that the common shares of the Company trade on the Toronto Stock Exchange (“TSX”) (or any other stock exchange on which the common shares of the Company are then listed )at a closing price of greater than $5.00 per common share for a period of 20 consecutive trading days at any time after the applicable hold period, the Company may accelerate the expiry date of the Warrants by giving notice to the holder hereof and in such case the Warrants will expire on the 60th day after the date on which such notice is given by the Company.
The proceeds of the Offering will be applied to the development, construction and working capital costs of the El Boleo project (the “Project”) located in Santa Rosalia, Baja California Sur, Mexico, which is 100% owned by the Company.
The Offering will be effected pursuant to prospectus exemptions under applicable securities legislation and may close in two or more tranches. The Offering is subject to receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX. The shares and warrants issued in the placement will be subject to a four-month “hold period” under applicable securities legislation and stock exchange rules.
At close of market on September 12, 2007, there were 113,551,509 common shares of the Company issued and outstanding.

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