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| October 16, 2014 --- Vol. 08, No. 42 | October 2014
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Nunavut
IRON – Baffinland Iron Mines Ltd. Oct. 9 said it began to mine the Mary River iron project in September and transporting ore to the port site where construction of its Milne Port continues, on schedule, with the intent of shipping first product during the open-water season of 2015. Baffinland’s Mary River project reached this milestone without a single lost time injury during the past three years. “This is excellent news,” said Baffinland President and CEO Tom Paddon. “I am extremely pleased to say that we are now truly a mining company; we have drilled, blasted, crushed and transported final iron ore product to the port at Milne, and we have done this with a record of no lost time Injuries over a three-year period; a significant achievement particularly when you consider that we are operating in the high Arctic. This is an important moment in the North. After more than 50 years of talk about developing Mary River, Baffinland has succeeded in this accomplishment. While we still have important work to do that will ensure the efficient transport of product to market, we can rightfully take pride in what our Baffinland team has safely undertaken thus far.” Mary River, located on northern Baffin Island in Nunavut, is considered one of the best iron ore projects in development in the world with an ore grade of roughly 67 percent. Due to the quality of the ore, no processing is required before shipping it to market, reducing overall impact to the environment and keeping production costs low. Mining operations at Mary River are run on a continuous basis, 12 months of the year. Iron ore is stockpiled at Milne Port pending shipment, which will commence in the open-water season of 2015. Baffinland Iron Mines is jointly held equally by ArcelorMittal, the world’s leading integrated steel and mining company, and Nunavut Iron Ore, Inc., a company in the Energy and Minerals Group.
DIAMONDS – Peregrine Diamonds Ltd. Oct. 8 said its rights offering totaling C$15,103,535, announced Aug. 25, has been completed in full. An aggregate of 71,921,597 units, each unit comprising of one common share and one warrant, were issued pursuant to the offering. Each warrant entitles the holder to purchase one common share for a term of six months at a price of C21 cents. Peregrine is using the net proceeds from the rights offering towards its 2014 and 2015 exploration expenditures and to pay general administrative expenses. About 76 percent of the shares were issued in the basic subscription of the rights offering, 4 percent of the shares were issued in the additional subscription and the balance were issued pursuant to a standby commitment agreement. As a result of the completion of the rights offering, a total of 215,764,791 common shares of Peregrine are now issued and outstanding.
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