Labrador Iron Ore Royalty Income Fund - Cash Distribution For the Fourth Quarter of 2005 - $0.35 per Trust Unit and Special Dividend - $0.85 per Trust Unit

December 15, 2005

TORONTO, Dec. 15 /CNW/ - The Trustees of The Labrador Iron Ore Royalty
Income Fund declared today a regular quarterly cash distribution of $0.35 per
Trust Unit payable to holders of record at the close of business on
December 31, 2005 and to be paid on January 25, 2006.
For tax purposes, the income from the cash distribution of $0.35 per
Trust Unit will be considered to be income in 2005 allocated as follows:

-    Interest income of $0.1625
-    Dividend income of $0.1875

In addition, after setting aside funds to reduce debt, the Trustees
declared a special dividend of $0.85 per Trust Unit payable to holders of
record at the close of business on January 1, 2006 and to be paid on
January 25, 2006. For tax purposes, this distribution will be considered to be
100% dividend income and taxable in 2006.

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