Labrador Iron Mines Reports Fiscal Year-End Results and Provides 2014 Update

Labrador Iron Mines Reports Fiscal Year-End Results and Provides 2014 Update 
Development Plans for Flagship Houston Project Well Advanced 
TORONTO, July 2, 2014 /CNW/ - Labrador Iron Mines Holdings Limited ("LIM" or 
the "Company") (TSX: LIM) today reports its operating and audited financial 
results for the fiscal year ended March 31, 2014 and provides an update on 
plans for its 2014 season. 

        --  LIM completed its third operating season in December 2013 and
            achieved its sales target of approximately 1.7 million wet
            tonnes (~1.6 million dry tonnes) of iron ore in ten cape-size
            ocean shipments. LIM recognized net revenue from mining
            operations of $85.9 million for fiscal 2014.
        --  LIM's sales volumes during the 2013 operating season were
            achieved at the expense of product quality, which impacted
            revenues and resulted in a large net loss reported for fiscal
        --  For the fiscal year ended March 31, 2014, LIM reported a net
            loss of $105.2 million or $0.83 per share, which included a
            depletion and depreciation charge of $33.6 million or $0.27 per
        --  LIM entered into a joint venture with Tata Steel Minerals
            Canada ("TSMC") for the exploration and development of LIM's
            Howse Deposit. LIM sold a 51% interest in Howse to TSMC for $30
            million and completed approximately 2,760 metres ("m") of
            drilling on Howse in 2013.
        --  A Feasibility Study and an Environmental Impact Study for the
            Howse Project are on schedule for completion by the end of
        --  LIM successfully completed its 2013 exploration program
            achieving over 12,000 m of diamond and reverse circulation
        --  The focus of LIM's 2014 activities will be the development of
            the Houston Mine and, subject to completion of financing, LIM
            plans to be in a position to begin production from Houston in



"While LIM achieved its sales target of a total of approximately 1.7 million 
wet metric tonnes of iron ore for the 2013 operating season, this was achieved 
at the expense of product quality as mining went deeper in the James mine open 
pit and both the grade and consistency of the ore began to fall" commented 
John Kearney, Chairman & CEO.

"These ore quality problems in 2013, together with significant capital 
invested during that year, put considerable strain on LIM's cash resources and 
LIM now needs new external investment to enable the Company to continue 
operations, to bring the bigger and long-life Houston Project into production 
and to meet its corporate and administrative expenses."

Rod Cooper, President & COO, added "LIM is currently not planning for any 
mining or processing activity in 2014, which is planned instead to be a 
development year for the Company. For the balance of 2014, we are focusing on 
developing our flagship Houston Mine and, subject to completion of financing 
and negotiation of major contracts, we are working to be in a position to 
begin mining production from Houston in April 2015."

LIM has not restarted mine operating activities for the 2014 operating season, 
due to a combination of the prevailing low price of iron ore in 2014 to date, 
which would almost certainly have resulted in operating losses, an assessment 
of the economics of the remaining resources of the James Mine and other Stage 
1 deposits at current iron ore prices and a strategic shift in corporate focus 
towards establishing a lower cost operating framework and completing 
development of LIM's flagship Stage 2 Houston Mine, while concurrently 
negotiating the commercial terms of major contracts and seeking additional 
capital investment and working capital.

As part of its plan to establish a lower cost operating framework and 
substantially reduce operating costs, LIM is seeking to negotiate revised 
commercial terms with its major contractors and suppliers. Operating cost 
saving initiatives have been achieved with respect to mining equipment rates, 
fuel procurement, aviation services, hydro-electric power, exploration costs, 
winter cost management, rail car leasing rates, human resources and man power 
and corporate and administration costs. LIM has implemented major reductions 
in staff levels and compensation across the organisation and directors' fees 
have been waived. All non-essential capital expenditure has been deferred and 
no significant exploration activity is planned for 2014 outside of exploration 
at the Howse joint venture that is already funded by TSMC.

LIM's Stage 1 deposits and related infrastructure, including the wet 
processing plant, are being maintained in standby condition for the time 
being, which will allow for a potential restart of Stage 1 production when 
economic conditions improve. It is expected that the Silver Yards dry plant 
will be used for all processing activity of Houston ore in 2015, with the wet 
plant re-commissioned to process plant feed from Houston in future years.

