The Company

Baffinland Iron Mines Corporation (TSX: BIM) is a Canadian publicly-traded junior mining company that is focused on its 100%-owned Mary River iron ore deposits located about 160 kilometres south of Pond Inlet, Baffin Island, Nunavut Territory, Canada. Five high grade iron ore deposits were discovered in 1962 and were the focus of major exploration efforts in the mid-1960’s when approximately 120 million tonnes of iron ore grading over 68% iron were delineated by shallow drilling of Deposit No. 1.

The property has remained dormant for decades awaiting new project champions and the right market conditions for the further delineation and development of a direct shipping iron ore operation servicing European markets. The 40 year old private company became a public company in 2004 as Baffinland financed the first phase of a major drill program designed to delineate a substantial resource to support a direct-shipping iron ore operation with a production rate of approximately 10 million tonnes per year.

Justification for such an operation would require an approximate doubling of the tonnage of the resources delineated in the 1960’s and the encouraging results of the 2004 drill program suggest that Baffinland is on track to more than accomplish this objective with an anticipated 10,000 metre drill program in 2005.