Baffinland Iron Mines Corp. reported earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss of CAD 2,861,324 or CAD 0.05 per diluted compared to net loss of CAD 8,115,335 or CAD 0.05 per diluted share in the previous year period. Net cash used in operating activities was CAD 3,187,953 compared to CAD 10,719,404 in the previous year period. For the nine months, the company reported net loss of CAD 5,328,719 or CAD 0.02 per diluted compared to net loss of CAD 38,764,046 or CAD 0.30 per diluted share in the previous year period. Net cash used in operating activities was CAD 8,741,511 compared to CAD 38,419,279 in the previous year period. Cash invested in purchase of property and equipment was CAD 1,892 compared to CAD 4,007,769 in the previous year period.

Baffinland Iron Mines Corp. reported results from its lump iron ore trial cargo shipped to one of the world's leading steel companies in October 2008. It was the final shipment as part of a 113,217 tonne lump and fine iron ore trial cargo mined during its 2008 bulk sampling program at its wholly-owned Mary River Iron Ore project. Results from the 31,050 tonne lump iron ore sample were excellent and hot metal quality remained high. Of the 31,050 tonnes of lump iron ore reported on today, 11,000 tonnes were consumed during October 2008. As a result of the extraordinarily good results during the initial test and subsequent lab results providing further confidence, the final blast furnace test was conducted in July 2009 under more ambitious conditions than initially planned. Immediately prior to the test in a high productivity environment, the blast furnace burden mix was 2% non-Mary River lump iron ore, 56% sinter and 42% pellets. Mary River lump iron ore was added to the blast furnace burden mix increasing to approximately 25% of the mix. In the test, Mary River lump was substituted directly for pellets, increasing the total lump percentage to 27% and reducing pellet content to 17% of the mix; with sinter content remaining constant.

Baffinland Iron Mines Corp. announced high grade iron assay results from the newly discovered, hematite-dominant mineralized zone designated as Deposit No 5. Initial surface sampling of Deposit No. 5 occurred in September, after completion of drilling on Deposit No. 1 from the Company's 2009 advanced exploration program on its wholly-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory, Canada. Assays from surface sampling averaged 66.7% iron along the southeast trending strike length of Deposit No. 5 that can be traced at surface for almost four kilometres. Several zones of hematite-dominant mineralization have been outlined; the largest of which outcrops for 700 metres in strike length and more than 70 metres in width. Deleterious elements (manganese, phosphorous, sulphur and alkalis) are exceptionally low and generally below the analytical detection limit. The zone is located less than 5 kilometres southeast from Baffinland's Deposit No. 4 and was the first target to be assessed following the airborne magnetic survey completed in 2008. The magnetic survey defined a target horizon of highly prospective iron formation that can be traced for a strike length of more than 60 kilometres. Preliminary reconnaissance work discovered Deposit No. 5 and further regional exploration is planned for 2010.