LIM believes that the required financing can be raised and, in conjunction 
with major stakeholders, is currently considering various financing 
opportunities and is engaged in discussions and negotiations of draft term 
sheets with certain commodity traders, financial institutions and others 
regarding proposals for financing. Subject to completing these financings, the 
Company believes it will have sufficient working capital to continue to 
operate over the next year. In the meantime, and pending completion of 
financing, LIM will endeavor to prudently manage its cash resources in order 
to ensure the integrity of its properties and to meet all regulatory 

However, there are no assurances that LIM will be successful in obtaining any 
required financing, or in obtaining financing on a timely basis or on 
reasonable or acceptable terms and, as part of this process, LIM is 
continually evaluating the current situation with respect to the current price 
of iron ore and the timing and risk associated with potential financing 
proposals. If LIM is unable to obtain adequate additional financing on a 
timely basis, the Company would be required to curtail all operations and 
development activities.



Mining, Processing and Rail

LIM completed its third operating year in December 2013. Ore was extracted 
primarily from the James Mine (~1.6 million tonnes), with a smaller portion 
extracted from the Redmond Mine (~205,000 tonnes) and the Ferriman stockpiles 
(~176,000 tonnes) for an aggregate of 1.9 million tonnes of ore mined and 2.0 
million tonnes of waste removed during the year.

The iron grade of ore mined during the 2013 operating season was lower than in 
previous years. Mining activity at James was from deep in the pit and 
exhibited a lower in situ iron grade and contained a greater fines component 
than previously experienced. High clay content in the Redmond material caused 
clogging in the wet processing plant during the late summer months, resulting 
in poor recovery levels. Plant feed from the Ferriman stockpiles was known to 
be lower grade, but responded well to wet processing.

Processing activities continued until mid-November. A total of 2.5 million 
tonnes of plant feed was processed and screened during the 2013 operating 
season, producing an aggregate of 1.5 million tonnes of lump and sinter iron 
ore. The product recovery rate of 63% was below the combined design plant 
recovery rate for the wet and dry plants of approximately 75%, which was 
attributable to a higher than anticipated amount of fines in the James plant 
feed extracted from deep in the pit, the high clay content of the Redmond 
plant feed and underperformance of the new WHIMS (wet high intensity magnetic 

LIM achieved a record annual volume of rail haulage in 2013, railing 
approximately 1.5 million tonnes of iron ore to the Port of Sept-Îles until 
the end of November. Rotary dumper compatible ore gondolas were utilized 
during 2013, which allowed for longer train sets and enabled efficient 
unloading at the Port.

Iron Ore Sales

LIM achieved its 2013 sales target of 1.7 million wet tonnes (~1.6 million dry 
tonnes) of iron ore in 10 cape-size ocean shipments, the same number of 
shipments sold during the previous operating season. The tenth and final 
shipment of the operating season departed the Port of Sept-Îles in early 
December. During fiscal 2014, LIM's shipments were sold to the Iron Ore 
Company of Canada ("IOC") at a provisional weighted average actual realized 
price (i.e. CFR China spot price less marketing discounts and value-in-use 
adjustments) of approximately US$100 per tonne on a CFR China basis. LIM 
recognized net revenue of $85.9 million during the fiscal year after netting 
shipping costs and IOC's participation from the CFR China actual realized 
price for these shipments.

LIM's product sales during the 2013 season experienced value-in-use deductions 
related to silica content, iron content and sizing specifications, which 
deviated from benchmark standards.

Of the ten shipments, three shipments were sold as a standard grade (~62% Fe) 
sinter product, three shipments were sold as a lower grade (~58% Fe) sinter 
product, one shipment was sold as a standard grade (~62% Fe) lump product and 
three shipments were sold as split cargos of lower grade sinter product, 
standard grade sinter product and standard grade lump product. The discount 
between the Platts 62% Fe iron ore price and the Platts 58% Fe iron ore price 
widened during the fiscal year to a differential of about US$18 per tonne from 
about US$10 per tonne at the beginning of the fiscal year, reportedly as a 
result of large volumes of lower grade iron ore arriving in China from 
Australia and Brazil.

Iron ore prices have dropped sharply in 2014 year-to-date, with a decline of 
over 30% to below US$90 per tonne CFR China in mid-June, the lowest level 
since the third quarter of 2012.

