Nunavut Iron Ore Acquisition Inc. Further Extends Offer for Baffinland Iron
Mines Corporation to December 13, 2010

TORONTO, Dec. 2 /CNW/ - Nunavut Iron Ore Acquisition Inc. ("Nunavut Iron") announced today that it has further 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 until 7:00 p.m. (Toronto time) on December 13, 2010.

Nunavut Iron is continuing to review the options available to it in light of ArcelorMittal S.A.'s offer for Baffinland.

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]