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Baffinland Announces the Appointment of Chief Financial Officer |
01/03/2006 |
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January 3, 2006 - Toronto, Ontario – Baffinland Iron Mines Corporation (TSX-V: BIM) (“Baffinland” or the “Company”) is pleased to announce that Mr. Robert J. Chausse, C.A., has agreed to join Baffinland as Vice President and CFO effective March 1, 2006. Rob moved from public accounting in 1993 and joined Kinross Gold Corporation as Controller with growing responsibilities as Kinross became an intermediate sized gold producer. In 1998, he joined Barrick Gold Corporation initially as Operations Controller for North and South America and during his more than seven years at Barrick has been involved in diverse roles in the financial and treasury group providing analytical support to operations management and financial support to the senior executive team. Gordon A. McCreary, President and CEO of Baffinland stated, “We are thrilled that Rob has agreed to join the Baffinland team where he will be key member to assist in the advancement of what we believe is a world class iron ore project at Mary River, Nunavut, Canada. Rob’s diverse financial background in the resource sector over the last dozen years will be instrumental as we advance the project beyond the Aker Kvaerner Scoping Study expected later this quarter, to a Bankable Feasibility Study and ultimately, hopefully, a producing iron ore mine focused on the direct-shipping of lump and fines to European and other markets.” Baffinland would also like to take this opportunity to publicly thank Mr. A. George Matthew for his excellent service to Baffinland as CFO during our first two years as a public company. Mr. McCreary went on to say, “George’s intent to throttle back his involvement in the first half of 2006 will allow a seamless transition as Rob takes up his duties at Baffinland.”
In other news, the Company announces that it has granted stock options to officers, directors and consultants to purchase up to 611,000 common shares in the capital of the Company at an exercise price of $2.15 per common share, being the closing price of the common shares on December 30, 2005, vesting over a period of 18 months and expiring January 2, 2011. The current number of issued and outstanding common shares is approximately 44,111,865. 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 1,639,187 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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