The Company's operating results for the fiscal years ended March 31, 2014 and 
2013 are summarized in the table below.
    |                       |             Fiscal Year Ended March 31     |
    |                       |             2014     |            2013     |
    |(all tonnes are dry    |   Tonnes |Grade (%Fe)|   Tonnes|Grade (%Fe)|
    |metric tonnes)         |          |           |         |           |
    |Total Ore Mined        |1,945,708 |      56.2%|1,828,398|      61.3%|
    |Waste Mined            |2,022,498 |    —|3,215,985|    —|
    |Ore Processed and      |2,469,491 |      55.0%|  954,813|      58.2%|
    |Screened               |          |           |         |           |
    |      Lump Ore Produced|  213,598 |      57.2%|   98,693|      61.2%|
    |      Sinter Fines     |1,330,979 |      59.9%|  693,173|      61.4%|
    |Produced               |          |           |         |           |
    |Total Product Railed   |1,546,134 |      59.2%|1,492,960|      62.3%|
    |Total Product Sold     |1,606,566 |      59.3%|1,559,620|      62.5%|
    |Port Product Inventory |  — |    —|  111,009|      60.9%|
    |Cumulative Inventory   |          |           |         |           |
    |Adjustment (1)         |  (50,577)|      56.0%|  —|    —|
    |Site Product Inventory |    1,995 |      55.6%|    3,551|      58.4%|
    |Site Run-of-Mine Ore   |  263,361 |      54.0%|  446,975|      56.2%|
    |inventory              |          |           |         |           |
    (1) Cumulative inventory adjustment represents product lost in the
    normal course during train unloading, port handling and ship loading
    since 2011.



For the fiscal year ended March 31, 2014, LIM recognized net revenue from 
mining operations of $85.9 million on sales of 1.6 million dry tonnes of iron 
ore in ten shipments completed during the year.

The decrease in net revenue (2013 - $95.7 million) is attributable to higher 
value-in-use penalties resulting from the lower grades mined and sold, higher 
marketing discounts and higher ocean freight costs, notwithstanding a 
marginally higher volume of sales and a modestly higher average CFR China spot 
price of iron ore. LIM's net revenue is recognized net of deduction of 
value-in-use adjustments, marketing discounts, ocean freight and IOC's 

For the fiscal year ended March 31, 2014, LIM reported a net loss of $105.2 
million, or $0.83 per share, which included a depletion and depreciation 
charge of $33.6 million, or $0.27 per share. The increase in the depletion and 
depreciation charge in fiscal 2014 (2013 - $29.7 million or $0.36 per share) 
was due to higher mining volumes and an acceleration in the depletion rate for 
the James Mine.

Operating costs per tonne during the 2013 operating season were unsustainably 
high, due partly to production volumes, but largely to the commercial terms of 
certain major contracts.

Processing costs in fiscal 2014 increased to $36.5 million (2013 - $16.5 
million) primarily a function of the 2.5 times increase in ore processed and 
screened, from approximately 955,000 tonnes to nearly 2.5 million tonnes in 
the respective fiscal years.

Rail and transportation costs of $57.1 million in fiscal 2014 were reasonably 
consistent (2013 - $60.9 million) reflecting slightly higher rail volumes 
during the current fiscal year, offset by lower rail car rental costs.

During fiscal 2014, LIM invested approximately $16.4 million in property, 
plant and equipment (2013 - $32.0 million), related mainly to the completion 
of Phase 3 of the Silver Yards wet processing plant, completion of grid power 
connection at Silver Yards and completion of Phase 1 enhancement work on the 
rail siding at Silver Yards. The reduction year-over-year represents a 
concerted effort to limit capital expenditures to only essential capital 

As at March 31, 2014, LIM had current assets of $16.5 million, including 
inventories with a carrying value of $2.1 million and accounts receivable and 
prepaid expenses of $4.1 million. At March 31, 2014, LIM had $7.5 million in 
unrestricted cash and cash equivalents, an additional $2.8 million in current 
restricted cash and $4.2 million in non-current restricted cash.

Current liabilities, consisting of accounts payable and accrued liabilities, 
finance lease obligations and rehabilitation provisions, were in aggregate 
$25.2 million at March 31, 2014.

At March 31, 2014, the Company had an ending working capital deficit of $8.7 
million. LIM had no current or long-term bank debt at March 31, 2014; however, 
the Company had a long-term deferred revenue liability of $22.1 million.



