08:52 EST Tuesday, November 23, 2010

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces high grade iron assay results from another new discovery, Deposit No. 9. The deposit was discovered as part of regional exploration during the Company's 2010 advanced exploration program on its wholly-owned Mary River iron ore deposits, Baffin Island, Nunavut Territory, Canada. Deposit No. 9 is located approximately 120 kilometres east-southeast of the Mary River camp and Deposit No. 1.

Assays from surface sampling, at Deposit No. 9, average 70.3% iron across an east-southeasterly striking zone. The two samples were taken from a high grade iron oxide mineralized zone exposed for a 400 to 500 metre zone that is slightly oblique to the regional strike and up to a 200 metre width. The samples are composed of primarily high grade magnetite-dominant mineralization.

The high grade mineralized zone is part of a much larger seven kilometre exposure of the folded Mary River Group, host of the high grade iron ore deposits. Preliminary interpretation of regional airborne magnetics indicates that the total strike length of the Mary River Group exceeds some 15 kilometres.

Richard McCloskey, Chairman and Acting CEO of Baffinland stated, "Once again our exploration efforts have provided support for our strong belief that what we have is a mining district with considerable long term potential. The mining of these deposits will have long lasting benefits for the people of Nunavut Territory and all those that contribute towards the successful development thereof."

"The 2010 field program continues to produce outstanding results that is evidence of both the district's incredible mineral potential and the exceptional work completed by Tom Iannelli, Baffinland's Principal Geologist, and his team." stated Michael Zurowski, Baffinland's Executive Vice President.

Baffinland follows a specific sampling protocol and methodology to ensure that its exploration sampling is representative of the exposures of high grade iron oxide mineralization at the Mary River property. Baffinland personnel will initially prospect and reconnaissance map the mineralized occurrences within an area to determine which exposures are most representative of the overall tenor of the exposed mineralization and which areas are best to sample. The samples then taken are composite chip samples and/or panel samples of representative exposures of mineralization of outcrop, sub-crop and felsenmeer. All attempts are made to ensure that the samples taken average 20 to 25 kilograms and that the sampling width is consistent and representative of the mineralized exposure. The sample size remains consistent; however the sample width will be dependent upon the specific mineralized exposure or deposit being sampled.

At Deposits No. 5 through No. 8, the protocol and methodology was followed. However, samples taken at Deposit No. 9 averaged approximately 7 kilograms as work was limited and completed late in the season. The samples should be considered representative of the best exposure of mineralization rather than representative of entire deposit. Additional sampling at Deposit No. 9 will be completed in 2011.

SGS Lakefield Research Limited performs assay and analytical work under a strict protocol designed for testing lump iron ores. Representative samples will be sent to Studien Gesellschaft für Eisenerz-Aufbereitung (SGA) in Germany, where they are composited for detailed metallurgical testing to ISO standards for iron ore. The analytical testwork is supervised and interpreted by Michael T. Zurowski, P. Eng., a Qualified Person as defined by National Instrument 43-101.

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. Baffinland's shares trade on the Toronto Stock Exchange under the trading symbol BIM.

For further information, please visit the Baffinland website at www.baffinland.com or e-mail [email protected].