Nunavut Iron Ore Acquisition Inc. Extends Offer for Baffinland Iron Mines
Corporation Pending Removal of Poison Pill

TORONTO, Oct. 28 /CNW/ - Nunavut Iron Ore Acquisition Inc. ("Nunavut Iron") announced today that it has extended its Offer to purchase all of the issued and outstanding Common Shares of Baffinland Iron Mines Corporation ("Baffinland") at a price of $0.80 in cash per Common Share because Baffinland's Shareholder Rights Plan remains in place preventing Nunavut Iron from bringing any offer to the shareholders.

The Offer, first announced on September 22, 2010 has been extended until 7:00 p.m. (Toronto time) on November 8, 2010.

In considering the Offer, Baffinland shareholders should be aware that:

• There has been no announcement of an alternative to the Offer to date. Baffinland's directors' circular dated October 7, 2010 discloses that Baffinland has been searching for a strategic partner since early 2008 without success.
• Nunavut Iron believes that Baffinland and its Board of Directors have had more than adequate time to fully consider the Offer and to identify any available alternative transactions. Nunavut Iron intends to make an application to the Ontario Securities Commission requesting that the Commission promptly hold a hearing to consider cease trading the Shareholder Rights Plan and the SRP Rights issued thereunder.
• Nunavut Iron has obtained the approval for the transaction required under the Competition Act and the Canada Transportation Act. Nunavut Iron believes it requires no other authorization, consent or approval from any public body, court or authority that would delay consummation of the Offer.

The notice of extension in respect of the Offer will be mailed to registered holders of Baffinland Common Shares and Convertible Securities promptly and will be available on SEDAR at www.sedar.com. 

ABOUT NUNAVUT IRON AND IRON ORE HOLDINGS, LP

Nunavut Iron was incorporated under the laws of Canada on August 27, 2010 and has not carried on any material business other than in connection with matters directly related to the Offer. Nunavut Iron is wholly owned by Iron Ore Holdings.

Iron Ore Holdings is a limited partnership formed under the laws of Delaware for the purpose of making the Offer.  Iron Ore Holdings is owned by Bruce Walter, the Chairman of Nunavut Iron, Jowdat Waheed, the President and Chief Executive Officer of Nunavut Iron, and funds managed by The Energy & Minerals Group, which is providing the majority of the equity financing for the Offer.  The Energy & Minerals Group is a private investment firm with a family of funds with over US$2 billion under management that invest in the energy and minerals sectors. 

For further information:

SHAREHOLDERS OF BAFFINLAND IRON MINES CORPORATION

Kingsdale Shareholder Services Inc.
Toll Free 1-888-518-1562 (English or French)
Outside North America, Bankers and Brokers Call Collect 416-867-2272
Facsimile: 416-867-2271, Toll Free Facsimile 1-866-545-5580
Email: [email protected]

or visit www.baffinlandoffer.com

MEDIA

John Lute
Lute & Company
416-929-5883
Email:[email protected]