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Baffinland Announces the Selection of Environmental Contractor |
03/11/2005 |
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TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - Baffinland Iron Mines Corporation (TSX VENTURE:BIM) ("Baffinland" or the "Company") is pleased to announce that it has contracted with Knight Piesold Ltd. to provide baseline environment and socio-economic data collection for the Environmental and Sustainable Development Baseline Studies for the Mary River Project. This work will develop Inuit Qaujiamanituqangit, a traditional knowledge database which will be integrated with environmental baseline data. This work will form the basis of an environmental impact assessment and management plan and will assist Baffinland in the negotiation and development of an Inuit Impact and Benefits Agreement with the Qikiqtani Inuit Association. The activities of Knight Piesold will be overseen by Michael Zurowski P.Eng., with the assistance of Patrick Chance P.Eng., who has joined the Baffinland team as the Project Manager of the Mary River Project.
In other news, the Company announces that it has granted stock options to officers, directors and consultants to purchase up to 646,000 common shares in the capital of the Company at an exercise price of $2.30 per common share, being the closing price of the common shares on March 10, 2005, vesting over a period of 18 months and expiring March 10, 2010. The current number of issued and outstanding common shares is approximately 25,760,987. The options were granted pursuant to the Company's incentive stock option plan (the "Plan"), under which a maximum of 10% of the issued and outstanding common shares are reserved for issuance. Following the grant of such options, a further 580,099 common shares will be available for issuance under the Plan.
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities and Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Baffinland Iron Mines Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statement. Important factors that could cause actual results to differ material from Baffinland's expectations are disclosed under the heading "Risk Factors" and elsewhere in Baffinland's documents filed from time to time with the TSX Venture Exchange Inc. and other regulatory authorities.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
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