Baja Mining Corp. (the “Company”) is pleased to provide its first quarter results for March 31, 2005.  The following is a brief summary and complete details of the March 31, 2005 quarterly Financial Statements and Management Discussion and Analysis may be found on the Company’s website at www.bajamining.com as well as on SEDAR at www.sedar.com. All amounts are in CDN dollars unless otherwise noted.

The Company, formerly First Goldwater Resources Inc, is involved in the development of and presently completing a Definitive Feasibility Study (“DFS”) on the El Boleo copper-cobalt-zinc Property (“Boleo”) in Santa Rosalia, Baja California Sur, Mexico.  On April 20, 2004, the Company completed a reverse takeover (“RTO”) of Mintec International Corporation (“Mintec”) and completed a C$10 million equity financing in conjunction with the RTO. Mintec, through its wholly owned subsidiary, Minera Y Metalurgica del Boleo,SA de CV (“MMB”) owns a 100% interest in Boleo and since the above mentioned financing, the Company has been focused on completing the DFS on Boleo.

Highlights of the 2005 1^st Quarter Report include:

• As part of the DFS management contracted Hellman & Schofield Pty Ltd. (“H&S”), economic geologists, of Brisbane, Australia, to review all existing geological data in regard to the Boleo deposit and report on the current geological resources. In 2004 H&S produced a 3-dimensional resource block model of the El Boleo Deposit. In producing this model H&S utilized the existing geological interpretation of the deposit and used analytical data that was obtained from exploration and evaluation programs carried out on the project between 1993 and 1998. It was assumed that mining would initially be by the open pit method; hence the model has block dimensions of 50 metres (east) by 100 metres (north) by 1 m vertically. Grade estimates of Copper, Cobalt and Zinc were determined using Ordinary Kriging. In a report dated March 2005, prepared by Qualified Persons, William Yeo, MAusIMM, PhD., and Phillip Hellman, FAIG, PhD., of H&S, in accordance with National Instrument 43-101, H&S reported on Measured and Indicated resource estimates based on copper equivalent cut-off grades utilizing metal prices of copper (Cu) US $0.95 per pound, cobalt (Co) US $12 per pound, and zinc (Zn) US $0.45 per pound. Please see the Company’s news release dated March 31, 2005 and April 7, 2005 for further information. The full H&S Report can be found on the Company’s website at www.bajamining.com or on SEDAR at www.sedar.com.
  
  
• On March 22, 2005, Baja Mining Corp announced that it has retained Endeavour Financial International Corporation (“Endeavour”) on an exclusive basis to provide general corporate financial advice with respect to the financing and development of the Boleo Project. Endeavour will work closely with management to identify and implement various transactions relating to financing of the Boleo Project. Remuneration under the contract is confidential but will include, subject to regulatory approval, the granting of 1,000,000 stock purchase options at a price of $0.75 per share for a five-year period. The option price may be reduced if the Company completes a private placement in the immediate future at a lower price.
  
  
• On April 12, 2005, Mr. Ross Glanville was appointed a Director of the Company. Mr. Glanville graduated from the University of British Columbia in 1970 with a Bachelor of Applied Science Degree (Mining Engineering) and became a member of the Association of Professional Engineers of British Columbia in 1972 (P.Eng.). In 1974, he obtained a Master of Business Administration Degree (MBA), specializing in finance and securities analysis. In 1980, he became a member of the Certified General Accountants of B.C. (CGA). Mr. Glanville has thirty-five years of experience in mining, exploration, finance, marketing and management and held senior executive positions with major and junior mining and consulting companies. The Company also announced the resignation of Mr. Thomas Pressello as Chief Financial Officer of the Company effective April 22, 2005. Mr. Robert Mouat has been appointed as interim Chief Financial Officer.

Results Of Operations

For the three months ended March 31, 2005 as compared to the three months ended March 31, 2004:

Loss for the Period:

The Company is still at the exploration stage of the Boleo Project and has no revenue generating activities. For the quarter ended March 31, 2005 and March 31, 2004 Baja Mining recorded a consolidated net loss of $2,017,441 ($0.03 loss per share) and $47,428 ($0.00 loss per share) respectively. The results show the effect of substantially higher exploration and administrative activities in the first quarter ended 2005 compared with the previous quarter last year.

