NWT Mineral Exploration

[Ed Monton]

Baffinland Iron Mines Corporation Grants Incentive Stock
Options

BIM

TORONTO, ONTARIO--Baffinland Iron Mines Corporation (the
"Company") (TSX-V: BIM) announces that it has granted stock
options to officers and directors of the Company to purchase up
to 1,100,000 common shares ("Common Shares") in the capital of
the Company at an exercise price of $1.15 per Common Share, being
the closing price of the Common Shares on February 25, 2004,
vesting over 18 months and expiring on February 26, 2009. The
current number of issued and outstanding Common Shares is
approximately 18,360,987. The options were granted pursuant to
the Company's incentive stock option plan (the "Plan"), under
which a maximum of 10% of the issued and outstanding Common
Shares are reserved for issuance. Following the grant of such
options, a further 736,099 Common Shares will be available for
issuance under the Plan.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Michael T. Zurowski, P.Eng.
President
Baffinland Iron Mines Corporation
[phone]
[phone] (FAX)
[e-mail]
www.baffinland.com
TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED
THE CONTENTS OF THIS PRESS RELEASE.