Canadian Penny Stocks – Baffinland ships to Europe

Article Excerpt

BAFFINLAND IRON MINES $1.04 (Toronto symbol BIM; SI Rating: Start-up) (416-364- 8820; www.baffinland.com; Shares outstanding: 148.0 million; Market cap: $153.9 million) has made its first trial shipment of iron ore from its Mary River iron ore deposits on Baffin Island to Europe. The cargo will also undergo final testing of iron grades to firm up contracts already signed with European buyers. Baffinland recently entered into an agreement to sell up to 1.8 million tonnes of iron ore per year to Italian steel producer Riva Fire SpA. Baffinland has now signed five letters of intent with European steelmakers for 8 million tones of ore. That’s half of the 16 million tonnes it plans to sell in the European market. Baffinland plans to start building an open-pit mine in 2010, with completion scheduled for 2014. It then hopes to produce 18 million tonnes of ore per year for over 21 years. The only on-site processing it needs at the mine will be crushing and…