Labrador Iron Ore Royalty Income Fund - Results for the second quarter ended
June 30, 2010

TORONTO, Aug. 10 /CNW/ - Labrador Iron Ore Royalty Income Fund (TSX: LIF.UN) announced its results for the second quarter ended June 30, 2010.

This is the last quarterly report of the Fund. Next quarter, we will be reporting as Labrador Iron Ore Royalty Corporation (the "Corporation). The conversion under the Arrangement approved by the Unitholders at the Annual and Special Meeting became effective on July 1, 2010. The Corporation's stapled securities (shares and notes) continue to trade on the Toronto Stock Exchange under the symbol LIF.UN.

Royalty income for the second quarter of 2010 amounted to $52.10 million as compared to $19.24 million for the second quarter of 2009. The Fund's cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes payable (adjusted cash flow) for the second quarter was $30.48 million or $0.95 per unit as compared to $12.58 million or $0.39 per unit for the same period in 2009. Net income was $69.07 million or $2.16 per unit compared to $17.78 million or $0.55 per unit for the same period in 2009.

The second quarter reflected pricing adjustments for pellets and concentrates negotiated in the second quarter relating to 2010 first quarter shipments. These adjustments increased 2010 second quarter royalty income by $10.4 million or $0.33 per unit ($0.18 per unit after royalty and income taxes) and equity earnings from Iron Ore Company of Canada ("IOC") by $14.2 million or $0.44 per unit ($0.31 per unit after future income taxes). Without the inclusion of these adjustments, adjusted cash flow per unit in the second quarter of 2010 would have been $0.77 per unit and net income per unit would have been $1.67 per unit.

In 2010, the majority of seaborne traded iron ore contract volumes is reported to have moved from being priced on an annual to a quarterly basis (generally quarterly prices are based on spot prices for the three months preceding the month before the start of the quarter) to better reflect the significantly increased volatility in iron demand and contract servicing by customers in recent years. After reviewing industry pricing trends and extensive discussions with a range of customers, IOC is also moving to use quarterly pricing for term contract shipments in 2010, together with spot pricing for non-term contract sales. Quarterly index pricing was first applied in the Asian iron ore market and is based on the concept of equalized delivered prices to Asia for ore of similar quality. Applying index pricing in a North American and European context and for products where no recognized market index yet exists has required extensive consultation with customers on the implementation of the quarterly pricing mechanism. At the close of the half year, IOC was using a mixture of agreed quarterly pricing together with provisional pricing with those customers where pricing discussions were still ongoing. Where quarterly pricing arrangements have been implemented, pellet price increases for IOC for the second quarter 2010 (based upon average index prices in the period December to February 2010) exceed 100% compared to the same period of 2009. IOC sees 2010 as a period of transition for iron ore pricing mechanisms and it is not yet clear how these may further evolve in the future.

Equity earnings from IOC amounted to $46.39 million ($1.45 per unit) as compared to $7.25 million ($0.23 per unit) in 2009. Second quarter equity earnings from IOC were increased by $14.2 million or $0.44 per unit as a result of the aforementioned price adjustments to first quarter shipments.

Results for the three months and six months ended June 30 are summarized below:

    
                                   3 Months   3 Months   6 Months   6 Months
                                     Ended      Ended      Ended      Ended
                                    June 30,   June 30,   June 30,   June 30,
                                      2010       2009       2010       2009
                                   ------------------------------------------
                                                   (Unaudited)

    Revenue (in millions)           $ 52.55    $ 19.66    $ 69.22    $ 36.26
                                   ---------  ---------  ---------  ---------
    Adjusted cash flow (in
     millions)                      $ 30.48    $ 12.58    $ 52.81    $ 23.69
                                   ---------  ---------  ---------  ---------
    Adjusted cash flow per unit     $  0.95    $  0.39    $  1.65    $  0.74
                                   ---------  ---------  ---------  ---------
    Net income (in millions)        $ 69.07    $ 17.78    $ 84.49    $ 34.31
                                   ---------  ---------  ---------  ---------
    Net income per unit             $  2.16    $  0.55    $  2.64    $  1.07
                                   ---------  ---------  ---------  ---------
    

"Adjusted cash flow" (defined as cash flow from operating activities as shown on the attached financial statements adjusted for changes in amounts receivable, accounts payable and income taxes payable) is not a recognized measure under Canadian GAAP. The Trustees believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for distributions to unitholders.

