TORONTO, ONTARIO--(Marketwire - Jan. 13, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Baffinland Iron Mines Corporation (TSX:BIM) (the "Company") announced today that it received notice on January 10, 2011, by way of press release, of an amended offer (the "Amended Offer") being made to its shareholders by Nunavut Iron Ore Acquisition Inc. (the "Offeror"), a corporation wholly-owned by Iron Ore Holdings, LP, to acquire 49.7% of its outstanding common shares (calculated on an in-the-money fully-diluted basis) excluding the 10.3% of the common shares owned by the Offeror.

The special committee of the board of directors is reviewing the Amended Offer with its financial and legal advisors and will respond in due course.

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.