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Baffinland Announces Closing Of $3.0 Million Private Placement To Fund 2005 Iron Ore Exploration |
12/23/2004 |
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December 23, 2004 – Toronto, Ontario – Baffinland Iron Mines Corporation (TSX-V:BIM) (“Baffinland” or the “Company”) announces that it has closed its previously announced non-brokered private placement of 3,000,000 flow-through shares priced at $1.00 per flow-through share for total gross proceeds of $3,000,000. All of the flow-through shares issued in connection with this private placement are subject to a four-month hold period under applicable securities laws.
The proceeds from the flow-through private placement will be used to partially fund Baffinland’s planned 2005 exploration activities at its wholly-owned Mary River iron ore deposits located approximately 160 kilometers south of Pond Inlet on Baffin Island, Nunavut Territory, Canada. In 2004, Baffinland’s $8.8 million exploration program at Mary River was successful in extending the previously delineated mineralization of Deposit No. 1, along strike and down dip as well as identifying a new parallel Upper Zone of dominantly high grade hematite. Please refer to Baffinland press releases of November 29 and December 8, 2004 for detailed assay results of the 2004 program. As part of the expenditures in 2004 Baffinland established an exploration camp at Mary River and positioned heavy supplies, for the 2005 exploration program, in Pond Inlet via the sealift in September 2004. It is the intent to deliver these supplies, and any additional supplies required, to the Mary River site by an airlift commencing in April 2005 with the objective of drilling beginning in May. The 2005 program is designed as both an in-fill and a step out drilling program.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the exploration and development of the Company’s iron ore deposits. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Not for distribution to U.S. news wire services or dissemination in the United States.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
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