The Houston Project is planned to form the core of LIM's operations for at 
least the next ten years.  Subject to completion of financing, the focus of 
LIM's 2014 activities will be the development of the Houston Mine. LIM plans 
to be in a position to begin production from Houston in April 2015.

The Houston deposits have an average in-situ grade of ~57% iron ("Fe") that is 
expected to be upgradable to a 60% to 62% Fe iron product. In addition, the 
Houston ore is harder than James and will result in the production of a larger 
proportion of lump product. The Houston-Malcolm deposits are expected to 
produce consistent saleable product of about 2 to 3 million tonnes per year 
for a 10 to 15 year mine-life.

In response to lower iron ore prices and in order to reduce up-front capital, 
LIM has revised its initial development plan for Houston and now plans, at 
least for the initial year of Houston production, to haul Houston ore to the 
Silver Yards processing and rail loading facilities, with processing by 
on-site dry screening only for several years. This revised plan will reduce 
the initial capital cost of Houston by deferring the originally proposed new 
plant.  Subject to successful completion of financing, the major development 
work planned for 2014 will be the construction of a new haulage road, 
approximately 8 kilometres ("km") long, to connect Houston to the current road 
to Silver Yards close to the Redmond Mine.  The overall one-way haulage 
distance from Houston to Silver Yards is approximately 20 km.

LIM also plans to construct a new rail siding near the Houston Mine.  When the 
rail siding is completed, high grade Houston ore would be processed by on-site 
dry crushing and screening and loaded directly onto railcars at the planned 
new rail siding near the Houston site.  Construction of the rail siding is 
currently planned to be completed in the second half of the 2015 operating 

Development of the Houston Project is subject to the availability of 
financing. LIM is negotiating additional off-take related financing 
arrangements and other potential financing structures to fund the planned 
first phase Houston development and related transportation expenditures.



During the 2013 operating season, 2,760 m were drilled in 21 holes and 
geotechnical and geohydrology field studies were initiated at the Howse 
Project. The drilling program was suspended during the winter and is resuming 
in the summer in order to maximize the collection of technical data under the 
current budget.  A further 3,500 m of exploration drilling is planned for 
summer 2014. The objective of the Howse drill program is to convert the 
historical resources to NI 43-101 compliant mineral resources and to collect 
metallurgical, geotechnical, hydrogeological and hydrology information to 
complete a Feasibility Study in 2014. TSMC advises that the NI 43-101 resource 
estimate, Feasibility Study and Environmental Impact Study, all designed to 
support a production decision, are on schedule for completion by the end of 
2014. Project Registration Notices for the Howse Project were submitted to the 
provincial and federal governments.  The federal government has referred the 
Project for Environmental Assessment and Environmental Impact Statement (EIS) 
Guidelines were issued in June 2014.

Originally as part of LIM's planned Stage 3, the Howse Deposit was expected to 
be developed by about 2020. The Joint Venture with TSMC is expected to 
expedite the start of production to 2016 and should also result in significant 
cost savings and synergies due to the proximity of the Howse Deposit to TSMC's 
year round Timmins processing plant.

Along with drilling at Howse, LIM successfully completed its 2013 exploration 
program, achieving just over 12,000 m of diamond and reverse circulation 

The diamond drilling programs focused on the Houston 1, 2 and 3 deposits, the 
Howse Project, the Gill Mine, Redmond 5, and the Bean Lake deposits. A reverse 
circulation rig was used to carry out some detailed test work on the Ferriman 


    |As at March 31,|Classification  |Tonnes(x 1000)|Fe(%)|SiO2(%)|Mn(%)|
    |2014           |                |              |     |       |     |
    |               |Measured        |        36,680| 57.1|   11.9|  1.2|
    |               |________________|______________|_____|_______|_____|
    |               |Indicated       |        18,112| 56.2|   12.6|  1.0|
    |Deposits       |________________|______________|_____|_______|_____|
    |               |Total Measured &|        54,792| 56.8|   12.1|  1.1|
    |               |Indicated       |              |     |       |     |
    |               |________________|______________|_____|_______|_____|
    |               |Total Inferred  |         4,770| 55.7|   13.6|  1.4|
    |               |Total Indicated |         3,545| 49.1|   23.4|  0.8|
    |Stockpiles     |________________|______________|_____|_______|_____|
    |               |Total Inferred  |         2,896| 48.8|   24.5|  0.7|
    |                                                                   |
    |As at June 15, |Classification  |Tonnes(x 1000)|Fe(%)|SiO2(%)|Mn(%)|
    |2013           |                |              |     |       |     |
    |Elizabeth      |Total Inferred  |       620,000| 31.8|   42.1|  0.9|
    |Taconite       |                |              |     |       |     |
    (1) See Technical Reports filed on SEDAR.

