BIM: TSX

President and CEO:

Gordon A. McCreary

Executive Vice President: Michael T. Zurowski

Vice President, Operations and COO: Rodney A. Cooper

Baffinland owns 100 percent interest in five high-grade iron deposits located approximately 160 kilometers south of Mittimatalik (Pond Inlet), Nunavut.

Known as the Mary River Project, the iron deposits were discovered by Murray Watts and Ron Sheardown in 1962, and intensively explored from 1963 to 1965.

To date five deposits have been identified with most of the initial exploration focused on Deposit No. 1.

Baffinland reinitiated exploration of the deposits in 2004.

In five years, the company has completed over 30,000 meters of large-diameter diamond drilling in three deposits and expanded its land position as well as conducted metallurgical testing and bulk sampling programs.

In 2008, Baffinland completed a definitive feasibility study for proposed construction, operation, closure, and reclamation of an 18 million-metric-ton-per-year open-pit mine with a mine life of more than 20 years, and made significant strides toward marketing iron ore from Mary River in Europe.

With a 2009 budget of C$30 million, the company has conducted infill drilling in Deposit No. 1 this year to increase the confidence level of reserves and resources.

It is continuing to advance sustainable development goals and to get the project "shovel ready."

Cash and short-term deposits: C$37.97 million (at June 30, 2009)

Working capital: C$34.7 million (at June 30, 2009)

Market capitalization: C$146 million

120 Adelaide St. W., Suite 1016

Toronto, ON

Canada M5H 1T1

Tel: 416-364-8820

Fax: 416-364-0193

http://www.baffinland.com