Baffinland Iron Mines Corporation Press Releases

Baffinland Initiates Early Stage Production Feasibility Study for Road Haulage

Mon, 12 Jul 2010 16:16:00 -0400

TORONTO, ONTARIO--(Marketwire - July 12, 2010) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces that it has commissioned AMEC Americas Limited, an independent and internationally recognized engineering firm, to complete a definitive feasibility study ("DFS") for a road haulage option that would result in early stage iron ore production while the Company continues to pursue the development of the Steensby Inlet Port and Rail Project ("Rail Project"). The Company completed a Rail Project DFS in 2008 for an 18 million tonne per annum operation.

The Road Haulage DFS will examine mining, road haulage along the existing 99 km Milne Inlet tote road and shipping using market vessels during the approximate 90-day (August through October) open water season in Milne Inlet. Shipping targets between 2 and 4 million tonnes will be evaluated with an expected optimized production rate of approximately 3 million tonnes per annum. Initial studies completed by the Company have limited production occurring as early as 2013 with full production occurring during the open water season in 2014. Results of the Road Haulage DFS are expected before the end of 2010.

Current 2010 iron prices are approximately US$150 per tonne for lump and US$120 per tonne of fine iron ore. Analysts expect the current market conditions for iron ore to continue for the next five to seven years. Output is expected to be similar to that identified in the Rail Project DFS with 75% high quality lump iron ore and 25% premium quality fine iron ore (sinter feed). Baffinland's lump and fine iron ores are expected to grade greater than 66% iron over the first 10 years of production.

The Company has also accelerated the completion of its Draft Environmental Impact Statement by the end of 2010, covering the road haulage option and the Rail Project, working towards the completion of the full environmental assessment process in 2012.

Baffinland is a Canadian publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada. Baffinland's shares trade on the Toronto Stock Exchange under the trading symbol BIM.

Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices, the timing and amount of future exploration expenditures, the estimation of additional capital requirements, the availability of necessary financing and materials, the receipt of necessary regulatory approvals, the feasibility of constructing and operating a direct-shipping iron ore mine at the Company's Mary River project and assumptions with respect to environmental risks, title disputes or claims, weather conditions and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines Corporation
        Daniella Dimitrov
        Vice Chair
        416 814-3172

        Baffinland Iron Mines Corporation
        Michael T. Zurowski
        Executive Vice President
        416-814-3161
        info@baffinland.com
        www.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland Reviews Early Stage Production via Road Haulage and Accelerates Completion of Draft Environmental Impact Statement

Thu, 10 Jun 2010 16:15:00 -0400

TORONTO, ONTARIO--(Marketwire - June 10, 2010) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces that it is reviewing a road haulage option that would result in early stage iron ore production while the Company continues to pursue the development of the Steensby Inlet Port and Rail Project ("Rail Project"). The Company completed a Rail Project definitive feasibility study ("Rail DFS") in 2008 for an 18 million tonne per annum operation.

The Company is examining mining, road haulage along the existing 99 km Milne Inlet tote road and shipping using market vessels during an approximate 90-day (August through October) open water season in Milne Inlet. Mining and shipping targets between 2 and 5 million tonnes of lump and fine iron ore per annum are being evaluated with an estimated optimized production rate of approximately 3 million tonnes per annum. Output is expected to be similar to that identified in the Rail Project DFS with 75% high quality lump iron ore and 25% premium quality fine iron ore (sinter feed). Baffinland's lump and fine iron ores are expected to grade greater than 66% iron over the first ten years of production. Consensus analyst estimates of iron ore prices would see Baffinland average $130 to $150 per tonne of output within the first three to five years of production from the road haulage operation.

The Company also plans to accelerate the completion of its Draft Environmental Impact Statement in 2010 to work towards the completion of the full environmental assessment and permitting process by late 2012 to early 2013.

"Achieving early stage production through this road haulage option would enhance value for Baffinland's shareholders, achieve cashflow during a period when iron ore prices are forecast to continue to be high and strengthen our efforts to achieve the full development of the Rail Project" stated Daniella Dimitrov, Baffinland's Vice Chair.

This review is being supervised by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101.

Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices, the timing and amount of future exploration expenditures, the estimation of additional capital requirements, the availability of necessary financing and materials, the receipt of necessary regulatory approvals, the feasibility of the road haulage option, factors impacting the feasibility of constructing and operating a direct-shipping iron ore mine at the Company's Mary River project and assumptions with respect to environmental risks, title disputes or claims, weather conditions and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include (i) risks inherent in the exploration for and development of mineral deposits; (ii) financing, capitalization and liquidity risks, including the risk that the financing alternatives necessary to fund the exploration and development activities at the Mary River Property may not be available on satisfactory terms, or at all; (iii) regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; (iv) uncertainties inherent in the estimation of mineral reserves and resources; (v) risks that production estimates may be inaccurate; (vi) construction and operational risks inherent in the conduct of mining activities, including the risk of increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction and development process; (vii) risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore; (viii) risks relating to the remoteness of the Mary River Property including access and supply risks and reliance on key personnel; (ix) environmental risks, including risks relating to climate impact on timelines and on construction and operating costs; (x) the risk of fluctuations in the Canadian/U.S. dollar exchange rate; and (xi) insurance risks.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines Corporation
        Daniella Dimitrov
        Vice Chair
        416 814-3172
        info@baffinland.com