As at March 31, 2014, LIM had NI 43-101 compliant measured and indicated 
mineral resources of approximately 54.8 million tonnes at an average grade of 
56.8% Fe and an inferred resource of 4.8 million tonnes at an average grade of 
55.7% Fe on the Schefferville Projects. In addition, LIM holds 
previously-mined stockpiles with a NI 43-101 compliant, indicated mineral 
resource of approximately 3.5 million tonnes at an average grade of 49.1% Fe 
and an inferred resource of approximately 2.9 million tonnes at an average 
grade of 48.8% Fe. These stockpiles are located within 15 km of Silver Yards 
and form part of LIM's Stage 1 deposits.

LIM's Schefferville Projects comprise 20 different iron ore deposits, which 
were part of the original IOC direct shipping operations conducted from 1954 
to 1982 and formed part of the 250 million tonnes of historical reserves and 
resources previously identified by IOC. The Company holds approximately 108 
million tonnes in historical resources previously identified by IOC.

LIM also holds a NI 43-101 compliant inferred mineral resource estimate for 
the Elizabeth Taconite Project (as at June 15, 2013) of 620 million tonnes at 
an average grade of 31.8% Fe. Taconites require upgrading through a 
concentrator involving a major capital investment to produce a saleable iron 
ore product.

A Feasibility Study has not been conducted on any of the Schefferville 
Projects and the Company's decision to undertake commercial production has not 
been based upon a Feasibility Study of mineral reserves demonstrating economic 
and technical viability.  Resources, unlike reserves, do not have demonstrated 
economic viability.

Iron Ore Market Conditions

The spot price of iron ore (CFR China 62% Fe basis, prior to any value-in-use 
adjustments) averaged approximately US$131 per tonne during the 2013 operating 
season, an improvement over an average of US$125 per tonne during the 2012 
operating season.  However, since January 2014, the price of iron ore has 
fallen steadily in the Chinese market and the benchmark prices for 62% Fe iron 
ore declined to below US$90 per tonne in June 2014.  Iron ore exports from 
Australia to China increased significantly in 2014, helping to push benchmark 
prices to the lowest levels since 2012 and contributed to a growing global 

The immediate market outlook for iron ore is somewhat uncertain. Chinese steel 
mills and traders are being pressed to sell inventories as banks demand loan 
repayments by June 30 during the half-year loan settlement period. Increased 
supply and lower prices will force the closure of higher cost domestic Chinese 
producers. However, Chinese iron steel production continues to increase and 
China will need to import more iron ore to replace the shutdown domestic 
production, which should help iron ore price stability. For budgeting 
purposes, LIM has assumed an average price of US$100 per tonne during 2014 
(during which no sales are anticipated) and 2015. LIM is anticipating a 
foreign exchange rate of US$0.90 per Canadian dollar for budget purposes.

* * * * * *

This press release should be read in conjunction with LIM's Management's 
Discussion and Analysis (MD&A) and audited financial statements for the year 
ended March 31, 2014, available on the company's website at, under the "Financials" section, or on SEDAR 

LIM will not be holding a conference call for the quarter and year ended March 
31, 2014. LIM is currently negotiating certain financing opportunities and 
revised terms with its major contractors. Discussions and negotiations with 
various parties are ongoing. Subject to completion of these negotiations, the 
Company will provide further updates at that time.

LIM has also filed its Annual Information Form (AIF) and NI 43-101 Technical 
Report, which include the resource estimates disclosed in this press release, 
all of which are available on SEDAR (

Unless otherwise noted, all references to 'years' in this press release are 
'calendar years', all dollar amounts are stated in Canadian dollars and all 
tonnes are stated in dry metric tonnes.

Qualified Person
The current resource estimates for LIM's Schefferville Projects, including 
stockpiles, disclosed in this press release, were prepared by Maxime Dupéré, 
P. Geo of SGS Canada Inc. who is a Qualified Person and independent of the 
Company within the meaning of NI 43-101.

The current resource estimate for LIM's Elizabeth Taconite Project, disclosed 
in this press release, has been prepared by George H. Wahl, P.Geo., GH Wahl & 
Associates Consulting who is a Qualified Person and independent of the Company 
within the meaning of NI 43-101.

