Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

March 11, 2005 16:44 ET

Baffinland Announces the Selection of Environmental Contractor


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BAFFINLAND IRON MINES CORPORATION

TSX VENTURE SYMBOL: BIM

MARCH 11, 2005 - 16:44 ET

Baffinland Announces the Selection of Environmental
Contractor

TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - Baffinland Iron Mines
Corporation (TSX VENTURE:BIM) ("Baffinland" or the "Company") is pleased
to announce that it has contracted with Knight Piesold Ltd. to provide
baseline environment and socio-economic data collection for the
Environmental and Sustainable Development Baseline Studies for the Mary
River Project. This work will develop Inuit Qaujiamanituqangit, a
traditional knowledge database which will be integrated with
environmental baseline data. This work will form the basis of an
environmental impact assessment and management plan and will assist
Baffinland in the negotiation and development of an Inuit Impact and
Benefits Agreement with the Qikiqtani Inuit Association. The activities
of Knight Piesold will be overseen by Michael Zurowski P.Eng., with the
assistance of Patrick Chance P.Eng., who has joined the Baffinland team
as the Project Manager of the Mary River Project.

In other news, the Company announces that it has granted stock options
to officers, directors and consultants to purchase up to 646,000 common
shares in the capital of the Company at an exercise price of $2.30 per
common share, being the closing price of the common shares on March 10,
2005, vesting over a period of 18 months and expiring March 10, 2010.
The current number of issued and outstanding common shares is
approximately 25,760,987. The options were granted pursuant to the
Company's incentive stock option plan (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 580,099
common shares will be available for issuance under the Plan.

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Baffinland Iron Mines Corporation
    Gordon A. McCreary
    Chairman & CEO
    (416) 364-8820
    or
    Baffinland Iron Mines Corporation
    Michael T. Zurowski
    President
    (416) 364-8820
    info@baffinland.com
    www.baffinland.com
    THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE
    CONTENTS OF THIS PRESS RELEASE.