Labrador Iron Mines Holdings Limited announces pricing of the proposed Initial Public Offering



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO
    US NEWS WIRE SERVICES/

    TORONTO, Nov. 13 /CNW/ - Labrador Iron Mines Holdings Limited ("LIM" or
the "Company") is pleased to announce that in connection with the proposed
Initial Public Offering of units (the "Offering"), the Company has agreed with
the lead agent, Canaccord Capital Corporation, to offer 11,473,000 units at a
price of $4.00 per unit.
    Each unit consists of one common share and one-half of one common share
purchase warrant, each whole warrant exercisable to purchase one additional
common share at a price of $5.00 per share at any time prior to 24 months from
the closing of the Offering.
    In addition, the Company has granted Canaccord an over-allotment option
(the "Over-Allotment Option"), exercisable for a period of 30 days following
the closing of the Offering, to purchase up to an additional 15% of the number
of units issued pursuant to the Offering at a price of $4.00 per unit.

    The Offering is being made pursuant to an amended and restated
preliminary prospectus of LIM dated October 11, 2007 (the "Preliminary
Prospectus") which has been filed with the securities regulatory authorities
in each of the provinces of Canada, except for Québec but has not yet become
final for the purpose of a distribution to the public. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy
these securities in any jurisdiction prior to the time a receipt for the final
prospectus or other authorization is obtained from the securities commission
or similar authority in such province.

    The Preliminary Prospectus is available on www.sedar.com. Copies of the
Preliminary Prospectus may also be obtained from Canaccord by contacting Amy
Patel, Canaccord Capital Corporation (416) 869-7368.
    The securities described herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, or the securities
laws of any state and may not be offered or sold in the United States absent
an exemption from registration.

    About Labrador Iron Mines Holdings Limited

    The Company was established with the primary business objective of
exploring for and developing direct shipping iron ore deposits on properties
in which it holds interests located in the Labrador Trough, in the province of
Newfoundland and Labrador, near Schefferville, Québec.

    Cautionary Note:

    This press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. No regulatory body has
reviewed or accepts responsibility for the adequacy or accuracy of this press
release.





For further information:

For further information: John F. Kearney, Chairman and CEO, T: (416)
362-6686; Bill Hooley, President and COO, T: (011) 44 778 557 2517; Terence
McKillen, Vice President, T: (416) 362-8243; 111 Richmond Street West, Suite
1002, Toronto, Ontario, Canada, M5H 2G4; E-mail: info@labradorironmines.ca,
Website: www.labradorironmines.ca

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Labrador Iron Mines Holdings Limited

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