* * * * * *

About Labrador Iron Mines Holdings Limited (LIM)
Labrador Iron Mines (LIM) is a leader in the reactivation of the iron ore 
industry in the Schefferville/Menihek region, engaged in the mining, 
exploration and development of its portfolio of 20 direct shipping (DSO) 
deposits located in the prolific Labrador Trough. Initial production commenced 
at the James Mine and Silver Yards plant in June 2011 and through to the end 
of its third operating year, the Company has sold approximately 3.6 million 
dry tonnes (3.8 million wet tonnes) in 23 shipments of iron ore into the 
Chinese spot market.

LIM's Silver Yards facility is connected by a direct rail link to the Port of 
Sept-Îles, Québec. The operation also benefits from established 
infrastructure including hydro power, the town, airport, and railway service. 
The Company's current focus is to develop the long-life Houston flagship 
Project and is planning for initial production commencing in 2015.

Cautionary Statements:
Mineral resources that are not mineral reserves do not have demonstrated 
economic viability. Inferred mineral resources are considered too speculative 
geologically to have economic considerations applied to them that would enable 
them to be categorized as mineral reserves. There is no certainty that mineral 
resources will be converted into mineral reserves.

The terms "iron ore" and "ore" in this document are used in a descriptive 
sense and should not be considered as representing current economic viability.

The historical resources estimates referred to in this Press Release are based 
on work completed and estimates prepared by IOC prior to 1983 and were not 
prepared in accordance with NI 43-101. The IOC classification reported all 
resources (measured, indicated and inferred) within the total mineral 
resource. A Qualified Person has not completed sufficient work to classify the 
historical estimates as current mineral reserves. These historical results 
provide an indication of the potential of the properties and are relevant to 
ongoing exploration but should not be relied upon.

Forward Looking Statement:
Some of the statements contained in this Press Release may be forward-looking 
statements which involve known and unknown risks and uncertainties relating 
to, but not limited to, LIM's expectations, intentions, plans and beliefs. 
Forward-looking information can often be identified by forward-looking words 
such as "anticipate", "believe", "expect", "goal", "plan", "intend", 
"estimate", "may" and "will" or similar words suggesting future outcomes, or 
other expectations, beliefs, plans, objectives, assumptions, intentions or 
statements about future events or performance. Forward-looking information may 
include reserve and resource estimates, estimates of future production, unit 
costs, costs of capital projects and timing of commencement of operations, and 
is based on current expectations that involve a number of business risks and 
uncertainties and assumptions regarding financing. Factors that could cause 
actual results to differ materially from any forward-looking statement 
include, but are not limited to, failure to establish estimated resources and 
reserves, the grade and recovery of ore which is mined varying from estimates, 
delays in obtaining or failures to obtain required financing, capital and 
operating costs varying significantly from estimates, delays in obtaining or 
failures to obtain required governmental, environmental or other project 
approvals, delays in the development of projects, changes in exchange rates, 
fluctuations in commodity prices, inflation and other factors. Forward-looking 
statements are subject to risks, uncertainties and other factors that could 
cause actual results to differ materially from expected results. There can be 
no assurance that LIM will be successful in maintaining any agreement with any 
First Nations groups who may assert aboriginal rights or may have a claim 
which affects LIM's properties or may be impacted by the Schefferville 
Projects. Shareholders and prospective investors should be aware that these 
statements are subject to known and unknown risks, uncertainties and other 
factors that could cause actual results to differ materially from those 
suggested by the forward-looking statements. Shareholders and prospective 
investors are cautioned not to place undue reliance on forward-looking 
information. By its nature, forward-looking information involves numerous 
assumptions, inherent risks and uncertainties, both general and specific, that 
contribute to the possibility that the predictions, forecasts, projections and 
various future events will not occur. LIM undertakes no obligation to update 
publicly or otherwise revise any forward-looking information whether as a 
result of new information, future events or other such factors which affect 
this information, except as required by law.

SOURCE  Labrador Iron Mines Holdings Limited 
please visit LIM's website or contact: 
John F. Kearney Chairman and Chief Executive Officer Tel: (647) 728-4105  
Rodney Cooper President and Chief Operating Officer Tel: (647) 729-1287  
Keren Yun Vice President, Investor Relations and Communications Tel: (647) 
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