| Baffinland Iron Mines Corporation |  |
Baffinland is a Canadian company that was formed pursuant to Articles of Incorporation under the Business
Corporation Act (Ontario) on March 10, 1986. The Company owns three mining leases covering approximately
1,600 hectares in the Mary River area, Baffin Island, Nunavut, Canada. The Company is a mineral exploration
and development company with a sole focus on the advancement of its Mary River Property, which consists
of four high-grade hematite/magnetite deposits (the “Project”). The Project is in its early stages after having
been originally discovered and studied in the 1960’s. Notwithstanding current global recessionary conditions,
which have significantly impacted the European and North American commodity markets, iron ore market
trends are still seen as favourable. Although current iron ore prices have decreased by approximately 30%
since the downturn began in late 2008 it is the opinion of the Company’s management that prices are likely to
rebound somewhat in the next year. In addition, iron ore and steel industry consolidation continues.
Since 2004, Baffinland has been engaged in a wide spectrum of activities supporting the development of the
Mary River iron ore deposits. These activities have included the delineation of mineral resources and
estimation of mineral reserves, extensive metallurgical testing of the iron ore, field engineering data
collection, environmental and socio-economic baseline studies, and evaluation of shipping lanes. A bulk
sample was shipped to two key customers in Europe in 2008. The DFS, coordinated by Aker Solutions was
completed in 2008, followed by initiation of the regulatory review process and basic engineering design. As a
result of the current world economic outlook and the Company’s current resources, basic engineering and
other technical support services were suspended in December 2008 and a review of the proposed Project
timeline was initiated. Re-initiation of engineering and related technical support services will be contingent
on the Company raising funds to complete such activities. As a result of a decision from the Minister of
Indian and Northern Affairs Canada in reference to the regulatory review process, in 2009 the Company is
pursuing the terms of reference guiding the submission of an Environmental Impact Statement, the
submission of which will be contingent on further financing. In the meantime, a modest exploration program
is underway to continue development on Deposit No. 1.
| | Visit Website | | Office Address | 120 Adelaide St. West, Ste. 1016,
Toronto, ON, M5H1T1 Canada | | Phone | (416) 364-8820 | | Fax | (416) 364-0193 | | Send Enquiry
| | Executives | Richard D. McCloskey, Chairman | | Gordon A. McCreary, President, CEO and Director | | Rodney A. Cooper, VP, Operations and COO |
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