NUNAVUT – Toronto’s BAFFINLAND IRON MINES is raising $12.0 million through private placement for further exploration of its 100%-owned May River project on Baffin Island. The No.1 deposit is the primary target of drilling activity.
The project could become a direct-shipping iron ore producer. To support a 10-million-tonnes/year operation, Baffinland is attempting to double the resource base delineated in the 1960s, and the company is optimistic that will be the case when a new resource estimate is completed for the scoping study now underway. The company is proceeding with metallurgical tests, resource modeling, land and marine transportation studies, potential port assessments, environmental baseline data collection, socio-economic assessment, traditional knowledge studies, market studies, capital cost estimates, operating cost estimates and economic analysis. Japanese firm MITSUBISHI recently invested $5.5 million to acquire a 7.2% interest in Baffinland.
Go to www.Baffinland.com to see investors’ reports and presentations.