CHANGES TO BAFFINLAND BOARD OF DIRECTORS

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Baffinland appoints new Chief Executive Officer


TORONTO/LUXEMBOURG, Jan. 27 /CNW/ - ArcelorMittal, Nunavut Iron Ore
Acquisition Inc. (together the "Offerors") and Baffinland Iron Mines Corporation ("Baffinland") today announced changes to the Baffinland Board of Directors.
Effective immediately, the Baffinland Board of Directors has accepted
the resignations of Richard D. McCloskey, Grant Edey, John W. Lydall,
Russell Cranswick and Gordon Watts. The Baffinland Board of Directors
has been expanded to eleven directors and the open board seats have
been filled by the following directors - Aditya Mittal, Sudhir
Maheshwari, Phil Du Toit, Peter Kukielski, Carole Whittall, Andre La
Flcche, Bruce Walter and Jowdat Waheed.


Aditya Mittal has been appointed Chair of the Baffinland Board of
Directors and Phil Du Toit has been named President and Chief Executive
Officer of Baffinland.


Daniella Dimitrov, Gary Fietz and Ronald Simkus will continue as
directors on the Baffinland Board of Directors.


"The Board would like to thank Richard, Grant, John, Russell and Gordon
for their dedication to Baffinland and the Mary River Project," said
Aditya Mittal, Chair of the Baffinland Board of Directors.


The Offerors have today paid for the common shares of Baffinland ("Common Shares") and Common Share purchase warrants issued pursuant to a warrant
indenture dated 31 January 2007 (the "2007 Warrants") tendered up to January 24, 2011 to their outstanding offer (the "Offer") of C$1.50 per Common Share and C$0.10 per 2007 Warrant and now own
61% of the outstanding Common Shares (on a non-diluted basis).


The Offer remains open for acceptance until 11:59 p.m. (Toronto time) on
February 4, 2011 (the "Expiry Time") to allow Baffinland securityholders who have not yet tendered their
Common Shares and 2007 Warrants time to do so and receive prompt
payment for their tendered securities. Common Shares and 2007 Warrants
tendered to the Offer will be promptly taken-up prior to the Expiry
Time. Payment for such taken-up securities will be made within three
business days of the take-up. Shareholders are encouraged to tender
their remaining Common Shares and 2007 Warrants to the Offer as soon as
possible and in any event prior to the Expiry Time to receive prompt
payment.


Georgeson Shareholder Communications Canada Inc. has been retained as
information agent in connection with the Offer. Computershare Investor
Services Inc. is the depositary for the Offer. Any questions or
requests for assistance or further information on how to tender Common
Shares or 2007 Warrants to the Offer may be directed to, and copies of
the above referenced documents may be obtained by contacting, the
information agent at 1-888-605-7641 or by email at [email protected] or by contacting the depositary at 1-800-564-6253 (North America) or
1-514-982-7555 (overseas), or by email at [email protected]. Securityholders whose Common Shares or 2007 Warrants are registered in
the name of a broker, investment dealer, bank, trust company or other
nominee should contact such nominee for assistance in depositing their
Common Shares and 2007 Warrants to the Offer.


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