In this current quarter, the Company granted stock options to a financial consulting firm and expensed stock options vested to investor-relations representatives resulting in a non-cash stock-based compensation expense of $375,620 ($nil-2004 comparable quarter). The stock option expense accounted for 60% of the total general and administrative expenses in the quarter.

With increased exploration activities at the Boleo Project and the required infrastructure to support these activities, the Company assembled additional management and administrative staff. Consequently, management and consulting expenses totalled $49,704 for this quarter versus $nil in the comparable quarter last year. Wages and subcontract was $44,066 ($779-2004 comparable quarter). The Company also incurred $27,616 rent expense ($nil-2004 comparable quarter). The Company was relatively inactive in the first quarter of fiscal 2004; therefore, general and administrative expenses were much lower comparatively.

The Company incurred $27,605 in travelling costs in connection with financing activities and promoting the Company’s Boleo Project in this quarter.

As a publicly traded company, Baja Mining Corp incurred $8,683 in filing, exchange and transfer agent fees for the three months ended March 31, 2005. In contrast, for the three months ended March 31, 2004, prior to the RTO, Mintec International Corporation was a privately held company; therefore, there were no exchange and filing expense incurred.

Investor relations and promotion also increased in this current quarter due to promotional activities for the Boleo Project. The Company retained two in-house investor-relations representatives and one marketing consultant acting as liaison with the investment community. Consequently, investor relations and promotion expenses totalled $31,286 and $19,946 respectively in the quarter versus $nil in the comparable quarter last year.

The Company has committed to an operating lease for office space for a term of 63 months from July 2005 to September 2010 with minimum lease payment of $74,480 per annum.

Capital Expenditures

The Company has scheduled an underground test-mining program utilizing a Continuous Underground Mining Machine in June/July 2005. The objective of the test-mining program is to determine the viability of obtaining a relatively higher metal recovery and extraction rate from underground mining method as oppose to an open pit mining method. The program will provide meaningful data in the use of bord and pillar and short wall mining technique that are proposed for mining the Boleo deposit. The Company therefore agreed to purchase a Continuous Mining Machine for US $97,000 for development purposes.

The Company also signed an agreement with Bateman Engineering Ltd. Canada for the completion of Final Feasibility Study budgeted at approximately CDN $8.9 million. The Bateman Agreement does not include the costs of in-fill drilling, the test mining program, or management costs related to the DFS.  The competed DFS is estimated to cost approximately US$10,992,000 (CDN$13,700,000), of which approximately CDN$5,200,000 has been incurred to date

Financing Activities

In March 2005, the Company agreed to two private placements: 1) The Company agreed to 1,600,000 Units at $0.75 per Unit for gross proceeds of $1,200,000. Each Unit consists of one common share and one-half warrant. Each whole warrant is exercisable for a period of 5 years at a price of $1.15 per share. A finder’s fee of $92,500 will be paid in accordance with the TSX Venture Exchange policy. 2) An additional 80,000 Units at a price of $0.75 per Unit for gross proceeds of $60,000 was agreed for issuance. Each Unit consists of one common share and one-half warrant. Each whole warrant is exercisable for a period of 5 years at a price of $1.15 per share. Neither placement has yet closed and it is anticipated the Unit price will be reduced to $0.60 per Unit and closed on receipt of TSX Venture Exchange approval. For financing activities, the Company repaid $4,590 to related parties versus $102,858 advanced from related parties in the comparable quarter last year.

Liquidity and Capital Resources

For the quarter ended March 31, 2005, the Company had negative cash outflow of $2,536,943 from operating activities compared to negative cash outflow of $115,011 in the comparable quarter. The increase in cash outflow was attributed to higher exploration and operation activities on the Boleo property.

For investment activities, the Company’s subsidiaries acquired $29,048 of capital assets in the first quarter for exploration purpose. The Company also advance $55,942 to a related company.

As an exploration and development stage company, Baja Mining Corp continues to rely on equity or debt financing to meet the ongoing cash requirements of the Company.  The Company is investigating the possibility of raising additional capital through debt or equity financing arrangements and, although management has successfully raised significant amounts of capital in the past, there can be no assurance that it will be able to raise additional capital in the future.

ON BEHALF OF THE BOARD OF DIRECTORS OF

BAJA MINING CORP.

John W. Greenslade

John W. Greenslade, President