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TORONTO, ONTARIO – Sept. 17, 2009 – Baffinland Iron Mines Corporation (“Baffinland” or the “Company”) (TSX:BIM) reported today results from its lump iron ore trial cargo shipped to ThyssenKrupp Steel (“ThyssenKrupp”) in October 2008. A 54,464 tonne lump iron ore cargo was shipped to ThyssenKrupp Steel as part of Baffinland’s 113,217 tonne lump and fine iron ore trial cargos mined in 2008 for its bulk sample program at its wholly-owned Mary River Iron Ore project.”The trial cargo of Mary River lump iron ore is a high quality lump ore that has many advantages as a blast furnace feed in comparison with other lump ores. It will be one of the world’s preferred blast furnace lump iron ore feeds”, stated Dr Peter Schmole, Head of Technology and Senior Manager Hot Metal Production, ThyssenKrupp Steel, under whose supervision the work was completed. The lump iron ore exhibited excellent physical attributes and caused no problems in handling or transportation. Mary River lump ore also exhibited excellent metallurgical characteristics and high quality in comparison to other lump iron ores.
In July 2009, ThyssenKrupp consumed the lump iron ore in the Schwelgern #2 blast furnace, one of the largest blast furnaces in the world. ThyssenKrupp used an average 16% of Mary River lump iron ore and 84% of sinter as its burden in the blast furnace. Approximately 1,600 kilograms of iron ore is used to produce one tonne of hot metal. The lump iron ore was consumed in a low productivity environment caused by the steel market conditions with ThyssenKrupp using 100% coke in the blast furnace. In normal operations, ThyssenKrupp would use a combination of coke and injected pulverized coal as auxiliary reducing agent.
Michael Zurowski, Executive Vice President of Baffinland said “Baffinland’s Mary River lump iron ore has now passed the ultimate test, the rigours of the commercial blast furnace. Baffinland is very pleased with the outstanding test results of the trial cargos. Mary River lump iron ore is an exceptional lump iron ore and should be an attractive alternative for pellets as a cheaper burden feed with no loss of productivity. Although the extensive metallurgical testwork completed on drill core and surface samples has continuously defined Mary River lump ore as a superior quality lump iron ore, its use in the blast furnace provides the final confirmation of the superb physical, chemical and metallurgical properties of the Mary River iron ore deposits.”
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.
FOR FURTHER INFORMATION:
Please visit Baffinland’s website at www.baffinland.com email info[at]baffinland.com
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Baffinland Iron Mines CorporationGordon A. McCreary
President and Chief Executive Officer
Baffinland Iron Mines CorporationMichael T. Zurowski
Executive Vice President
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