        Baffinland Iron Mines Corporation
        Michael T. Zurowski
        Executive Vice President
        416-814-3161
        www.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland Appoints New Directors and Vice-Chair

Thu, 29 Apr 2010 14:42:00 -0400

TORONTO, ONTARIO--(Marketwire - April 29, 2010) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces the appointment of Messrs. Gary Fietz and Ron Simkus and Ms. Daniella Dimitrov as new directors as well as the appointment of Ms. Dimitrov as Vice-Chair of the Company.

Richard (Bo) McCloskey, the Chairman of the Company, stated: "We are delighted to have Gary, Ron and Daniella join the Board of Baffinland as their collective extensive experience in the mining and financial/capital markets industries will serve to enhance the overall composition of our Board. This additional expertise will be of great benefit to the Company as we move forward into the next phase of our development strategy. I look forward to working with the entire Board and management team to maximize the value of our Mary River Project for the Company's shareholders."

Messrs. Brian Acton and Graham Clow, directors since 2004, have resigned as directors of the Corporation. "On behalf of the Board of Baffinland, I would like to thank Brian and Graham for years of dedicated service to the Company and its Mary River Project" stated Mr. McCloskey.

Gary Fietz

Mr. Gary Fietz has over 22 years extensive international experience in all aspects of exploration, mining, business development and project evaluation. Mr. Fietz was recently appointed to the position of Managing Director(i) of New Age Exploration Limited, a junior Australian company that is targeting multi-commodity exploration and early stage projects in Australia and globally. From 2000 to 2009, Mr. Fietz held various positions with BHP Billiton Limited ("BHP"), including as Vice President, Business Development for Iron Ore, in which he gained valuable insight into the global iron ore markets and projects. Among various responsibilities at BHP, Mr. Fietz directed the business development activities for BHP, Iron Ore in India and West Africa and led a concept study for the multi-billion dollar Nimba iron ore project in Guinea. From 1987 to 2000, Mr. Fietz held various geological, technology support, strategy, project evaluation and business development positions with BHP Long Products, Whyalla Steelworks. Mr. Fietz obtained his Bachelor of Science (Geology) from the University of Adelaide, his Honours (Structural Geology) from the South Australian Institute of Technology and was a member of the Australasian Institute of Mining and Metallurgy. ( (i)Mr. Fietz' appointment as Managing Director of New Age Exploration Limited is conditional upon a proposed rights issued being fully subscribed.)

Ron Simkus

Mr. Ron Simkus has over 30 years experience in the international mining industry, with extensive knowledge in base metal ore processing technology and in the management of skilled operations, maintenance and engineering personnel. Mr. Simkus was Senior Vice-President, Mining for Corriente Resources Inc. from February 2004 to June 2006. From June 2001 to July 2003, Mr. Simkus was the President and CEO of Compania Minera Antamina S.A. in Peru where he oversaw the commissioning of the Antamina deposit and the successful transition of one of the world's largest copper mining construction projects from a project to a sustainable mining operation. Before joining Antamina, Mr. Simkus was President and General Manager of Highland Valley Copper and has also held positions at the Polaris Mine which was located north of the Arctic Circle and the Red Dog Mine located in Alaska. Mr. Simkus obtained his Bachelor of Applied Science Degree (mining engineering/mineral processing option) from the University of Toronto and is a member of the Canadian Institute of Mining, Metallurgy and Petroleum. Mr. Simkus is also a director of Gabriel Resources Ltd. and has previously served as director of Eurozinc Mining Corporation and Skye Resources Ltd.

Daniella Dimitrov

Ms. Dimitrov has over 16 years of broad commercial and operational experience in senior executive roles with major international companies. Ms. Dimitrov has held principal roles in mergers, acquisitions, financings, corporate finance and joint ventures. She has also been responsible for major operating divisions including information technology and project management/development and the integration of multiple acquired businesses. Ms. Dimitrov has held various consulting roles in the mining industry since 2009 including with the Company. Ms. Dimitrov's former positions include Senior Vice President, Strategic Initiatives of Raymond James Ltd., Chief Operating Officer of Dundee Securities and Dundee Private Investors, General Counsel for the Dundee group of companies and counsel at a national law firm. Ms. Dimitrov has served as a director or member of various financial services regulatory organizations and committees including the Industry Representative on the Board of the Investment Industry Association of Canada and director of Ombudsman for Banking Services and Investments. Ms. Dimitrov has a Bachelor of Laws from the University of Windsor.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines Corporation
        Richard (Bo) McCloskey
        Chairman
        416-814-3157
        info@baffinland.com
        www.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland President and CEO Steps Down

Thu, 18 Mar 2010 18:30:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 03/18/10 -- Baffinland Iron Mines Corporation (TSX: BIM) ("Baffinland" or the "Company") announces that Gordon A. McCreary, President and Chief Executive Officer, has resigned as an executive of the Company effective immediately and will continue as a director of the Company.

