Baffinland  Iron  Mines  Corporation   is  a   Canadian mineral exploration company dedicated

Progress

to advancing to production its 100%-owned, large tonnage, high grade, Mary River iron ore deposits on Baffin Island in Nunavut, Canada.  

Baffinland’s Vision is to develop a direct-shipping operation focused on European markets initially producing 18 million tonnes of iron ore per year with a mine life in excess of 20 years.

Large and High Grade Iron Ore Deposits

Deposit No. 1                                         _

Proven Reserves        160 Mt    64.4% Fe

Probable Reserves     205 Mt    64.9% Fe

Deposit Nos. 1, 2 & 3 (exclusive of reserves)

Measured Resources   0.4 Mt    65.4% Fe

         Raised ~$420 million since 2004.

         Spent ~$391 million to advance Project since 2004.

         Completed DFS for 18 mtpa operation.

         Completed DFS Expansion study for 30 mtpa.

         Completed bulk sample program.

         Initiated search for Strategic Partner.

         Awarded EPCM contract to AMEC in 2008.

         Completed 9,300 metres of drilling in 2007.

         Initiated formal permitting process in 2008.

         Signed LOI’s for future iron ore offtake.

         Upgraded 100 km road from Milne Inlet to Mary River.

         Stepped up community outreach programs.

         Continued IIBA negotiations.

Indicated Resources    52 Mt    64.6% Fe

Stock Performance

Inferred Resources    448 Mt    65.5% Fe

Highlights of Definitive Feasibility Study

         20 yr mine-life based on proven & probable reserves.

         Pre-tax IRR 20.5%, payback period of 3.7 years.

         After-tax IRR 15.9% with payback period of 4.3 years.

         Project pre-tax cash flow $18.1 billion over mine life.

         Project after-tax cash flow $11.2 billion over mine life.

         Project pre-tax NPV (7%) of $4.9 billion.

         Project after-tax NPV (7%) of $2.7 billion.

         Capital cost $4.1 billion ($438 million contingency)

         Iron ore price assumption in DFS 40% below 2008 benchmark.

 Please refer to the PDF for stock performance.

“GREAT DEPOSIT WHOSE TIME HAS COME”

Ø  “The best undeveloped iron ore deposits in the world.”

Ø  Large-tonnage, high grade, high quality iron ore.

Ø  Multi-generational mine life.

Ø  DFS shows robust economics and project scalability.

Ø  Strategically located in politically stable jurisdiction.

Ø Local support

Ø Demand for iron ore at record highs

Ø Price of iron ore at record highs

Ø Experienced management team

Ø Strategic shipping partner and world class EPCM firm

Baffinland Iron Mines Corporation

120 Adelaide Street West, Suite 1016, Toronto, Ontario M5H 1T1

Tel: 416-364-8820  Fax: 416-364-0193  Email: info@baffinland.com

www.baffinland.com

MARY RIVER PROJECT

Key Financial Statistics

The Mary River Project is located approximately 160 kilometres south of Pond Inlet on Baffin Island in Nunavut, Canada.

Ø  Conventional open pit mine.

Ø  No processing required other than simple crushing and screening.

Ø  Initial production 18 million tonnes per year.

Ø  Strip ratio of 1.6:1.

Ø  20+ year mine-life based only on proven and probable reserves in Deposit No. 1.

Ø  Opportunity for expansion and/or mine-life extension from future resources in Deposit Nos. 1, 2 and 3.

Ø  143 km rail from mine site to year-round marine terminal at Steensby Inlet

Ø  Ocean transport by dedicated ice-strengthened ore carriers.

Ø  Market vessels could supplement ice-strengthened fleet in ice-free season.

Risk Reduction

Political

Ø  Interfacing with local, territorial and federal governments.

Ø  Permitting

Ø  Inuit Impact Benefits Agreement negotiation.

Reserve and Resource

As at April 6, 2009

Share Price

BIM:TSX            $0.57

BIM.WT: TSX    $0.15

30-Day Average Daily Volume

772,115 shares

Market Capitalization

$146 million

Shares Outstanding

255,306,463 (basic)

272,472,451 (fully diluted)

Cash and Short-Term Investments

As at Dec. 31, 2008

$35 million

Ø  Drilled over 30,000 metres of large diameter core.

Analyst Coverage

Human Resources

Ø  Growing the world class Baffinland team and “Best in Class” partnering.

Metallurgical

Ø  Comprehensive metallurgical test work of all mineralized core.

Ø  Bulk sample to be delivered to European steel mills.

Transportation

Ø  Rail: geotechnical drilling of rail corridor and engagement of Canarail.

Ø  Shipping:  Steensby Inlet port site and engagement of Fednav Limited

Financing

Ø  Strategic partnering initiative.

Ø  Proactive engaging with over 30 potential debt providers.

Raymond James Ltd.

Tom Meyer, CFA, P.Eng.

416-777-4912

Jennings Capital Inc.

Peter Campbell, P.Eng.

416-304-3963

National Bank Financial

Ian Howat

416-869-7936

Desjardins Securities 
John Redstone, MBA, M.Eng.
519-281-7088

This Investor Fact Sheet contains information that may constitute forward-looking information within the meaning of securities laws.  In particular, readers are cautioned that substantially all of the information contained in and/or derived from the DFS, substantially of the information regarding the bulk sample program, statements regarding timelines and schedules with respect to the regulatory process, pre-construction, construction, start-up and commercial shipments, and substantially all statements related to the strategic partner initiative constitute forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Such forward-looking statements are based on a number of assumptions and are subject to certain factors, risks and uncertainties.  These assumptions, factors, risks and uncertainties are disclosed under the heading “Risk Factors” in the Company’s Annual Information Form filed with the securities regulatory authorities in Canada and available at www.sedar.com.  Although the Company has attempted to identify important factors, risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.  Readers are cautioned not to place undue reliance on such information.  While the Company may elect to update publicly or otherwise revise any forward-looking information, the Company undertakes no obligation to do so, whether as a results of new information, future events or other such factors which affect the information, except as required by law.