Baffinland Iron Mines Corporation

Baffinland Iron Mines Corporation

Baffinland is a Canadian company that was formed pursuant to Articles of Incorporation under the Business Corporation Act (Ontario) on March 10, 1986. The Company owns three mining leases covering approximately 1,600 hectares in the Mary River area, Baffin Island, Nunavut, Canada. The Company is a mineral exploration and development company with a sole focus on the advancement of its Mary River Property, which consists of four high-grade hematite/magnetite deposits (the “Project”). The Project is in its early stages after having been originally discovered and studied in the 1960’s. Notwithstanding current global recessionary conditions, which have significantly impacted the European and North American commodity markets, iron ore market trends are still seen as favourable. Although current iron ore prices have decreased by approximately 30% since the downturn began in late 2008 it is the opinion of the Company’s management that prices are likely to rebound somewhat in the next year. In addition, iron ore and steel industry consolidation continues. Since 2004, Baffinland has been engaged in a wide spectrum of activities supporting the development of the Mary River iron ore deposits. These activities have included the delineation of mineral resources and estimation of mineral reserves, extensive metallurgical testing of the iron ore, field engineering data collection, environmental and socio-economic baseline studies, and evaluation of shipping lanes. A bulk sample was shipped to two key customers in Europe in 2008. The DFS, coordinated by Aker Solutions was completed in 2008, followed by initiation of the regulatory review process and basic engineering design. As a result of the current world economic outlook and the Company’s current resources, basic engineering and other technical support services were suspended in December 2008 and a review of the proposed Project timeline was initiated. Re-initiation of engineering and related technical support services will be contingent on the Company raising funds to complete such activities. As a result of a decision from the Minister of Indian and Northern Affairs Canada in reference to the regulatory review process, in 2009 the Company is pursuing the terms of reference guiding the submission of an Environmental Impact Statement, the submission of which will be contingent on further financing. In the meantime, a modest exploration program is underway to continue development on Deposit No. 1.

Contact Details

Office Address

Baffinland Iron Mines Corporation
120 Adelaide St. West, Ste. 1016
Toronto, ON, Canada M5H1T1
Phone: (416) 364-8820
Fax: (416) 364-0193



Richard D. McCloskey

President, CEO and Director

Gordon A. McCreary

VP, Operations and COO

Rodney A. Cooper

Business Reviews for Baffinland Iron Mines Corporation

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