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Baffinland Announces a Near Tripling of Tonnage in the 2007 Mineral Resource and Reserve Statement for the Mary River Project
TORONTO, ONTARIO–(Feb. 13, 2008) – Baffinland Iron Mines Corporation (TSX:BIM) (“Baffinland” or the “Company”) today released its Annual Mineral Resource and Mineral Reserve statement, as of December 31, 2007, for its 100%-owned Mary River Project, located in Nunavut Territory, Canada. Mineral resources and mineral reserves were estimated by Aker Kvaerner E&C (“Aker Kvaerner”), a division of Aker Kvaerner Canada Inc.”Since we reactivated exploration at Mary River in 2004, we have consistently stated that our project has the potential to eventually delineate one to two billion tonnes of high grade, direct-shipping iron ore. Our exploration success to date on Deposit Nos. 1, 2 and 3, as evidenced by the phenomenal year-over-year growth in our reportable resources and reserves puts us close to the bottom end of this range. These deposits remain open to further significant expansion of resources and when coupled with the yet-to-be-drilled potential of Deposit No. 4, we now believe that the top end of this range should be the revised target for the resource potential of our four wholly-owned deposits. This belief serves to underpin our assertion that our Mary River Project represents a multi-generational opportunity to benefit our partners, the Inuit and all stakeholders, including all of the people of the communities of North Baffin, Nunavut Territory and Canada, as well as Baffinland shareholders,” stated Gordon McCreary, President and CEO of Baffinland.
“With a production grade between 66% and 67% Fe over the first five years, combined with a very low stripping ratio during that period, the mine plan is designed to optimize cash flow in these early years,” stated Rodney Cooper, Vice President Operations and COO of Baffinland.
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