Richard (Bo) McCloskey, the Chairman of the Company, stated: "On behalf of the board of directors of Baffinland, I would like to thank Gord for his tireless efforts and dedication to the Company and its Mary River Project. The Mary River Property hosts what we believe are the best undeveloped iron ore deposits in the world and Gord was instrumental in reactivating the project and demonstrating its true potential. In addition to a number of project development achievements over the past six years, Gord and his team raised the profile of Baffinland in the iron and steel business. We look forward to his continuing contributions as a director."

Mr. McCreary stated: "The board of directors and I have agreed that this is an appropriate time for me to step down as President and CEO of the Company. Since 2004, our team, including Baffinland employees, contractors, consultants and suppliers with the support of shareholders and other stakeholders, have conclusively demonstrated the unique quality and quantity of the Mary River Deposits. In 2010, the planned drill programs are poised to add significantly to inferred resources with the first drilling of Deposit Nos. 4 and 5. The Company continues its efforts to secure financing to move towards development of its Mary River direct shipping ore project and I look forward to seeing this objective achieved in the future. I endeavour to ensure a smooth passage to the next chapter of the Baffinland story."

Mr. McCloskey will be assuming day-to-day responsibilities at the Company and the board of directors will be conducting a search for an executive to assume the position of full time CEO of the Company. Mr. McCloskey is a significant shareholder of the Company, has served as a director of a predecessor of the Company since the mid-1970s and has been the Chairman of the Company since 2005.

Contacts:
Baffinland Iron Mines Corporation
Richard (Bo) McCloskey
Chairman
416-814-3157
info@baffinland.com
www.baffinland.com

Baffinland Reports Outstanding Sinter Test Results

Wed, 27 Jan 2010 08:30:00 -0500

TORONTO, ONTARIO -- (MARKET WIRE) -- 01/27/10 -- Baffinland Iron Mines Corporation (TSX: BIM) ("Baffinland" or the "Company") reports today outstanding sinter test results. The results are laboratory-based testwork on sampled material from the Company's fine iron ore trial cargo shipped to ThyssenKrupp Steel ("TKS") in October 2008.

Studien Gesellschaft fur Eisenerz-Aufbereitung ("SGA") conducted a series of laboratory based pot grate sintering tests to evaluate the productivity of increasing amounts of Mary River sinter fines in a standard sinter mix used in European blast furnace operations. The mixture is very similar to the sinter mixture used in the TKS sinter plant trial, as discussed in a news release issued April 20, 2009.

Results were exceptional with productivity consistently increasing the more Mary River fine iron ore was added to the mixture.

------------------------------------------------------------
Mary River Fines         Productivity Result   Productivity
(%)                (tonnes/metres(2)/24 Hrs.)   Increase (%)
------------------------------------------------------------
Reference (0%)                          34.9              -
------------------------------------------------------------
10%                                     36.6           4.9%
------------------------------------------------------------
30%                                     37.2           6.6%
------------------------------------------------------------
50%                                     43.2          23.8%
------------------------------------------------------------
100%                                    48.6          39.3%
------------------------------------------------------------

The productivity increase with 10% Mary River fine iron ore in the sinter mixture was almost 5%; similar to the result achieved by TKS in its consumption of the fine iron ore trial cargo. Productivity increased, with each addition of Mary River fine iron ore, to approximately 24% with 50% Mary River fines iron ore content in the sinter mixture.

The exceptional characteristics of the Mary River fine iron ore were proven in the sinter testwork at TKS and SGA. Importantly, the average grain size (HS-50) of the trial cargo was greater than 3 mm in size, and it is expected to be one of, if not, the coarsest fine iron ores available. The outstanding quality is demonstrated by a stand-alone test of 100% Mary River fine iron ore that saw a productivity increase of more than 39%, when compared to the reference mixture. In each test, the quality of the sinter produced remained high.

The sinter mixture consists of fine iron ores and concentrates from Brazil, Canada, Australia and Mauritania. These fine ores are added to blast furnace return fines (recycled material), limestone, olivine and sand to form a sinter mixture. The sinter mixture is added to water, coke breeze and additional return fines to form a sinter with specific planned iron content and chemistry. The reported productivity result is an average of three to four sinter tests. Each sinter sample undergoes specific physical and metallurgical testwork to examine quality of the sinter.

"Baffinland's Mary River fine and lump iron ore are exceptional blast furnace feeds and will become one of the world's premier iron ore sale products when we come into production." stated Michael Zurowski, Executive Vice President of Baffinland.

Representative samples taken at regular intervals from the crusher and fine iron ore from the 2008 bulk sampling program were shipped from the Mary River site to SGA in Germany, where they are composited and analysed for detailed metallurgical testing to ISO standards for iron ore. The analytical testwork is supervised and interpreted by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101.

