Baffinland Iron Mines Corporation
Baffinland Iron Mines Corporation (TSX: BIM) is a publicly-traded junior mining company in Canada. Its focus is its wholly-owned Mary River iron ore deposits located 160 kilometers south of Pond Inlet on Baffin Island in Nunavut Territory, Canada. These deposits are considered by many to be the best undeveloped iron ore deposits in the world. The Mary River project is strategically located in a politically stable jurisdiction with strong local, regional, and federal government support for sustainable mining and development. The Baffinland team has developed core strategic partnerships with the Inuit of both the Qikiqtani region and Nunavut Territory.
A definitive feasibility study conducted in February 2008 has demonstrated robust economics and project scalability. With the current worldwide demand for steel, particularly in China where there is a protracted supply deficit, Baffinland is poised to be a major player with strategic value to steel producers in both the European and Asian markets. Baffinland currently has signed Letters of Intent for off-take with five European steel producers and initial modest marketing rights with Mitsubishi into the Asian market.
Proven and probable reserves in one deposit alone are estimated at 365 million tons with a 20+-year mine life forecast for that deposit. Baffinland owns four other major deposits nearby. The ore assayed so far has proven of high grade: the reserve grade is 64.7% iron and the resource grade >65% iron. It is also high quality; 75% of production is expected to be premium-priced lump ore.
The Mary River project will be a conventional open pit mine with a targeted 18-million ton annual production and 1.6:1 strip ratio. Because there is no need for a processing plant or mill, and there will be no tailings (i.e., a low environmental impact), extraction should be highly profitable. Transportation is via railroad to the sea at Steensby Inlet, then via ice-strengthened ore carriers. Such ore carriers have been proven cost effective and reliable for well over 20 years at Arctic mines.
Baffinland has an experienced management team, a strategic shipping partner (Fednav), and a world-class team of engineers, consultants, and construction contractors. Gordon McCreary, President and CEO of Baffinland, is a mining engineer and mining analyst with nearly 30 years of experience. He has been interested in Mary River project since 1978, when he completed his MBA thesis entitled “A Preliminary Discussion of Factors Relating to the Transportation of Iron Ore from the Arctic Archipelago.” Executive Vice President Michael T. Zurowski, a professional engineer and principal geologist, came to Baffinland with more than 20 years of experience in managing and evaluating advanced mineral and metals projects, specifically for the Rio Tinto Group, where he was involved in a comprehensive evaluation of iron ore deposits in North America, which included an evaluation of the Baffinland Mary River iron deposits.
Baffinland Iron Mines Corporation ( BIM ) is listed on the Toronto Stock Exchange with 342 million shares outstanding. Contact the company at 416-364-8820.
120 Adelaide Street West, Suite 1016 Toronto, Ontario, Canada M5H 1T1 Tel: 416 364 8820 info@baffinland.com www.baffinland.com
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