Baffinland Resumes Full Ore Haulage of Bulk Sample Program

TORONTO, ONTARIO, Aug 05 (MARKET WIRE) --
Baffinland Iron Mines Corporation ("Baffinland" or the "Company")(TSX:
BIM) announced today that it has resumed full ore haulage operations
associated with the shipment of the bulk sample (the "Bulk Sample
Program") between Mary River and Milne Inlet on the tote road.

Since resuming the ore haul during late July, an additional 12,000 tonnes
of high grade iron ore have been hauled to the Milne Inlet stockpile.
Completion of the tote road remediation program was consistent with the
schedule assumptions made in association with the revised bulk sample
program. Haulage road access has also been reestablished to Deposit No. 1
and drilling, blasting, and crushing operations are expected to resume
early this week. The company is on track to meeting the revised bulk
sample shipment targets.

Baffinland previously announced revised targets for the shipment of high
grade iron ore under its Bulk Sample Program from its Mary River deposit
on Baffin Island to key European blast furnace operators in 2008.
Baffinland anticipates the shipment of between 120,000 tonnes and 150,000
tonnes of iron ore to be shipped to steelmakers in three trial cargos, of
which two will be lump and one of iron ore fines.

The haulage and stevedoring equipment required to complete the bulk
sample are on site, and a bulk carrier, the Federal Franklin, managed by
Fednav Limited, has been nominated to deliver two ore cargos to Europe.
Fednav will be nominating a second vessel in the near future. Ship
loading arrangements have now been scheduled with these parties and
discharge port arrangements are under discussion with customers in Europe.

Gordon McCreary, President and CEO, indicated, "We are pleased to
announce the resumption of ore haulage on the upgraded tote road and are
confident that the revised targets, and the original objectives,
associated with our bulk sample program will all be met."

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.

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 made about the mining of the bulk sample and the
shipment of bulk sample ore to Europe, the anticipated completion of the
bulk sample technical objectives, statements concerning progress,
execution, completion and planning developments associated with the bulk
sample including timing and amount of ore shipped, and statements that
the Company is on track to meeting the revised bulk sample shipment
targets and that the revised bulk sample target will meet program
objectives, and that 120,000 to 150,000 tonnes of ore will be shipped in
three cargos in 2008, and statements made regarding the ratio of lump ore
to iron ore fines, 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 and initial capital costs,
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 Baffinland's Mary River
project and assumptions with respect to environmental risks, title
disputes or claims, weather conditions and other similar matters. Without
limitation, when stating that the Company is on track to meeting the
revised bulk sample shipment targets, that the Company anticipates
shipping 120,000 to 150,000 tonnes of ore to European steelmakers in
three cargos, and that two cargos will be lump ore and one cargo will be
iron ore fines, the Company has assumed that the ore haulage will
progress at a rate of 2,000 tonnes per day, that mechanical availability
on the truck haulage fleet will average 75%, that past proven drilling,
blasting and crushing rates will be maintained until completion of the
bulk sample, that Fednav Limited will supply, load and ship the three
loads of high grade ore and that this will be accomplished before freeze
up and that freeze up will occur as per historical timelines. 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 and development of mineral deposits, risks
relating to changes in iron ore prices and 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, including the risk of changes in capital and operation
costs, regulatory risks, including risks relating to the acquisition of
the necessary licences 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, it is under no obligation and does
not undertake to update this information at any particular time.

Contacts:
Baffinland Iron Mines Corporation
Gordon A. McCreary
President and CEO
(416) 814-3163

Baffinland Iron Mines Corporation
Rodney A. Cooper
Vice President, Operations and COO
(416) 814-3158
Email: info@baffinland.com
Website: www.baffinland.com

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