A summary of IOC's sales in millions of tonnes is as follows:

    
                        3 Months   3 Months   6 Months   6 Months      Year
                          Ended      Ended      Ended      Ended      Ended
                         June 30,   June 30,   June 30,   June 30,   Dec. 31,
                           2010       2009       2010       2009       2009
                       ------------------------------------------------------

    Pellets                3.00       2.41       5.67       3.62       9.01
    Concentrates           1.45       1.83       1.76       2.75       5.23
                       ------------------------------------------------------
    Total                  4.45       4.24       7.43       6.37      14.24
                       ------------------------------------------------------

    Reorganization
    --------------
    

The reorganization that was approved by the Unitholders at the Annual Special Meeting on May 19, 2010 became effective on July 1 and each Unitholder is now the direct holder of one common share and a 12.08% $7.75 subordinated note of Labrador Iron Ore Royalty Corporation for each Unit held. These securities are trading as stapled units on the Toronto Stock Exchange. In effect the securities that were previously held by the Fund are now held directly by the Unitholders. Owners of the stapled units will continue to receive regular quarterly payments of interest and dividends as in the past.

    
    Outlook
    -------
    

As we reported last quarter, the iron ore markets which had weakened substantially last year, have recovered with Asia remaining strong and most of the rest of the world returning closer to normal operating levels. During the second quarter, spot prices continued to increase, reaching record levels, but late in the second quarter they weakened. Although there is volatility in the markets the general tone remains positive. With IOC expecting to sell all the iron ore it can produce and pricing in U.S. dollars approaching record levels, we expect 2010 to be a very satisfactory year. The strength of the Canadian dollar against its U.S. counterpart will have a negative affect on revenue but should only marginally offset the positive effect of increased volume and pricing.

Respectfully submitted on behalf of the Trustees of Labrador Iron Ore Royalty Income Fund,

    
    Bruce C. Bone
    Chairman and Chief Executive Officer
    August 10, 2010
    

Management's Discussion and Analysis

The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of the Fund's 2009 Annual Report and the interim financial statements and notes contained in this report. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risk and uncertainties including the factors discussed in the Fund's 2009 Annual Report.

The Fund's revenues are entirely dependent on the operations of Iron Ore Company of Canada ("IOC") as its principal assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. In addition to the volume of iron ore sold, the Fund's royalty revenue is affected by the price of iron ore and the Canadian - U.S. dollar exchange rate.

The sales of IOC are usually 15% - 20% of the annual volume in the first quarter, with the balance spread fairly evenly throughout the other three quarters. Because of the size of individual shipments some quarters may be affected by the timing of the loading of ships that can be delayed from one quarter to the next.

Royalty income for the second quarter of 2010 amounted to $52.10 million as compared to $19.24 million for the second quarter of 2009. The Fund's cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes payable (adjusted cash flow) for the second quarter was $30.48 million or $0.95 per unit as compared to $12.58 million or $0.39 per unit for the same period in 2009. Net income was $69.07 million or $2.16 per unit as compared to $17.78 million or $0.55 per unit for the same period in 2009.

The second quarter reflected pricing adjustments for pellets and concentrates negotiated in the second quarter relating to 2010 first quarter shipments. These adjustments increased 2010 second quarter royalty income by $10.4 million or $0.33 per unit ($0.18 per unit after royalty and income taxes) and equity earnings from Iron Ore Company of Canada (IOC) by $14.2 million or $0.44 per unit ($0.31 per unit after deferred income taxes). Without the inclusion of these adjustments, adjusted cash flow per unit in the second quarter of 2010 would have been $0.77 per unit and net income per unit would have been $1.67 per unit.

