Thick Intervals of High Grade Iron to be included in First New Resource Calculation in 40 Years for Baffinland's Mary River Project.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Baffinland Iron Mines Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BIM BIM Building Information Modeling BIM Building Information Model BIM Bord Iascaigh Mhara (Irish Sea Fisheries Board) BIM Brussels Instituut voor Milieubeheer (Belgium) BIM Bharathidasan Institute of Management ) ("Baffinland" or the "Company") is pleased to report the following thick intervals of high grade iron assays from the third and final batch of drill core from the Company's 2005 drill program on its wholly-owned Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. River iron ore deposits, located on Baffin Island Baffin Island, 183,810 sq mi (476,068 sq km), c.1,000 mi (1,610 km) long and from 130 to 450 mi (210–720 km) wide, in the Arctic Ocean, Nunavut Territory, Canada. It is the fifth largest island in the world and the easternmost member of the Arctic Archipelago. , Nunavut Nunavut (n  `nəvt') [Inuktituk,=our land], territory (2001 pop. 26,745), 772,260 sq mi (2,000,671 sq km), NE Canada. Territory, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of .Highlights - The total high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. iron intercepts contained in the holes released today is 1,413.7 metres at an average grade of 66.1% iron. - The total of the multiple intervals in a single hole is as much as 236.6 metres in three intervals at an average grade of 66.7% iron. - The thickest continuous interval is 163.0 metres at an average grade of 66.6% iron. - The highest grades of the thick and continuous intercepts are 69.2% iron over an interval of 47.4 metres, 67.2% iron over 132.0 metres and 66.8% iron over 102.0 metres, in three separate holes. - The total high-grade iron ore intercepts of large diameter core for the entire 2005 program was 4,495.5 metres at an average grade of 65.8% or well over half of the total large diameter drilling of 8,073 metres in 2005. - Deposit No. 1 remains open along strike and at depth and since many holes collared and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. ended in high grade mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. the deposit is also open to potential additional thickness in certain areas. - The new resource calculation is work in process and will be released when available. The attached table summarizes the assay data for the remaining holes from the 2005 program and the attached plan view map shows the location of the holes drilled in Deposit No. 1. Plan views showing the location of the drill holes and preliminary cross-sections to assist in interpretation of the data are available at the Baffinland website at www.baffinland.com. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. A. McCreary McCreary can refer to a number of things: People
The primary objective of the 2005 program was to build on the successes of the 2004 program such that a new resource calculation incorporating all of the drilling would be sufficient to justify investigating the feasibility of a 10 million tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. per year direct-shipping iron ore operation for a minimum of 25 years. Baffinland's consultants are completing the resource modeling of Deposit No. 1 incorporating the available data in the calculation of the new resource. This resource will be released when available, followed by a summary of the results of the Scoping Study presently being prepared by Aker Aker can refer to:
South Limb Six of the holes being released today targeted the south limb of Deposit No. 1. Three of these holes, MR1-05-70, 71 and 73, were drilled from the same set up near hole S-2 from the 1960's. This site is located about 250 metres southeast of the fold axis differentiating the South Limb from the North Limb of Deposit No. 1. Hole MR1-05-70 ended prematurely at 130 metres in high grade iron ore after recording three intervals totalling 105.3 metres at an average grade of 68.3% iron. The hole ended with a 47.4 metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, interval of exceptionally high grade of 69.2 % iron. Hole MR1-05-71 was drilled steeper on the same section and intersected three mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. intervals totalling 192.9 metres at an average grade of 67.4% iron with a 132.0 metre thick interval near the bottom of the hole that graded 67.2% iron. Hole MR1-05-73 was drilled to a depth of 336.0 metres but was angled obliquely o·blique adj. 1. a. Having a slanting or sloping direction, course, or position; inclined. b. Mathematics Designating geometric lines or planes that are neither parallel nor perpendicular. 