Please visit the Baffinland website at www.baffinland.com.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the Company's plans, including the scheduled timing thereof and other related statements, statements about the planned release of additional information and related statements, statements about the continuation of drilling on its deposits and statements about the Company's planned additional and metallurgical testwork programs, are forward-looking information.

Contacts:
Baffinland Iron Mines CorporationGordon A. McCreary
President and CEO
416 814-3163

Baffinland Iron Mines CorporationMichael T. Zurowski
Executive Vice President
416-814-3161
info@baffinland.comwww.baffinland.com

Baffinland Reports Impressive Assay Results From the 2009 Drill Program and Details Plans for 2010 Deposit No. 5 Strike Length Expanded to Almost 6 Kilometres

Thu, 21 Jan 2010 12:21:00 -0500

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2010) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") released today the assay results from the Company's 2009 advanced exploration program on its wholly-owned Mary River Iron Ore Deposits, Baffin Island, Nunavut Territory, Canada.

The 2009 core drilling, all on Deposit No. 1, totalled 2,316 metres in 13 holes. The majority of the holes were drilled in the southeast portion of the Deposit to define hanging wall contacts.

Three of the holes; MR1-09-177 (-35 degrees), MR1-09-178 (-18 degrees) and MR1-09-179 (-16 degrees) were drilled to test the upper portion of the South Limb. These are the first holes to cut the upper portion of the South Limb as rugged topography had previously prevented this drilling. In total, these holes intersected approximately 396 metres of 67.9% iron. Importantly, much of this material was previously defined as inferred resources and thus was treated as waste in the Definitive Feasibility Study.

The 2009 drill program intersected a cumulative 737 metres grading 65.6% iron. "Mineralization continues to impress and the intersections in the upper portion of the South Limb confirm what was obvious to anyone who looked at the South Limb that there was a large amount of high grade iron ore" stated Michael Zurowski, Executive Vice President of Baffinland.

2010 Mary River Exploration Program

The 2010 Advanced Exploration Program will focus on identifying high grade iron oxide resources at Deposits No. 5, 4 and 3. The Program will primarily focus on Deposits No. 5 and 4, neither of which has been drilled.

Deposit No. 4 was discovered in 1963. Recent and historical surface channel sampling averaged some 66.8% iron across two parallel horizons that can be traced at surface for almost three kilometres.

Deposit No. 5 was discovered by Baffinland as announced in a news release issued on October 07, 2009. Surface sampling identified high grade hematite mineralization very similar to Deposit No. 3. Deposit No. 5 has exceptionally low deleterious elements. Mapping and sampling late in the season extended the potential strike length of Deposit No. 5 to almost six kilometres, some two kilometres more than previously identified. For comparison, Deposit No. 1 is approximately four kilometres in length. The largest single outcrop of the high grade mineralization on Deposit No. 5 is an approximate 700 metre strike length and a more than 70 metre exposed width.

Work in 2010 will encompass the drilling of Deposits No. 5 and 4 with one and two-hole fences in broad 300 to 400 metre step-outs. In addition, a regional mapping and sampling program will expand on potential extensions to the known deposits, but also attempt to identify new zones of high grade iron oxide mineralization within the more than 60 kilometres of prospective strike length outlined by the 2008 airborne magnetic survey.

SGS Lakefield Research Limited performs assay and analytical work under a strict protocol designed for testing lump iron ores. All mineralized drill core from the 2009 drilling program will be sent from Lakefield to Studien Gesellschaft fur Eisenerz-Aufbereitung (SGA) in Germany, where they are composited for detailed metallurgical testing to ISO standards for iron ore. The analytical testwork is supervised and interpreted by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101. Cross-sections and plan maps are being updated and will be posted on the Baffinland website www.baffinland.com to assist in the interpretation of the data.

Please visit the Baffinland website at www.baffinland.com or e-mail info@baffinland.com.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the Company's plans, including the scheduled timing thereof and other related statements, statements about the planned release of additional assay results and related statements, statements about the continuation of drilling on Deposit No. 5, 4, and 3 and statements about the Company's planned mapping, sampling and metallurgical testwork programs, are forward-looking information.