In 2010, the majority of seaborne traded iron ore contract volumes is reported to have moved from being priced on an annual to a quarterly basis (generally quarterly prices are based on spot prices for the three months preceding the month before the start of the quarter) to better reflect the significantly increased volatility in iron demand and contract servicing by customers in recent years. After reviewing industry pricing trends and extensive discussions with a range of customers, IOC is also moving to use quarterly pricing for term contract shipments in 2010, together with spot pricing for non-term contract sales. Quarterly index pricing was first applied in the Asian iron ore market and is based on the concept of equalized delivered prices to Asia for ore of similar quality. Applying index pricing in a North American and European context and for products where no recognized market index yet exists has required extensive consultation with customers on the implementation of the quarterly pricing mechanism. At the close of the half year, IOC was using a mixture of agreed quarterly pricing together with provisional pricing with those customers where pricing discussions were still ongoing. Where quarterly pricing arrangements have been implemented, pellet price increases for IOC for the second quarter 2010 (based upon average index prices in the period December to February 2010) exceed 100% compared to the same period of 2009. IOC sees 2010 as a period of transition for iron ore pricing mechanisms and it is not yet clear how these may further evolve in the future.

Equity earnings from IOC amounted to $46.39 million ($1.45 per unit) as compared to $7.25 million ($0.23 per unit) in 2009. Second quarter equity earnings from IOC were increased by $14.2 million or $0.44 per unit and net income were increased by $15.8 million or $0.49 per unit to $1.67 as a result of the aforementioned price adjustments to first quarter shipments.

The six month results were affected by the same factors as the quarter and reflect the increased volume and substantially higher pricing which have occurred as a result of the substantially improved iron ore markets.

The following table sets out quarterly revenue, net income and cash flow data for 2010, 2009 and 2008.

    

                                                           Adjusted Distrib-
                                           Net    Adjusted   Cash   utions
                                    Net   Income    Cash   Flow per Declared
                        Revenue  Income  per Unit  Flow(1)  Unit(1) per Unit
                       -------- -------- -------- -------- -------- --------
                                (in millions except per Unit information)

    2010
    ----
    First Quarter       $  16.7  $  15.4  $  0.48 $ 22.3(2) $  0.70  $  0.75
    Second Quarter      $  52.5  $  69.1  $  2.16 $   30.5  $  0.95  $  0.75

    2009
    ----
    First Quarter       $  16.6  $  16.5  $  0.52 $   11.1  $  0.35  $  0.50
    Second Quarter      $  19.7  $  17.8  $  0.55 $   12.6  $  0.39  $  0.50
    Third Quarter       $  15.8  $  13.6  $  0.43 $ 18.8(3) $  0.59  $  0.50
    Fourth Quarter      $  24.9  $  27.2  $  0.85 $   15.8  $  0.49  $  0.50

    2008
    ----
    First Quarter       $  16.6  $  10.8  $  0.34 $   10.4  $  0.32  $  0.35
    Second Quarter      $  58.1  $  73.9  $  2.31 $   32.9  $  1.03  $  1.00
    Third Quarter       $  43.7  $  65.6  $  2.05 $104.1(4) $  3.25  $  3.00
    Fourth Quarter      $  45.0  $  26.2  $  0.82 $   27.5  $  0.86  $  0.50

    Notes: (1) "Adjusted cash flow" (see below)
           (2) Includes a $11.5 million IOC dividend
           (3) Includes a $8.2 million IOC dividend
           (4) Includes a $77.9 million IOC dividend
    

Standardized Cash Flow and Adjusted Cash Flow

For the Fund, standardized cash flow is the same as cash flow from operating activities as recorded in the Fund's cash flow statements as the Fund does not incur capital expenditures or have any restrictions on distributions. Standardized cash flow per unit was $0.31 for the quarter (2009 - $0.33). Cumulative standardized cash flow from inception of the trust is $24.75 per unit and total cash distributions since inception are $24.43 per unit, for a payout ratio of 99%.

"Adjusted cash flow" is defined as cash flow from operating activities as shown on the attached financial statements adjusted for changes in amounts receivable, accounts payable and income taxes payable. It is not a recognized measure under Canadian GAAP. The Trustees believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for distributions to Unitholders.

The following reconciles cash flow from operating activities to adjusted cash flow.

