Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

December 24, 2007 09:00 ET

Baffinland Receives Repayment of Skeena Note

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2007) - Baffinland Iron Mines Corporation ("Baffinland" or the "Company") (TSX:BIM) announced today that it has received $16,754,432 of its $16,949,920 million invested in Skeena Capital Trust ("Skeena") Series A Notes.

Of the funds received from repayment, $9,806,508.72 will be used to repay principle and pay accrued interest, accrued standby fees and legal fees, thereby terminating the Company's credit facility with Bank of Nova Scotia. The remainder of the funds will be used for general corporate purposes.

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.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices and the feasibility of constructing and operating a direct-shipping iron ore mine at the Company's Mary River project. 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 relating to exploration and development risks, risks relating to the worldwide price of, demand for and supply of iron ore, financing and liquidity risks and risks relating to the construction and operation of a mine at the Company's Mary River project. 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.

Contact Information

  • Baffinland Iron Mines Corporation
    Gordon A. McCreary
    President and Chief Executive Officer
    (416) 814-3163
    Baffinland Iron Mines Corporation
    Robert J. Chausse
    Vice President and Chief Financial Officer
    (416) 814-3170