----------------------------------------------------------------------------

Summary of Drill Hole Assays
(Holes MR1-09-167, 168, 174 have no significant mineralisation)
(Holes MR1-09-169 to MR1-09-176 true widths are 70-80% of the core widths)
(Holes MR1-09-177 to MR1-09-179 are approximately true width)
----------------------------------------------------------------------------
Drill Hole     TD   From     To  Interval  SiO2 % Al2O3 %  Fe %    P %   S %
               (m)    (m)    (m)       (m)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-169  248.0   48.3   51.3       3.0     5.5     1.3  58.3  0.031  0.47
                   ---------------------------------------------------------
                    58.0  102.0      44.0     3.5     0.3  64.5  0.054  0.24
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-170  143.0   20.0   48.0      28.0     9.5     0.5  61.0  0.235  0.03
                   ---------------------------------------------------------
                    54.0   80.0      26.0     5.2     1.4  63.0  0.456  0.45
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-171  153.1   37.5   53.5      16.0    11.0     0.7  61.6  0.044  0.23
                   ---------------------------------------------------------
                    61.5   65.5       4.0     6.3     1.8  62.5  0.067  0.59
                   ---------------------------------------------------------
                    69.5   77.5       8.0    10.0     2.4  57.6  0.057  0.91
                   ---------------------------------------------------------
                    79.5   85.5       6.0     7.9     1.1  61.0  0.103  1.33
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-172  170.1   16.0   25.1       9.1     1.8     0.3  67.6  0.005  0.07
                   ---------------------------------------------------------
                    39.0   51.0      12.0     2.0     0.3  67.3  0.005  0.07
                   ---------------------------------------------------------
                    55.0   60.9       5.9    12.3     0.4  59.0  0.012  0.70
                   ---------------------------------------------------------
                    67.0   77.0      10.0    12.1     0.3  58.7  0.031  0.07
                   ---------------------------------------------------------
                    83.0  112.0      29.0     5.4     0.9  65.2  0.054  0.18
                   ---------------------------------------------------------
                   124.6  135.6      11.0     7.4     0.9  63.6  0.015  0.81
                   ---------------------------------------------------------
                   138.4  160.1      21.7     8.2     1.6  62.0  0.109  0.61
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-173  248.0  145.5  175.2      29.7     4.2     0.5  66.3  0.110  0.18
                   ---------------------------------------------------------
                   185.9  191.2       5.3     4.0     1.2  66.1  0.133  0.42
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-175   25.3   12.5   14.5       2.0     0.6     0.2  67.0  0.105  0.10
----------------------------------------------------------------------------

----------------------------------------------------------------------------
MR1-09-176  316.4  162.4  165.5       3.1     5.1     1.3  59.2  0.240  0.80
                   ---------------------------------------------------------
                   189.0  191.7       2.7     8.0     0.7  58.4  0.115  1.77
                   ---------------------------------------------------------
                   201.2  204.2       3.0    11.7     1.0  56.5  0.059  0.42
                   ---------------------------------------------------------
                   207.5  215.5       8.0    14.2     0.4  58.4  0.052  0.28
                   ---------------------------------------------------------
                   223.5  231.5       8.0    14.7     0.4  56.6  0.034  0.23
                   ---------------------------------------------------------
                   234.7  256.8      22.1     7.1     0.4  64.5  0.028  0.12
                   ---------------------------------------------------------
                   263.4  269.4       6.0    10.0     0.6  62.1  0.004  0.20
                   ---------------------------------------------------------
                   283.2  295.2      12.0     7.9     0.9  62.6  0.004  0.51
                   ---------------------------------------------------------
                   303.0  308.4       5.4     8.8     0.5  62.1  0.077  0.45
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                                        less
                                                                        than
MR1-09-177  194.0   14.0   35.0      21.0     2.3     0.6  68.1  0.013  0.01
                   ---------------------------------------------------------
                                                                        less
                                                                        than
                    67.3  127.3      60.0     1.8     1.2  66.7  0.023  0.01
                   ---------------------------------------------------------
                   136.7  194.0      57.3     0.5     0.5  68.5  0.013  0.03
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                                        less
                                                                        than
MR1-09-178  168.5    5.0   31.0      26.0     1.0     1.0  67.7  0.008  0.01
                   ---------------------------------------------------------
                    35.0  147.0     112.0     0.9     0.9  67.8  0.009  0.03
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                                        less
                                                                        than
MR1-09-179  178.0    4.5   26.8      22.3     0.9     0.9  68.1  0.013  0.01
                   ---------------------------------------------------------
                    52.8  150.0      97.2     0.9     0.8  68.3  0.009  0.01
----------------------------------------------------------------------------

----------------------------------------------------------------------------

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines CorporationGordon A. McCreary
        President and CEO
        416 814-3163

        Baffinland Iron Mines CorporationMichael T. Zurowski
        Executive Vice President
        416-814-3161
        info@baffinland.comwww.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland Announces Closing of Financings for Gross Proceeds of $44 Million

Thu, 10 Dec 2009 08:29:00 -0500

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Baffinland Iron Mines Corporation ("Baffinland" or the "Company") (TSX:BIM) announced today that it has closed its public offering (the "Public Offering") on a bought deal basis of 20,834,000 units of securities of the Company (each, a "Conventional Unit") at a price of $0.48 per Conventional Unit for gross proceeds of approximately $10 million. Each Conventional Unit consists of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant. Each whole Common Share purchase warrant (a "Warrant") entitles the holder thereof to acquire one Common Share at a price of $0.70 per Common Share for a period of three years from the closing of the Public Offering. The Company currently expects that the Warrants will begin trading on the Toronto Stock Exchange on December 11, 2009. The Public Offering syndicate was led by GMP Securities L.P. and included CIBC World Markets Inc., Raymond James Ltd., Desjardins Securities Inc., Jennings Capital Inc. and National Bank Financial Inc. (the "Underwriters"). The Underwriters also exercised in full the over-allotment option to purchase an additional 3,125,100 Common Shares and 1,562,550 Warrants for additional gross proceeds of approximately $1.5 million.