2. to the south. This hole recorded the thickest continuous interval released today of 163.0 metres grading 66.6% iron and this together with two other intervals in the hole gave three intervals totalling 236.6 metres at an average grade of 66.7% iron. Two holes being released today in the South Limb were both drilled from the same drill set up about 200 metres southeast of the setup See BIOS setup and install program. for holes MR1-05-70, 71 and 73. Hole MR1-05-75 intersected three intervals totalling 138.0 metres at an average grade of 66.2% iron. Hole MR1-05-76 also recorded three intervals totalling 154.9 metres at an average grade of 63.1% iron. The final hole being released today in the South Limb is hole MR1-05-69 that was drilled to the southwest approximately at the axis of the the diameter of the sphere which is perpendicular to the plane of the circle. See also: Axis fold between the two limbs of the deposit. This hole intersected five intervals totalling 63.3 metres at an average grade of 65.4% iron and ended prematurely in mineralization with a 30.2 metre interval grading 68.6% iron. North Limb Although six of the holes being released today targeted the north limb of Deposit No. 1, two of those holes, MR1-05-74 and 78, were lost or abandoned in overburden o·ver·bur·den tr.v. o·ver·bur·dened, o·ver·bur·den·ing, o·ver·bur·dens 1. To burden with too much weight; overload. 2. To subject to an excessive burden or strain; overtax. n. 1. before reaching mineralization. Hole MR1-05-66 was drilled from the same set up as hole MR1-05-69 but was drilled to the northwest to intersect In a relational database, to match two files and produce a third file with records that are common in both. For example, intersecting an American file and a programmer file would yield American programmers. the North Limb. This hole recorded two intervals totalling 154.0 metres at an average grade of 66.7% iron. Holes MR1-05-68 and 72 were both drilled on section about 550 metres northeast of hole MR1-05-66 and the axis of the fold. Hole MR1-05-68 was drilled higher up section and intersected five intervals totalling 150.3 metres at an average grade of 65.5% iron. Hole MR1-05-72 drilled about 100 metres lower on the section recorded five intercepts totalling 118.9 metres at an average grade of 66.7% iron. The final hole, MR1-05-77, was drilled about 700 metres northeast of the fold axis differentiating the two limbs of the deposit. This hole recorded three intervals totalling 99.5 metres at an average grade of 63.8% iron. Conclusions Baffinland has now completed the public disclosure of the summary assay results for the 2005 drill program at Mary River. This data, together with previous assay data, is being incorporated in the calculation of the new resource that will be used to develop the open pit mine plan as part of the Scoping Study being prepared by Aker Kvaerner E&C. This study is expected to available about the end the first quarter of 2006. Over the next few months Baffinland will release metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. results for composite samples that have been prepared to mimic open pit mining benches, the new resource calculation and a summary of the Scoping Study. Baffinland's Board has approved a 2006 budget for the Mary River project of $22.6 million, including a smaller drill program than in 2005 with 4,000 metres for Deposit No. 1 targeting some areas requiring in-fill, geotechnical and condemnation Condemnation bell, book, and candle symbols of Catholic excommunication rite. [Christianity: Brewer Note-Book, 85] Bridge of Sighs passage from Doge’s court to execution chamber in Renaissance Venice. [Ital. Hist. drilling. An additional 3,000 metres is budgeted for exploration drilling of the satellite deposits to "paint some blue sky potential" such as the one hole drilled in 2004 on Deposit No. 2 that returned a 107.5 metre interval at an average grade of 63.5% iron. In 2006, this hole will be deepened to the footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. since it ended in mineralization due to a shortage of drilling salt at the time. Additional holes are also planned on Deposits 2, 3 and 3A, all located within a few kilometres of Deposit No. 1. Drilling on Deposit No. 4 located 27 kilometres to the northwest is planned for late in the season, time and conditions permitting. A significant portion of the 2006 budget for the Mary River Project is allocated to the completion of the Scoping Study and the 2006 expenditures planned on the various components of the Bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. (BFS BFS Bundesamt Für Statistik BfS Bundesamt für Strahlenschutz (German: federal office for radiation protection) BFS Bowling for Soup (band) BFS Bankable Feasibility Study BFS British Fertility Society ). The BFS is expected to be completed in the first half of 2007. The financing of the 2006 Mary River Project budget is presently more than 80% complete. Management and the Board of Baffinland will assess various financing alternatives for the remainder of the planned expenses. Additional Disclosure Assaying and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. work are performed by SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Lakefield Research Limited ("Lakefield") under a strict protocol designed for testing lump iron ores. Samples are then sent from Lakefield to Studien Gesellschaft fur Eisenerz-Aufbereitung ("SGA SGA abbr. small for gestational age Small-for-gestational-age (SGA) A term used to describe newborns who are below the 10th percentile in height or weight for their estimated gestational age. ") in Germany, where they are composited for detailed metallurgical testing to ISO standards This is a list of ISO standards that are discussed in Wikipedia articles. For a list of all the more than 16,000 ISO standards (as of 2007), see the ISO Catalogue. About 300 of the standards produced by ISO and IEC's