2010 Mining Explorers: Baffinland Iron Mines Corp.

BIM:TSX

Chairman: Richard McCloskey

Vice Chairwoman: Daniella Dimitrov

Executive Vice President: Michael T. Zurowski

- Baffinland owns 100 percent interest of five high-grade iron deposits located about 160 kilometers south of Mittimatalik (Pond Inlet), Nunavut. Known as the Mary River Project, the deposits were identified in the 1960s with most of the initial exploration focused on the No. 1 deposit, which is estimated to contain 356 million metric tons of reserves. Deposits 1, 2 and 3 also contain at least 500 million metric tons of measured, indicated and inferred resources.

- Baffinland began exploring the deposits in 2004.

Six years later, the company is working to develop an 18 million-metric-ton-per-year open-pit mine with an initial mine of life of 20-plus years.

In 2009, the company conducted infill drilling in the No. 3 deposit to convert its inferred resource to the indicated category, and also worked on a reserve/resource estimate for the No. 1 deposit.

With a $37 million exploration budget in 2010, Baffinland has focused on drilling the No. 3, 4 and 5 deposits, regional mapping and sampling to expand potential extensions to known deposits and evaluating magnetic anomalies along a 60-kilometer-plus prospective strike length outlined by a 2008 airborne magnetic survey.

As of June 30, the junior had spent C$8.6 million on exploration and about C$500,000 on development.

Baffinland also is studying new road haulage options for shipping iron ore and accelerating the completion of its draft environmental impact statement in hopes of completing the full environmental assessment and permitting process by late 2012 to early 2013 and achieving full production in 2014.

Cash and short-term deposits:

C$37.46 million (at June 30, 2010)

Working capital: C$35.6 million (as of June 30, 2010)

Market capitalization:

C$162.9 million

120 Adelaide St. West, Suite 1016

Toronto, ON

Canada M5H 1T1

Tel: 416-364-8820

Fax: 416-364-0193

http://www.baffinland.com