The Company also announced today that it has closed its private placement (the "Flow-Through Private Placement") on a bought deal basis with the Underwriters, led by GMP Securities L.P., of 36,400,000 units of securities of the Company (the "Flow-Through Units") at a price of $0.55 per Flow-Through Unit for gross proceeds of approximately $20 million. Each Flow-Through Unit consists of one Common Share to be issued as a "flow-through" common share (each, a "Flow-Through Share") and one half of one Warrant. The Underwriters also exercised in full the option to purchase an additional 5,460,000 Flow-Through Units, for additional gross proceeds of approximately $3 million.

The Company intends to use the net proceeds of the Public Offering and the Flow-Through Private Placement to increase and upgrade its mineral resources on its Mary River property and to modestly advance development activities on Deposit No. 1, for general corporate purposes, including working capital, and repayment of amounts drawn on the Company's debt facility (as described below). The Company will, however, ensure that the entire gross proceeds from the Flow-Through Private Placement will be spent on Canadian exploration expenses.

In addition, the Company announced that Resource Capital Fund IV L.P. ("RCF") and Resource Capital Fund III L.P. (collectively, the "Resource Funds") exercised in full their pre-existing participation rights (the "Participation Rights") to participate in respect of the Public Offering and the Flow-Through Private Placement, pursuant to which RCF purchased an aggregate of 19,926,569 Conventional Units at a price of $0.48 per Conventional Unit for aggregate gross proceeds of approximately $9.6 million.

The Company will use the gross proceeds from the Resource Funds' exercise of their Participation Rights, and certain of the proceeds from the Public Offering, to repay in full all amounts outstanding under the Environmental Guarantee Support Facility entered into between the Company and RCF in August 2009 (the "Facility"). The Company intends to formally terminate the Facility as soon as practicable.

Gordon McCreary, President and CEO of Baffinland stated, "We appreciate the support of the Resource Funds in establishing the Facility earlier this year and we are very pleased to be in a position to retire it so quickly. The larger size of the flow-through financing will allow Baffinland to mount an expanded exploration program in 2010 focused on the expansion of resources at Baffinland's wholly-owned Mary River Project. The focus of these efforts will be the first drilling of Deposit No. 4 and the newly discovered Deposit No. 5 where there is significant potential to add to the already substantial reserves and resources delineated on Deposit Nos. 1, 2 and 3. Through drilling, metallurgical test-work and bulk sample programs, Baffinland has demonstrated that the Mary River deposits are of the highest quality and, by adding resources at Deposit Nos. 4 and 5, we also expect to definitively show the resource potential of this emerging iron ore district."

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Particularly, but without limitation, information about the intended use of the proceeds of the Public Offering and the Flow-Through Private Placement, the termination of the Facility and the potential resource potential of the Mary River deposits is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of mineral reserve and resource estimates, iron ore prices, the timing and amount of future exploration expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials, including financing to conduct other activities necessary to continue to develop the Company's Mary River project in the short and long-term, the progress of construction and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, weather conditions, climate change and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks inherent in the exploration and development of mineral deposits, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Company's Mary River project including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, including the risk of increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction and development process, the risk of fluctuations in the Canadian/U.S. dollar exchange rate, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Mary River Property may not be available on satisfactory terms, or at all, environmental risks, including risks relating to climate change and the potential impact of global warming on project timelines and on construction and operating costs, and insurance risks. See the Company's public filings available at www.sedar.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines CorporationGordon A. McCreary
        President and Chief Executive Officer
        (416) 814-3163

        Baffinland Iron Mines CorporationGwen Gareau
        Vice President, Finance and Chief Financial Officer
        (416) 814-3177
        info@baffinland.comwww.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland: RCF Exercise of Participation Rights

Thu, 03 Dec 2009 14:11:00 -0500

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Baffinland Iron Mines Corporation (TSX:BIM) (the "Company") announces that Resource Capital Fund IV L.P. ("RCF") and Resource Capital Fund III L.P. (collectively, the "Resource Funds") have given notice that they intend to exercise in full their pre-existing participation rights (the "Participation Rights") to participate in respect of the Company's previously announced public offering (the "Public Offering") of 20,834,000 units of securities of the Company and its previously announced private placement of 36,400,000 flow-through units of securities of the Company. The Participation Rights were granted to the Resource Funds by the Company in the subscription agreement between the Company and Resource Capital Fund IV L.P. dated December 11, 2008 (the "Subscription Agreement").

