Oct. 07. 2013. Baffinland Announces Successful Completion of 2013 Sealift

October 7, 2013

Oakville, ON (October 7, 2013) Baffinland Iron Mines Corporation is pleased to announce the successful completion of its 2013 sealift season. In total, nine dry cargo and three fuel vessels were utilized, safely transporting 173,000 m3 (32,700 tonnes) of cargo, 33 million litres of arctic diesel and 2.1 million litres of Jet A fuel. All vessels were safely off-loaded at Milne Port site. A portion of the cargo and fuel delivered to Milne Port will be transported to the Mary River mine site, via the existing 100 km tote-road, to support construction activities. In order to complete this enormous mobilization effort, Baffinland contracted two majority Inuit Owned companies: Nunavut Sealink & Supply Inc. (NSSI) and Nunavut Eastern Arctic Shipping Inc. (NEAS). These contractors were utilized for the shipping of cargo and the supply and shipping of fuel. The total contract value for these arrangements was approximately CDN $60 million dollars. “A successful sealift operation takes meticulous planning and execution in order to be safely and effectively completed. The Baffinland team, along with the knowledge and experience of our Inuit Owned contractors, allowed our project to get underway on schedule,” commented Ron Hampton, Baffinland’s Vice President and Project Director. The Mary River Project has undergone an extensive environmental impact assessment for the past five years, which culminated in a Nunavut Impact Review Board Project Certificate in December of 2012. The receipt of the Project Certificate paved the way for the Class A Water License process to be completed with the Nunavut Water Board in July 2013. Collectively, these approvals along with the Inuit Impact Benefit Agreement and Commercial Production Lease were key ingredients in being able to begin mobilizing and commencing construction activities. The successful completion of the 2013 sealift will support construction activities at both Milne Port and Mary River, which will continue throughout 2013 and into 2014 winter season, with first ore production expected in 2015. Further inquiries can be directed to: Greg Missal Vice President, Corporate Affairs Baffinland Iron Mines (416) 814-3164