Iron Ore Company of Canada Dividend and Market Update

September 10, 2009

TORONTO, Sept. 10 /CNW/ - Labrador Iron Ore Royalty Income Fund announced that Iron Ore Company of Canada (IOC) has declared a dividend payable on September 30, 2009. The Fund's portion is U.S. $7,550,000 or about CDN. $8,000,000 (CDN. $0.25 per unit). IOC has settled its European benchmark prices for 2009 at a decrease of 29.75% for concentrates and 48.3% for pellets from 2008 benchmark prices, which are about as expected. Demand for iron ore products continues to strengthen. IOC has operated at full capacity since resumption of operations following their summer shutdown.

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