The issuance of units of securities of the Company (the "Units") to the Resource Funds, which are the same as the units of securities of the Company to be issued under the Public Offering, will each be comprised of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant (each such whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.70 for a period of three years commencing from the date of issuance of the Warrant, subject to adjustment in certain events. In accordance with the Subscription Agreement, the Resource Funds will not be permitted to purchase more than that number of Units such that the Resource Funds continue to hold the same pro rata number of securities of the Company after the closing of the applicable offerings as were held before such offerings (calculated in accordance with the Subscription Agreement on a "partially diluted" basis). The issuance of Units to the Resource Funds, which is currently expected to occur concurrently with the completion of the Public Offering, is subject to certain conditions, including, but not limited to, the receipt by the Company of all necessary approvals and consents. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Common Shares and the Warrants comprising the Units to be issued under the Public Offering and the Units to be issued by the Company to the Resource Funds, as well as the Common Shares issuable upon exercise of the Warrants, on the TSX, subject to the Company fulfilling all of the listing requirements of the TSX on or before March 2, 2010.

The Resource Funds receive management services from RCF Management L.L.C. The Resource Funds are current securityholders of the Company and Russell Cranswick, a partner of RCF Management L.L.C., is currently a director of the Company. The issuance of Units to the Resource Funds will be conducted on an arm's length basis. The maximum number of Units the Resource Funds may purchase pursuant to the exercise of such Participation Rights is 19,926,569 Units, such that the Resource Funds will continue to hold approximately 23.24% of the issued and outstanding Common Shares (calculated in accordance with the Subscription Agreement on a "partially diluted" basis). Closing of the issuance of Units to the Resource Funds is currently expected to occur on or about December 10, 2009. The proceeds of the issuance of Units to the Resource Funds will be used to repay amounts outstanding under the environmental guarantee support facility entered into between the Company and RCF in August 2009 (the "Facility"). The Company will use such proceeds and a portion of the proceeds of the Public Offering to repay in full all amounts currently drawn on the Facility. Following such repayment, the Company currently intends to terminate the Facility.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Particularly, but without limitation, information about the terms of the Public Offering, the private placement, the intention of the Resource Funds to exercise their Participation Rights, the terms of such participation, the Company's intended use of the proceeds of the Public Offering and the concurrent offering to the Resource Funds, the Company's intended repayment of the Facility and the Company's intention to terminate the Facility is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of mineral reserve and resource estimates, iron ore prices, the timing and amount of future exploration expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials, including financing to conduct other activities necessary to continue to explore the Company's Mary River property in the short and long-term, the progress of development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, weather conditions, climate change and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks inherent in the exploration and development of mineral deposits, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Company's Mary River property including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, including the risk of increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, the risk of fluctuations in the Canadian/U.S. dollar exchange rate, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Mary River property may not be available on satisfactory terms, or at all, environmental risks, including risks relating to climate change and the potential impact of global warming on project timelines and on construction and operating costs, and insurance risks. See the Company's public filings available at www.sedar.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines CorporationGordon A. McCreary
        President and Chief Executive Officer
        (416) 814-3163

        Baffinland Iron Mines CorporationGwen Gareau
        Vice President, Finance and Chief Financial Officer
        (416) 814-3177
        info@baffinland.comwww.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland Announces Public Offering of Units and Private Placement of Flow-Through Units

Thu, 19 Nov 2009 08:11:00 -0500

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Baffinland Iron Mines Corporation (the "Company") (TSX:BIM) announced today that it has entered into an agreement with GMP Securities L.P. ("GMP") in respect of a public offering on a bought deal basis in each of the provinces and territories of Canada, other than Quebec, (the "Offering") of 20,834,000 units of the Company (the "Units") at a price of $0.48 per Unit for gross proceeds of approximately $10 million. Each Unit consists of one common share of the Company (each, a "Common Share") and one half of one common share purchase warrant (each, a "Warrant") entitling the holder thereof to acquire one Common Share at a price of $0.70 per share for a period of three years from the closing of the Offering. The Offering is being led by GMP together with a syndicate of underwriters including CIBC World Markets Inc., Desjardins Securities Inc., Jennings Capital Inc. and National Bank Financial Inc. (the "Underwriters"). The Company has also granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, equal to 15% of the number of Units sold under the Offering.

In addition, the Company announced that it has also entered into an agreement with GMP in respect of a private placement (the "Private Placement") on a bought deal basis of 36,400,000 units of the Company (the "Flow-Through Units") at a price of $0.55 per Flow-Through Unit for gross proceeds of approximately $20 million. Each Flow-Through Unit consists of one Common Share to be issued as a "flow-through" common share (each, a "Flow-Through Share") and one half of one Warrant entitling the holder thereof to acquire one Common Share at a price of $0.70 per share for a period of three years from the closing of the Private Placement. The Private Placement is being offered by a syndicate of underwriters comprised of GMP, CIBC World Markets Inc., Desjardins Securities Inc., Jennings Capital Inc., National Bank Financial Inc. and Raymond James Ltd. (the "Private Placement Underwriters"). The Company has granted the Private Placement Underwriters an option exercisable until the closing date of the Private Placement to purchase up to an additional 15% of the number of Flow-Through Units sold under the Private Placement.

The Company currently expects to file a preliminary prospectus in respect of the Offering on or before November 25, 2009. Closing of the Offering and the Private Placement is currently expected to occur on or about December 10, 2009, and is subject to certain terms and conditions, including receipt of all regulatory approvals and the approval of the Toronto Stock Exchange.

