Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

October 14, 2009 07:45 ET

Baffinland Reports Additional Outstanding Results From Steel Producer's Blast Furnace Test of Its Mary River Lump Iron Ore Trial Cargo

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2009) - Baffinland Iron Mines Corporation ("Baffinland" or the "Company") (TSX:BIM) reported today results from its lump iron ore trial cargo shipped to one of the world's leading steel companies in October 2008. It was the final shipment as part of a 113,217 tonne lump and fine iron ore trial cargo mined during its 2008 bulk sampling program at its wholly-owned Mary River Iron Ore project. Results from the 31,050 tonne lump iron ore sample were excellent and hot metal quality remained high. As a result, it was concluded that Mary River lump iron ore would be useable at a high rate (percentage Mary River lump iron ore in the burden mix) even at high blast furnace productivity.

Of the 31,050 tonnes of lump iron ore reported on today, 11,000 tonnes were consumed during October 2008. As a result of the extraordinarily good results during the initial test and subsequent lab results providing further confidence, the final blast furnace test was conducted in July 2009 under more ambitious conditions than initially planned. Immediately prior to the test in a high productivity environment, the blast furnace burden mix was 2% non-Mary River lump iron ore, 56% sinter and 42% pellets. Mary River lump iron ore was added to the blast furnace burden mix increasing to approximately 25% of the mix. In the test, Mary River lump was substituted directly for pellets, increasing the total lump percentage to 27% and reducing pellet content to 17% of the mix; with sinter content remaining constant.

Michael Zurowski, Executive Vice President of Baffinland said "Baffinland's Mary River lump iron ore is now proven to be an exceptional blast furnace burden feed. Baffinland is again very pleased with the outstanding test results of the trial cargos. Mary River lump iron ore has outstanding chemical, physical and metallurgical characteristics that will make it a premier sales product. The trial cargos have confirmed that once commercial product is achieved, Mary River iron ore will be a sought-after blast furnace feed for a great many years."

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 may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the Company's plans, including the scheduled timing thereof and other related statements, statements about the planned release of additional information and related statements, statements about the continuation of drilling on its deposits and statements about the Company's planned additional drilling and metallurgical testwork programs, are forward-looking information.

Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices, the timing and amount of future exploration expenditures, the estimation of additional capital requirements, the availability of necessary financing and materials, the receipt of necessary regulatory approvals, the feasibility of constructing and operating a direct-shipping iron ore mine at the Company's Mary River project and assumptions with respect to environmental risks, title disputes or claims, weather conditions and other similar matters. 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 inherent in the exploration for and development of mineral deposits, risks relating to changes in iron ore prices and changes in the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Mary River Property including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, regulatory risks, including risks relating to the acquisition of necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing required to fund all currently planned exploration and related activities may not be available on satisfactory terms, or at all, environmental risks and insurance risks.

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, except as required by law.

Contact Information

  • Baffinland Iron Mines Corporation
    Gordon A. McCreary
    President and Chief Executive Officer
    Baffinland Iron Mines Corporation
    Michael T. Zurowski
    Executive Vice President