Baffinland receives full repayment on one of its short-term investments


    TORONTO, Aug. 30 /CNW/ - Baffinland Iron Mines Corporation ("Baffinland"
or the "Company") announced today that it has received full repayment of its
$6,987,400 investment in the Lafayette Structured Credit Trust which matured
on August 16, 2007.
    The funds received from repayment have reduced the Company's credit
facility, which was recently provided by the Bank of Nova Scotia, from
$21 million to $14 million.

    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.

    This press release contains certain information that may constitute
forward-looking information within the meaning of securities laws.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, expected mineral resources, iron ore prices and
the feasibility of constructing and operating a direct-shipping iron ore mine
at the Company's Mary River project. While the Company considers these
assumptions to be reasonable based on information currently available to it,
they may prove to be incorrect. Forward-looking information is subject to
certain factors, including risks and uncertainties that could cause actual
results to differ materially from what is currently expected. These factors
include risks relating to exploration and development risks, risks relating to
the worldwide price of, demand for and supply of iron ore, financing and
liquidity risks and risks relating to the construction and operation of a mine
at the Company's Mary River project. You should not place undue importance on
forward-looking information and should not rely upon this information as of
any other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any particular

    %SEDAR: 00008626E

For further information:

For further information: Please visit Baffinland's website at, email or contact: Gordon A. McCreary,
President and Chief Executive Officer, (416) 814-3163; Andreas Curkovic, The
Equicom Group, (416) 815-0700 ext. 262, Robert J. Chausse, Vice President and
Chief Financial Officer, (416) 814-3170

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