Resource Capital Fund IV L.P. Acquires Common Shares of Baffinland Iron Mines Corp



    DENVER, March 27 /CNW/ - Resource Capital Fund IV L.P. ("RCF IV")
announces that it has acquired an additional 13,698,000 common shares of
Baffinland Iron Mines Corp. ("Baffinland") pursuant to a public offering of
common shares that closed today. Prior to today RCF IV, together with a joint
actor, Resource Capital Fund III L.P. ("RCF III") held in the aggregate
6,818,165, or 7.2% of the issued and outstanding common shares of Baffinland
and assuming the exercise of 1,818,182 warrants of Baffinland held by RCF III
they held 9.1% of the issued and outstanding common shares.
    As a result of the public offering RCF IV, together with, RCF III now
controls 20,526,165 common shares of Baffinland representing approximately
13.9% of the issued and outstanding common shares of Baffinland. Assuming the
exercise of 1,818,182 warrants of Baffinland held by RCF III, RCF IV together
with RCF III will control 22,334,347 common shares representing approximately
15.1% of the issued and outstanding common shares of Baffinland.
    The shares of Baffinland were acquired by RCF IV for investment purposes.
Depending upon market conditions and other factors that RCF IV may deem
material to its investment decisions, additional shares may be purchased in
the open market or in private transactions. Depending on these same factors,
shares currently owned (or hereafter acquired) by RCF IV may be sold in the
open market or in private transactions.





For further information:

For further information: For additional information concerning the
foregoing or a copy of the Early Warning Report referred to in this release,
please contact: Brian Dolan, RCF Management L.L.C., Tel: (720) 946-1444


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