Labrador Iron Ore Royalty Income Fund - Chief Financial Officer

May 18, 2007

TORONTO, May 18 /CNW/ - Bruce C. Bone, Chairman and Chief Executive Officer of Labrador Iron Ore Royalty Income Fund, announces the appointment of Alan R. Thomas as Chief Financial Officer of the Fund.

James C. McCartney becomes Vice Chairman and Secretary of the Fund.

Mr. Thomas, a Chartered Accountant, has been a Labrador Trustee since May of 2004. After graduating from the University of Toronto with a Bachelor of Commerce, Mr. Thomas spent over 20 years as a staff member and then partner with Clarkson Gordon (now Ernst & Young) before joining Noranda Inc. as Chief Financial Officer in 1987. In 2000, he joined ShawCor Ltd., an energy services company, serving as Chief Financial Officer until his retirement in June of 2006.

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