Baffinland Iron Mines Corporation, Toronto, Ontario, TSX : BIM is a Canadian publicly-traded junior mining company that is focused on its 100%-owned Mary River iron ore deposits located about 160 kilometres south of Pond Inlet, Baffin Island, Nunavut Territory, Canada.

Five high grade iron ore deposits were discovered in 1962 and were the focus of major exploration efforts in the mid-1960’s when approximately 120 million tonnes of iron ore grading over 68% iron were delineated by shallow drilling of Deposit No. 1.

Baffinland's planned activities in 2009 are fully funded by year-end 2008 unrestricted cash reserves that include net proceeds of the December financing.

Gordon McCreary, President and CEO of Baffinland said,

"It is regrettable that we have had to downsize our organization but in this difficult financial environment it is necessary to ensure that the core team remains funded to advance our world-class Mary River project while we continue to seek strategic partners to assist in financing expanded activities in due course. In addition to staff reductions at our Mary River site and at our head office in Toronto, it was necessary to shut down small satellite offices in several locations while preserving community liaison offices in the two largest communities in North Baffin and in Iqaluit.

We remain deeply committed to continued engagement with all stakeholders and are making prudent decisions that will encourage the timely development of, what we believe are, the best undeveloped iron ore deposits in the world.

Baffinland is well positioned in 2009 to quickly accelerate our activities as soon as conditions are favourable."

Sealifts to Baffin Island in the summer and early fall of 2008 had positioned required supplies for anticipated programs in 2009. Only a portion of these supplies will be consumed in 2009.

Timeline and Schedule

Dec/2007 – Jun/2010:Formal applications and regulatory process.

Aug/2009 – Sep/2009:Pre-construction staging

July/2010 – Apr/2014:Construction

Sep/2013 – Sep/2014:Staged start-up and commissioning.

September 2014:First commercial shipment