10:08 EST Thursday, January 20, 2011

TORONTO, ONTARIO--(Marketwire - Jan. 20, 2011) - Baffinland Iron Mines Corporation (TSX:BIM) ("Baffinland" or the "Company") announces further high grade iron assay results from the final eleven holes drilled at Deposits No. 2, No. 4 and No. 5 at the Mary River Project, Baffin Island, Nunavut Territory, Canada. A location map showing the location of the deposits is located on the Company's website at www.baffinland.com.

Seven holes were drilled at Deposit No. 5 and continued to follow a high grade iron oxide mineralised horizon across a greater than 5 kilometre strike length. High-grade mineralisation (60+% iron) was intersected in drill hole MR5-10-211, which cut 16 metres grading 63% iron at zone 5A. Then, drill hole MR5-10-219 some 4 kilometres along strike cut 30 metres grading 67% iron at zone 5I, and lastly, 700 metres further along strike, hole MR5-10-221 intersected 32 metres of 66% iron at zone 5J. As noted in 2009's surface sampling, drilling at Deposit No. 5 has confirmed the low average levels of deleterious elements throughout the deposit.

Three of the holes were drilled at Deposit No. 4, with hole MR4-10-187 intersecting three zones which assayed a composited 63.5% iron across an aggregate 34.4 metres of mineralisation. The majority of the holes intersected high grade zones of massive specular hematite and magnetite up to 20 metres in width.

The 2010 drill program consisted of 6,802 metres in 44 holes. In summary, fourteen of sixteen holes at Deposit No. 4 intersected high grade iron oxide mineralisation; while at Deposit No. 5, thirteen of twenty holes successfully cut high grade mineralisation. At Deposit No. 3, one of two holes increased the western extent of the deposit, while all three holes at Deposit No. 2 helped further define the geometry of the deposit. Three holes were also drilled at Deposit No. 1 to support environmental assessment work by improving Acid Rock Drainage testwork.

"2010 was the first full year that the Company stepped out on regional exploration and greatly expanded the regional potential through mapping and prospecting. By any standard, the discovery of 5 new deposits over the last 18 months through regional exploration and the drilling of a deposit confirming more than five kilometres of strike length are extraordinary results," commented Michael Zurowski, Baffinland's Executive Vice President.

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.

source http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGenerator&date=20110120&archive=ccnm&slug=201101200667899001