08:08 EST Tuesday, January 18, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - Baja Mining Corp. ("Baja") (TSX:BAJ)(OTCQX:BAJFF) is pleased to announce that its 70% owned project company, Minera y Metalurgica del Boleo S.A. de C.V. ("MMB") met all of the condition precedents necessary for the Export-Import Bank of the United States ("US EXIM") loan facility to become operative on January 14, 2011.

The interest rate on the US$ 419.6 million US EXIM loan facility has consequently been fixed at 3.02% for the full 14 year term of the loan.

"We are extremely pleased with the interest rate secured on the US EXIM loan," said John Greenslade, President & CEO. "We have been able to secure a rate that is among the lowest in recent history for over 50% of our total debt facilities."

The US EXIM loan facility is part of the US$ 858 million of financing facilities for the construction and development of the Boleo project located in Baja California Sur, Mexico. The financing facilities comprise US$ 823 million of project debt financing facilities and a US$ 35 million equity cost overrun support facility signed on September 28, 2010.

While working on the completion of the condition precedents, construction has moved forward at Boleo.

"As of mid January the project has made significant progress in mobilizing site construction and committing to the purchase of mining and process plant equipment," said Mike Shaw, COO. "The EPCM contractor mobilized to site in November and the site earthworks contractor began working in December. In addition, construction contracts for completion of camp construction, haul roads and infrastructure have been issued. A cement batch plant is being mobilized to be closely followed by first concrete installation construction."