Baffinland Iron Mines Reports on Regulatory Review for Proposed Mary River Project

PRESS RELEASE TSX SYMBOL: BIM

TORONTO, ONTARIO – May 8, 2008 – Baffinland Iron Mines Corporation (“Baffinland”) is pleased to provide an update on the regulatory review of the proposed Mary River Project.

In March 2008, Baffinland submitted a Development Proposal and associated applications in order to initiate regulatory review of the Mary River Project. This submission was made in response to the positive results of a Definitive Feasibility Study announced in February 2008.The Mary River Project as described in the Development Proposal involves the construction, operation, closure and reclamation of a conventional 18 million tonne per annum (mtpa) open pit mine at Deposit No. 1. The high grade iron ore from Deposit No. 1 is suitable for sale as a direct shipping ore after only coarse crushing and screening and as such, no chemical ore processing facilities are required for this Project. A railway system will transport the ore from the mine area to an all-season deep-water port and ship loading facility at Steensby Inlet where the ore will be loaded into ore carriers for overseas shipment through Foxe Basin. A dedicated fleet of cape-sized ore carriers capable of 12 month per year operation will be chartered by Baffinland through a consortium of ship owners organized through our shipping partner, FedNav Limited.

The Development Proposal contemplates a 21 year mine life based on currently defined iron ore reserves and with commercial operation commencing in 2014. Geological conditions suggest that additional ore reserves may be added depending on results of ongoing exploration of Deposits 1, 2, 3 and 4. As such, potential exists in the future for the mining operation to be extended by increasing mining life and/or production rate.

A complete copy of the Development Proposal and associated regulatory applications can be found at www.baffinland.com.

As a first and important step in the regulatory review process the proposed project has been reviewed and deemed by the Nunavut Planning Commission to be in conformance with the North Baffin Land Use Plan. As a result of this determination, the Nunavut Impact Review Board has formally initiated the environmental review process pursuant to Article 12 of the Nunavut Land Claims Agreement.

“Preparation of the Development Proposal was aided by valuable input and advice received from project stakeholders including the landowners, responsible government agencies, institutes of public government and the general public. Baffinland will continue to work closely with project stakeholders to enhance regulatory process certainty though coordination, cooperation and open dialogue. We are pleased with early regulatory progress”, stated Mr. Derek Chubb, Vice President, Sustainable Development of Baffinland.

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.

FOR FURTHER INFORMATION CONTACT:

DEREK CHUBB
VP, Sustainable Development
416-814-3171

RODNEY A. COOPER
VP, Operations and COO
416-814-3158