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  TSX: LIM  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.  HIGHLIGHTS  ------------------------------            --  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             2014.         --  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.         --  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             2014.         --  LIM successfully completed its 2013 exploration program             achieving over 12,000 m of diamond and reverse circulation             drilling.         --  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             2015.  UPDATE ON THE 2014 OPERATING SEASON    ------------------------------  "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  requirements.‎  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.  FISCAL 2014 OPERATIONS SUMMARY  ------------------------------  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  separator).  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.  MARCH 2014 YEAR-END FINANCIAL RESULTS  ------------------------------  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  participation.  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  projects.  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.  DEVELOPMENT OF THE HOUSTON MINE  ------------------------------  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  season.  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.  JOINT VENTURE WITH TATA STEEL MINERALS CANADA AND EXPLORATION PROGRAM UPDATE  ------------------------------  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  drilling.  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  stockpiles.  SUMMARY OF NI 43-101 MINERAL RESOURCE ESTIMATES(1)  ------------------------------      ___________________________________________________________________     |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  surplus.  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  www.labradorironmines.ca, under the "Financials" section, or on SEDAR  (www.sedar.com).  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 (www.sedar.com).  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 atwww.labradorironmines.ca 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)  725-0795    To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/July2014/02/c9405.html  CO: Labrador Iron Mines Holdings Limited ST: Ontario NI: MNG ERN  
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