Joint Technical Committee 1 (JTC1) have been made freely/publicly for iron ore. The testwork is specific for lump ores (less than 31.5mm greater than 6.3mm in size). Additional testwork is being completed on fine material (less than 6.3 mm in size) for sintering sintering, process of forming objects from a metal powder by heating the powder at a temperature below its melting point. In the production of small metal objects it is often not practical to cast them. . These results will be released when available. The drill hole assay composites were calculated by Michael T. Zurowski, P. Eng P. ENG Professional Engineer P. ENG process engineer ., a Qualified Person as defined by National Instrument 43-101. This press release includes certain "Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Baffinland Iron Mines Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statement. Important factors that could cause actual results to differ materially from Baffinland's expectations are disclosed under the heading "Risk Factors" and elsewhere in Baffinland's documents filed from time to time with the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. Inc. and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
Summary of Drill Hole Assays
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Drill TD From To Interval SiO2 Al2O3 Fe P S
Hole (m) (m) (m) (m) % % % % %
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MR1-05-66 292.0 4.0 56.0 52.0 3.1 0.9 66.6 0.039 0.01
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173.4 275.4 102.0 1.6 1.4 66.8 0.018 0.02
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MR1-05-68 263.0 48.2 50.3 2.1 3.6 2.6 64.2 less 1.97
than
0.002
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87.8 125.6 37.8 2.6 1.7 66.7 0.095 0.58
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127.0 129.4 2.4 3.6 2.5 65.5 less 0.55
than
0.002
----------------------------------------------------
132.0 214.0 82.0 7.1 1.3 64.4 0.011 0.31
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221.7 247.7 26.0 1.7 0.8 67.2 0.045 0.55
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MR1-05-69 229.0 7.0 26.2 19.2 3.4 1.6 65.1 0.036 less
than
0.01
----------------------------------------------------
51.0 57.0 6.0 12.1 0.8 60.2 0.082 less
than
0.01
----------------------------------------------------
59.0 65.5 6.5 17.3 0.9 56.8 0.112 less
than
0.01
----------------------------------------------------
127.3 128.7 1.4 5.5 1.6 64.6 0.004 0.16
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198.3 228.5 30.2 0.7 0.9 68.6 0.011 0.01
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MR1-05-70 130.0 5.0 43.0 38.0 1.0 0.9 68.4 0.024 less
than
0.01
----------------------------------------------------
54.1 74.0 19.9 2.3 1.2 65.8 0.028 0.06
----------------------------------------------------
82.4 129.8 47.4 0.4 0.4 69.2 0.019 0.03
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MR1-05-71 222.0 12.0 42.1 30.1 1.0 0.8 68.5 0.017 0.01
----------------------------------------------------
51.6 82.4 30.8 1.7 1.3 67.0 0.045 0.01
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86.3 218.3 132.0 1.6 0.8 67.2 0.008 0.46
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MR1-05-72 336.0 11.0 20.1 9.1 2.0 0.7 65.1 0.005 0.14
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66.8 72.8 6.0 3.7 1.8 63.7 0.036 0.83
----------------------------------------------------
82.6 87.3 4.7 0.9 0.5 67.1 less 0.41
than
0.002
----------------------------------------------------
190.0 202.2 12.2 1.8 1.2 67.4 0.008 0.46
----------------------------------------------------
221.5 308.4 86.9 2.1 1.1 66.9 0.02 0.59
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MR1-05-73 299.0 10.1 52.2 42.1 1.2 0.9 68.2 0.021 0.01
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62.4 93.9 31.5 3.2 1.0 65.5 0.033 0.03
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110.0 273.0 163.0 2.1 0.9 66.6 0.011 0.54
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MR1-05-74 27.0 Lost in overburden
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MR1-05-75 175.0 9.6 18.6 9.0 7.9 1.2 63.1 0.041 0.01
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35.2 85.6 50.4 0.5 0.4 67.9 0.009 0.18
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91.6 170.2 78.6 2.1 1.2 65.4 0.030 0.88
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MR1-05-76 202.0 6.5 30.5 24.0 9.0 1.2 62.5 0.044 0.05
----------------------------------------------------
46.5 86.4 39.9 1.2 0.9 66.9 0.005 0.53
----------------------------------------------------
105.8 196.8 91.0 3.8 2.0 61.6 0.020 1.02
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MR1-05-77 243.0 121.0 178.3 57.3 3.6 2.5 63.9 0.006 0.03
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192.6 229.0 36.4 1.5 1.0 64.4 0.009 0.08
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237.2 243.0 5.8 11.0 1.9 58.7 0.108 0.96
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MR1-05-78 9.5 Abandoned in overburden
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To view a map of the Mary River Iron Ore Deposits Drilling Plan Map please click on the following link: http://www.ccnmatthews.com/docs/baffmap.pdf THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. Baffinland Iron Mines Corporation (TSX VENTURE:BIM) |
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