Baffinland Iron Mines Corporation
TSX VENTURE : BIM

Baffinland Iron Mines Corporation

May 12, 2005 09:00 ET

Baffinland Announces the Selection of Engineering Contractor

TORONTO, ONTARIO--(CCNMatthews - May 12, 2005) - Baffinland Iron Mines Corporation (TSX VENTURE:BIM) ("Baffinland" or the "Company") is pleased to announce that it has contracted with Aker Kvaerner E&C (Aker Kvaerner) a division of Aker Kvaerner Canada Inc. to provide engineering services for the advancement of Baffinland's Mary River Iron Ore Project located 160 kilometres south of Pond Inlet on Baffin Island, Nunavut Territory, Canada. Aker Kvaerner's initial focus will be the updating of the Company's Technical Report under NI 43-101 to reflect the inclusion of the data generated by Baffinland's 2004 exploration program including the ongoing metallurgical testwork at Studien Gesellschaft fur Eisenerz-Aufbereitung (SGA) in Germany. During the balance of 2005 it is the intent that Aker Kvaerner will be engaged in the completion of a Scoping Study for the Mary River Project. Aker Kvaerner will also provide engineering input into the proposed 2005 advanced exploration program involving three large diameter diamond drills completing approximately 9,000 metres of in-fill and step-out drilling primarily focused on Deposit No.1. Baffinland had previously contracted with Knight Piesold Ltd. to provide baseline environment and socio-economic data collection for Environmental and Sustainable Development Baseline Studies for the Mary River Project. Aker Kvaerner E&C provides a full range of services to the mining, minerals and metals processing industries in Canada and internationally, for both the base and precious metals sectors. The activities of both Aker Kvaerner and Knight Piesold will be overseen by Michael Zurowski P.Eng., President, with the assistance of Patrick Chance P.Eng., Project Manager of the Mary River Project.

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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