NUNAVUT – Toronto’s BAFFINLAND IRON MINES has raised $30 million through the issuance of 10.9 million units. Net proceeds will be used for further exploration and a feasibility study for its wholly owned Mary River iron ore project on Baffin Island. In October 2006, the company successfully raised $16 million for work on the same property.
The Mary River deposit is estimated to contain 309 million tonnes of indicated resources averaging 66.1% Fe plus inferred resources of 28 million tonnes averaging 65.9% Fe. The ore will be suitable for direct shipping. Location maps and cross sections are posted at www.Baffinland.com.