I didn't even know this existed for years of going to Mazatlan until my last 2 trips. It's located between the golden zone and downtown. You'll see a bunch of vendors and a platform driving by, and you can tell the taxi drivers that you want to go to the cliff diver's and they usually get it. You will get haggled to buy things here and it's nothing you'd want (ie. old fruit with flies on it). They usually charge $2-4/ person, but this is actually a tip. Some people take the city tour just to see this. Don't do that. It's simple goin alone without a tour costing an arm and a leg. The guy jumps frequently once a crowd draws. It's pretty scary. He looks like he'll hit the wall almost every time. It's something new and different to see in Mazatlan, but it's not a top point of interest.
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