    
                             3 Months     3 Months     6 Months     6 Months
                               Ended        Ended        Ended        Ended
                              June 30,     June 30,     June 30,     June 30,
                                2010         2009         2010         2010
                        -----------------------------------------------------
    Standardized cash
     flow from
     operating
     activities           $10,042,659  $10,681,572  $37,901,972  $13,203,469
    Excluding: changes
     in amounts
     receivable, accounts
     payable and income
     taxes payable         20,437,593    1,894,773   14,910,576   10,487,330
                        -----------------------------------------------------
    Adjusted cash flow    $30,480,252  $12,576,345  $52,812,548  $23,690,799
                        -----------------------------------------------------
    Adjusted cash flow
     per unit             $      0.95  $      0.39  $      1.65  $      0.74
                        -----------------------------------------------------


    Liquidity
    ---------
    

The Fund has a $50 million revolving credit facility with a term ending September 18, 2013 with provision for annual one-year extensions. No amounts are currently drawn under this facility (2009 - nil) leaving $50 million available to provide for any capital required by IOC or other Fund requirements.

    
    Transition to International Financial Reporting Standards ("IFRS")
    ------------------------------------------------------------------
    

The CICA Accounting Standards Board requires all Canadian publicly accountable enterprises to adopt International Financial Reporting Standards for the years beginning on or after January 1, 2011. The objective of the change is to move towards the use of a single set of world-wide accounting standards and improve financial reporting and transparency. The Fund will adopt IFRS starting January 1, 2011.

The current focus of the Fund's transition plan to IFRS relates to its investment in shares of IOC accounted for under the equity method. In coordination with IOC and its advisors, a plan has been developed including preliminary study, project set-up, component evaluations, preparation of IFRS financial statements and, finally integration. Component evaluations are underway to analyze IFRS/Canadian GAAP accounting differences. Certain accounting principles currently followed by IOC that differ from IFRS standards have been identified in the following significant areas:

    
    -   Property, plant and equipment
    -   Deferred stripping costs
    -   Impairment of assets
    -   Asset retirement obligations
    -   Employee benefits
    

The project is expected to be completed in the third quarter of this year, at which point IOC will be in a position to make final decisions as to what impact the change to IFRS will have on its earnings and hence the Fund's reported share of those earnings.

Further updates on implementation progress and any changes to reporting impacts from the adoption of IFRS will be provided during the implementation period leading up to January 1, 2011.

    
    Reorganization
    --------------
    

The reorganization that was approved by the Unitholders at the Annual Special Meeting on May 19, 2010 became effective on July 1 and each Unitholder is now the direct holder of one common share and a 12.08% $7.75 subordinated note of Labrador Iron Ore Royalty Corporation for each Unit held. These securities are trading as stapled units on the Toronto Stock Exchange. In effect the securities that were previously held by the Fund are now held directly by the Unitholders. Owners of the stapled units will continue to receive regular quarterly payments of interest and dividends as in the past.

    
    Outlook
    -------
    

As we reported last quarter, the iron ore markets which had weakened substantially last year, have recovered with Asia remaining strong and most of the rest of the world returning closer to normal operating levels. During the second quarter, spot prices continued to increase, reaching record levels, but late in the second quarter they weakened. Although there is volatility in the markets the general tone remains positive. With IOC expecting to sell all the iron ore it can produce and pricing in U.S. dollars approaching record levels, we expect 2010 to be a very satisfactory year. The strength of the Canadian dollar against its U.S. counterpart will have a negative affect on revenue but should only marginally offset the positive effect of increased volume and pricing.

    
    Bruce C. Bone
    Chairman and Chief Executive Officer
    Toronto, Ontario
    August 10, 2010



    LABRADOR IRON ORE ROYALTY INCOME FUND
    CONSOLIDATED BALANCE SHEETS
    -------------------------------------------------------------------------

                                                           As at
                                               ------------------------------
                                                 June 30        December 31
                                                   2010             2009
                                               ------------------------------
                                                (Unaudited)

    Assets
    Current
      Cash and cash equivalents                $   4,104,985   $   6,203,013
      Amounts receivable                          52,839,382      24,987,043
                                               --------------  --------------
                                                  56,944,367      31,190,056

    Deferred charges                                 268,666         310,000

    Iron Ore Company of Canada ("IOC"),
     royalty and commission interests            294,694,584     297,489,943

    Investment in IOC                            250,351,574     210,950,091
                                               --------------  --------------
                                               $ 602,259,191   $ 539,940,090
                                               --------------  --------------
                                               --------------  --------------

    Liabilities and Unitholders' Equity
    Current
      Accounts payable                         $  10,716,341   $   5,233,229
      Income taxes payable                         7,968,213         509,562
      Distributions payable to unitholders        24,000,000      16,000,000
                                               --------------  --------------
                                                  42,684,554      21,742,791