The Company has previously granted to Resource Capital Fund IV L.P. and Resources Capital Fund III L.P. (collectively, the "Resource Funds") the right to participate in future offerings of the Company as long as the Resource Funds continue to hold more than 10% of the issued and outstanding Common Shares. Pursuant to such right, the Resource Funds may participate in a parallel offering for such number of securities of the Company that will result in the Resource Funds, collectively, holding up to the number of pro rata securities of the Company, after the closing of the offering of securities of the Company, as were held before. Such right may only be exercised on certain terms and if the offering of securities is successfully completed.

The Company intends to use the net proceeds of the Offering and the Private Placement to increase and upgrade its mineral resources on its Mary River property and to modestly advance development activities on Deposit No. 1 and for general corporate purposes. The Company will, however, ensure that the entire gross proceeds from the Private Placement will be spent on Canadian exploration expenses.

The Units may be sold outside of Canada where they may be lawfully sold on a basis exempt from the prospectus requirements of such jurisdiction. The Units and the Flow-Through Units, and the Common Shares, Flow-Through Shares and Warrants issuable thereon, as applicable, have not been and will not be registered under the United States Securities Act of 1933 and accordingly may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act. This news release is not an offer of securities for sale in the United States.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Particularly, but without limitation, information about the terms of the Offering and the Private Placement, the time of filing the preliminary prospectus in respect of the Offering, and the intended use of the proceeds of the Offering and the Private Placement and is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of mineral reserve and resource estimates, iron ore prices, the timing and amount of future exploration expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials, including financing to conduct other activities necessary to continue to explore the Company's Mary River property in the short and long-term, the progress of development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, weather conditions, climate change and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks inherent in the exploration and development of mineral deposits, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Company's Mary River property including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, including the risk of increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, the risk of fluctuations in the Canadian/U.S. dollar exchange rate, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Mary River property may not be available on satisfactory terms, or at all, environmental risks, including risks relating to climate change and the potential impact of global warming on project timelines and on construction and operating costs, and insurance risks. See the Company's public filings available at www.sedar.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines CorporationGordon A. McCreary
        President and Chief Executive Officer
        (416) 814-3163

        Baffinland Iron Mines CorporationGwen Gareau
        Vice President and Chief Financial Officer
        (416) 814-3177
        info@baffinland.comwww.baffinland.com

Source: Baffinland Iron Mines Corporation

Baffinland Reports Additional Outstanding Results From Steel Producer's Blast Furnace Test of Its Mary River Lump Iron Ore Trial Cargo

Wed, 14 Oct 2009 07:45:00 -0400

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2009) - Baffinland Iron Mines Corporation ("Baffinland" or the "Company") (TSX:BIM) reported today results from its lump iron ore trial cargo shipped to one of the world's leading steel companies in October 2008. It was the final shipment as part of a 113,217 tonne lump and fine iron ore trial cargo mined during its 2008 bulk sampling program at its wholly-owned Mary River Iron Ore project. Results from the 31,050 tonne lump iron ore sample were excellent and hot metal quality remained high. As a result, it was concluded that Mary River lump iron ore would be useable at a high rate (percentage Mary River lump iron ore in the burden mix) even at high blast furnace productivity.

Of the 31,050 tonnes of lump iron ore reported on today, 11,000 tonnes were consumed during October 2008. As a result of the extraordinarily good results during the initial test and subsequent lab results providing further confidence, the final blast furnace test was conducted in July 2009 under more ambitious conditions than initially planned. Immediately prior to the test in a high productivity environment, the blast furnace burden mix was 2% non-Mary River lump iron ore, 56% sinter and 42% pellets. Mary River lump iron ore was added to the blast furnace burden mix increasing to approximately 25% of the mix. In the test, Mary River lump was substituted directly for pellets, increasing the total lump percentage to 27% and reducing pellet content to 17% of the mix; with sinter content remaining constant.

Michael Zurowski, Executive Vice President of Baffinland said "Baffinland's Mary River lump iron ore is now proven to be an exceptional blast furnace burden feed. Baffinland is again very pleased with the outstanding test results of the trial cargos. Mary River lump iron ore has outstanding chemical, physical and metallurgical characteristics that will make it a premier sales product. The trial cargos have confirmed that once commercial product is achieved, Mary River iron ore will be a sought-after blast furnace feed for a great many years."

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the Company's plans, including the scheduled timing thereof and other related statements, statements about the planned release of additional information and related statements, statements about the continuation of drilling on its deposits and statements about the Company's planned additional drilling and metallurgical testwork programs, are forward-looking information.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Baffinland Iron Mines CorporationGordon A. McCreary
        President and Chief Executive Officer
        416-814-3163

        Baffinland Iron Mines CorporationMichael T. Zurowski
        Executive Vice President
        416-814-3161
        info@baffinland.comwww.baffinland.com

Source: Baffinland Iron Mines Corporation