Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

April 20, 2009 09:00 ET

Baffinland Reports Excellent Results From Testing of Its Mary River Fine Iron Ore Trial Cargo

TORONTO, ONTARIO--(Marketwire - April 20, 2009) - Baffinland Iron Mines Corporation ("Baffinland" or the "Company") (TSX:BIM) reported today results from its fine iron ore trial cargo shipped to ThyssenKrupp Steel in October 2008. The 27,702 tonne fine iron ore cargo was shipped as part of Baffinland's 113,217 tonne lump and fine iron ore trial cargo mined in 2008 as part of its bulk sample program at its wholly-owned Mary River Iron Ore project.

The iron ore was consumed over an approximate two-week period by ThyssenKrupp in two sinter beds. Each sinter bed is 150,000 tonnes and is composed of various iron ores as part of ThyssenKrupp's standard sinter mix. To determine the performance of the Mary River iron ore as part of the sinter mix, all other variables are kept constant. Although the Mary River fine iron ore was just 9.6% of the total sinter feed, there was an impressive 4.5% increase in sinter productivity with excellent sinter quality. The work was completed under the supervision of Dr. Michael Peters, Senior Vice President Hot Metal Production.

"The Mary River iron ore is a very good sinter feed and we would look forward to the future when Baffinland will be able to supply us with more of it", stated Dr Michael Peters.

"Despite the present challenging economic environment, Baffinland was very impressed and pleased with the high level of interest that ThyssenKrupp has shown in the Mary River Project and that ThyssenKrupp still was able to continue with the testing of the trial cargos shipped in the fall of 2008." stated Michael Zurowski, Executive Vice President of Baffinland.

Additional metallurgical testwork for material shipped in the 2008 bulk sample program is planned. At present, only a small portion of the lump iron ore shipped to ArcelorMittal has been consumed but with reportedly excellent results. ThyssenKrupp plans to consume its 54,465 tonnes of lump iron ore over the next few months. Laboratory based sinter tests will be completed on the fine ore using variable concentrations of Mary River fine iron ore within the sinter feed mix.

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