    Future income tax liability                  109,940,000     105,050,000
                                               --------------  --------------
                                                 152,624,554     126,792,791
                                               --------------  --------------
    Unitholders' equity
      Trust units                                317,708,147     317,708,147
      Retained earnings                          131,926,490      95,439,152
                                               --------------  --------------
                                                 449,634,637     413,147,299
                                               --------------  --------------
                                               $ 602,259,191   $ 539,940,090
                                               --------------  --------------
                                               --------------  --------------



    LABRADOR IRON ORE ROYALTY INCOME FUND
    CONSOLIDATED STATEMENTS OF INCOME AND
    COMPREHENSIVE INCOME AND UNDISTRIBUTED INCOME
    -------------------------------------------------------------------------

                                                   For the Three Months
                                                      Ended June 30,
                                                   2010            2009
                                               ------------------------------
                                                       (Unaudited)
    Revenue
      IOC royalties                            $  52,103,871   $  19,237,019
      IOC commissions                                401,261         417,231
      Interest and other income                       44,392          11,498
                                               --------------  --------------
                                                  52,549,524      19,665,748
                                               --------------  --------------
    Expenses
      Newfoundland royalty taxes                  10,458,850       3,847,404
      Amortization of royalty and commission
       interests                                   1,497,889       1,359,002
      Administrative expenses (note 2)               718,405         580,514
      Interest expense                               114,158         114,160
                                               --------------  --------------
                                                  12,789,302       5,901,080
                                               --------------  --------------
    Income before equity earnings and income
     taxes                                        39,760,222      13,764,668
    Equity earnings in IOC                        46,391,120       7,248,111
                                               --------------  --------------

    Income before income taxes                    86,151,342      21,012,779
                                               --------------  --------------
    Provision for income taxes
      Current                                     10,798,526       2,567,992
      Future                                       6,280,000         660,000
                                               --------------  --------------
                                                  17,078,526       3,227,992
                                               --------------  --------------
    Net income and comprehensive
     income for the period                        69,072,816      17,784,787

    Retained earnings, beginning of period        86,853,674      84,897,377

    Distributions to unitholders                 (24,000,000)    (16,000,000)
                                               --------------  --------------
    Retained earnings, end of period           $ 131,926,490   $  86,682,164
                                               --------------  --------------
                                               --------------  --------------
    Net income per unit                        $        2.16   $        0.55
                                               --------------  --------------
                                               --------------  --------------


    LABRADOR IRON ORE ROYALTY INCOME FUND
    CONSOLIDATED STATEMENTS OF INCOME AND
    COMPREHENSIVE INCOME AND UNDISTRIBUTED INCOME
    -------------------------------------------------------------------------

                                                    For the Six Months
                                                      Ended June 30,
                                                   2010            2009
                                               ------------------------------
                                                       (Unaudited)


    Revenue
      IOC royalties                            $  68,478,362   $  35,502,120
      IOC commissions                                694,986         626,760
      Interest and other income                       49,135         130,468
                                               --------------  --------------
                                                  69,222,483      36,259,348
                                               --------------  --------------
    Expenses
      Newfoundland royalty taxes                  13,733,748       7,100,424
      Amortization of royalty and commission
       interests                                   2,795,359       2,041,139
      Administrative expenses (note 2)             1,440,635         898,792
      Interest expense                               227,287         227,292
                                               --------------  --------------
                                                  18,197,029      10,267,647
                                               --------------  --------------
    Income before equity earnings and income
     taxes                                        51,025,454      25,991,701
    Equity earnings in IOC                        50,906,535      14,043,686
                                               --------------  --------------
    Income before income taxes                   101,931,989      40,035,387
                                               --------------  --------------
    Provision for income taxes
      Current                                     12,554,651       4,383,375
      Future                                       4,890,000       1,340,000
                                               --------------  --------------
                                                  17,444,651       5,723,375
                                               --------------  --------------
    Net income and comprehensive income for
     the period                                   84,487,338      34,312,012

    Retained earnings, beginning of period        95,439,152      84,370,152

    Distributions to unitholders                 (48,000,000)    (32,000,000)
                                               --------------  --------------
    Retained earnings, end of period           $ 131,926,490   $  86,682,164
                                               --------------  --------------
                                               --------------  --------------
    Net income per unit                        $        2.64   $       1 .07
                                               --------------  --------------



