Baffinland Iron Mines Corporation (TSX:BIM) (the "Company") reminds its securityholders that the joint offer (the "Joint
Offer") of ArcelorMittal and Nunavut
Iron Ore Acquisition Inc. for all outstanding Common Shares for C$1.50
in cash per Common Share and all 2007 Warrants of the Company for C$0.10
in cash for each 2007 Warrant is open for acceptance until 11:59 p.m.
(Toronto time)
TODAY, Monday, January 24, 2011.
The Board of Directors of Baffinland reaffirms its recommendation that Baffinland Shareholders and 2007 Warrant holders accept the
Joint Offer and tender their Common Shares and 2007 Warrants to the Joint Offer
prior to today's bid expiry.
Contrary to certain media
reports, the Company has been advised that no hearing is scheduled to be held
by the Ontario Securities Commission in respect of the Joint Offer
and that the Joint Offer is proceeding in accordance with its terms and
conditions.
Baffinland is a Canadian publicly-traded
junior mining company that is focused on its wholly-owned Mary River iron ore
deposits located on Baffin Island, Nunavut Territory, Canada.
Baffinland's shares trade on the Toronto Stock
Exchange under the trading symbol BIM.
This press release contains
certain information that may constitute forward-looking information within the
meaning of securities laws. Forward-looking information may relate to
management's future outlook and anticipated events or results, and may include
statements or information regarding the future plans or prospects of the
Company. Without limitation, statements about the Company's interpretation of
its completed magnetic survey, including related statements about the planned
release of additional assay results and metallurgical testing results,
statements about the continuation of the Company's exploration program
including plans relating to additional mapping, more comprehensive sampling,
drilling on any of the properties comprising the Company's Mary River
Project and metallurgical testing and statements about the Company's
potential resources are forward-looking information.
Forward-looking information
is based on certain factors and assumptions regarding, among other things,
expected mineral resources, iron ore prices, the timing and amount of future
exploration expenditures, the estimation of additional capital requirements, the
availability of necessary financing and materials, the receipt of necessary
regulatory approvals, the feasibility of constructing and operating a
direct-shipping iron ore mine at the Company's Mary River project and
assumptions with respect to environmental risks, title disputes or claims,
weather conditions and other similar matters. While the Company considers these
assumptions to be reasonable based on information currently available to it,
they may prove to be incorrect.
Forward looking-information
is subject to certain factors, including risks and uncertainties that could
cause actual results to differ materially from what is currently expected.
These factors include risks inherent in the exploration for and development of
mineral deposits, risks relating to changes in iron ore prices and changes in
the worldwide demand for and supply of iron ore, uncertainties inherent in the
estimation of mineral reserves and resources, risks relating to the remoteness
of the Mary River Property including access and supply risks, reliance on key
personnel, construction and operational risks inherent in the conduct of mining
activities, regulatory risks, including risks relating to the acquisition of
necessary licenses and permits, financing, capitalization and liquidity risks,
including the risk that the financing required to fund all currently planned
exploration and related activities may not be available on satisfactory terms,
or at all, environmental risks and insurance risks.
You should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. While the Company may elect to, the Company
is under no obligation and does not undertake to update this information at any
particular time, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Baffinland Iron Mines Corporation
Daniella Dimitrov
Vice-Chair
416-814-3172
info@baffinland.com
www.baffinland.com
Drysdale Forstner Hamilton Public Affairs
Bruce Drysdale or Gord Forstner
416-206-0118
Source: Baffinland Iron Mines Corporation
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