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Baffinland Announces the Appointment of Chief Operating Officer |
01/27/2006 |
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Download this Press Release
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January 27, 2006 - Toronto, Ontario – Baffinland Iron Mines Corporation (TSX-V: BIM) (“Baffinland” or the “Company”) is pleased to announce that Mr. Rodney A. Cooper, P. Eng.., has agreed to join Baffinland as Vice President Operations and COO effective March 1, 2006.
Rod, a Mining Engineer with a MBA, has extensive remote mining experience over the past 25 years including 12 years with Echo Bay Mines Ltd. in northern Canada and Alaska and three years at the Eskay Creek Mine in British Columbia with Homestake Canada Inc. In 2000, he joined Kinross Gold Corporation at its Timmins, Ontario operations and was subsequently transferred to Toronto for Kinross where he has most recently been Vice President, Technical Services overseeing a technical staff of a dozen professionals servicing the global technical needs from a corporate perspective for all of Kinross’ mining operations.
Gordon A. McCreary, President and CEO of Baffinland stated, “Rod brings to Baffinland a wealth of experience in remote, and specifically Arctic, mining experience and will be a core member of the Baffinland team to assist in the advancement of what we believe is a world class iron ore project at Mary River, Nunavut, Canada. Rod’s diverse technical and mining operations background 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.” Mr. Michael T. Zurowski, Executive Vice President of Baffinland stated, “Rod’s proven operational expertise provides the perfect addition to our growing Baffinland team of professionals to take the Mary River Project to the next level.”
In other news, the Company announces that it has granted stock options to a consultant and officer to purchase 300,000 common shares in the capital of the Company at an exercise price of $2.75 per common share, being the closing price of the common shares on January 26, 2006, vesting over a period of 18 months and expiring January 25, 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 1,339,187 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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