    LABRADOR IRON ORE ROYALTY INCOME FUND
    CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                   For the Three Months
                                                      Ended June 30,
                                                   2010            2009
                                               ------------------------------
                                                       (Unaudited)

    Net inflow (outflow) of cash related
     to the following activities
    Operating
      Net income for the period                $  69,072,816   $  17,784,787
      Items not affecting cash:
        Equity earnings in IOC                   (46,391,120)     (7,248,111)
        Future income taxes                        6,280,000         660,000
        Amortization of royalty and commission
         interests                                 1,497,889       1,359,002
        Amortization of deferred charges              20,667          20,667
      Change in amounts receivable, accounts
       and income taxes payable                  (20,437,593)     (1,894,773)
                                               --------------  --------------
      Cash flow from operating activities         10,042,659      10,681,572
                                               --------------  --------------

    Financing
      Distributions paid to unitholders          (24,000,000)    (16,000,000)
                                               --------------  --------------
                                                 (24,000,000)    (16,000,000)
                                               --------------  --------------
    Decrease in cash and cash equivalents
     during the period                           (13,957,341)     (5,318,428)
    Cash and cash equivalents, beginning of
     period                                       18,062,326      14,317,467
                                               --------------  --------------
    Cash and cash equivalents, end of period   $   4,104,985   $   8,999,039
                                               --------------  --------------
                                               --------------  --------------
    Cash and cash equivalents are comprised of:
      Cash in bank                             $   1,770,744   $     389,244
      Term deposits                                2,334,241       8,609,795
                                               --------------  --------------
                                               $   4,104,985   $   8,999,039
                                               --------------  --------------
                                               --------------  --------------
    Cash income taxes paid                     $   2,382,000   $     799,150
                                               --------------  --------------
                                               --------------  --------------
    Cash interest paid                         $      92,466   $      92,466
                                               --------------  --------------
                                               --------------  --------------



    LABRADOR IRON ORE ROYALTY INCOME FUND
    CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                    For the Six Months
                                                      Ended June 30,
                                                   2010            2009
                                               ------------------------------
                                                       (Unaudited)

    Net inflow (outflow) of cash related
     to the following activities
    Operating
      Net income for the period                $  84,487,338   $  34,312,012
      Items not affecting cash:
        Equity earnings in IOC                   (50,906,535)    (14,043,686)
        Future income taxes                        4,890,000       1,340,000
        Amortization of royalty and commission
         interests                                 2,795,359       2,041,139
        Amortization of deferred charges              41,334          41,334
      Common share dividend received from IOC     11,505,052               -
      Change in amounts receivable, accounts
       payable and income taxes payable          (14,910,576)    (10,487,330)
                                               --------------  --------------
      Cash flow from operating activities         37,901,972      13,203,469
                                               --------------  --------------

    Financing
      Distributions paid to unitholders          (40,000,000)    (32,000,000)
                                               --------------  --------------
                                                 (40,000,000)    (32,000,000)
                                               --------------  --------------
    Decrease in cash and cash equivalents
     during the period                            (2,098,028)    (18,796,531)
    Cash and cash equivalents, beginning of
     period                                        6,203,013      27,795,570
                                               --------------  --------------
    Cash and cash equivalents, end of period   $   4,104,985   $   8,999,039
                                               --------------  --------------
                                               --------------  --------------
    Cash and cash equivalents are comprised of:
      Cash in bank                             $   1,770,744   $     389,244
      Term deposits                                2,334,241       8,609,795
                                               --------------  --------------
                                               $   4,104,985   $   8,999,039
                                               --------------  --------------
                                               --------------  --------------
    Cash income taxes paid                     $   5,096,000   $  28,094,297
                                               --------------  --------------
                                               --------------  --------------
    Cash interest paid                         $     186,987   $     186,987
                                               --------------  --------------
                                               --------------  --------------
    

%SEDAR: 00002722E

SOURCE LABRADOR IRON ORE ROYALTY INCOME FUND

For further information: For further information: Bruce C. Bone, Chairman & Chief Executive Officer, (416) 863-7133

Organization Profile

LABRADOR IRON ORE ROYALTY INCOME FUND

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