Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

July 05, 2005 16:42 ET

Baffinland Announces Commencement Of 2005 Exploration Program

TORONTO, ONTARIO--(CCNMatthews - July 5, 2005) - Baffinland Iron Mines Corporation (TSX VENTURE:BIM)("Baffinland" or the "Company") announces diamond drilling commenced on June 9, 2005, as soon as ample drilling water was available on the Company's 100% - owned Mary River Project on Baffin Island, Nunavut Territory. The Company mobilized a third diamond drill to the property in order to accomplish the 2005 objective of 9,000 metres of diamond drilling, primarily focused on Deposit No. 1. As of July 5, 2005 approximately 1,500 metres has been completed in this year's program and the three drills are operating around the clock. The program is designed for both in-fill and step-out drilling on Deposit No. 1 and later in the summer it is the intent to do some drilling on the satellite deposits as well.

The Company also announces that it has granted stock options to a director, officers and a consultant to purchase up to 190,000 common shares in the capital of the Company at an exercise price of $1.18 per common share, being the closing price of the common shares on July 4, 2005, vesting over a period of 18 months and expiring July 4, 2010. The current number of issued and outstanding common shares is approximately 35,361,865. The options were granted pursuant to the Company's incentive stock option plans (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 1,350,187 common shares will be available for issuance under the Plan. The majority of the options granted were in recognition of the appointment of Richard D. McCloskey as Chairman of Baffinland. Mr. McCloskey's appointment is designed to comply with TSX guidelines of dividing the responsibilities of the Chairman and CEO. Consequently, Gordon A. McCreary has become President and CEO and Michael T. Zurowski has become Executive VP and COO.

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 materially from Baffinland's expectations are disclosed under the heading "Risk Factor" and elsewhere in Baffinland's documents filed from time to time with the TSX Venture Exchange Inc. and other regulatory authorities.


Contact Information

  • Baffinland Iron Mines Corporation
    Gordon A. McCreary
    President and CEO
    (416) 364-8820
    Baffinland Iron Mines Corporation
    Michael T. Zurowski
    Executive VP and COO
    (416) 364-8820