Noranda Income Fund announces that the employees of the zinc refinery have ratified a new collective agreement



    SALABERRY-DE-VALLEYFIELD, QC, Feb. 19 /CNW/ - The Noranda Income Fund
announced today that unionized employees at its Salaberry-de-Valleyfield zinc
refinery, which is operated and managed by Canadian Electrolytic Zinc Limited,
have voted 76% in favour of the new collective agreement. The refinery's 464
unionized employees are members of the United Steelworkers of America, local
6486.
    Effective November 1, 2007, the new four-year collective agreement
provides for a wage increase of $0.55 an hour (2%) for each of the first three
years of the contract and a wage increase of $0.60 an hour (2.1%) for the last
year of the contract. It also includes improvements to the benefits and
retirement programs.
    "We are happy to announce the renewal of the collective agreement. The
union and management have worked hard to arrive at a four-year agreement and,
in so doing, have contributed to the future success of the Fund," added Mario
Chapados, President and Chief Executive Officer of the Noranda Income Fund's
Manager.

    Noranda Income Fund is an income trust whose units trade on the Toronto
Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the
CEZinc processing facility and ancillary assets (the "CEZinc processing
facility") located in Salaberry-de-Valleyfield, Québec. The CEZinc processing
facility is the second-largest zinc processing facility in North America and
the largest zinc processing facility in eastern North America, where the
majority of its customers are located. It produces refined zinc metal and
various by-products from zinc concentrates purchased from mining operations.
The Processing Facility is operated and managed by Canadian Electrolytic Zinc
Limited, a wholly-owned subsidiary of Xstrata Canada Corporation.

    %SEDAR: 00017578EF




For further information:

For further information: Information: Louis-Philippe Gariépy, Corporate
Affairs, Xstrata Zinc Canada, Phone (514) 645-2311, ext. 2162; Financial
information: Michael Boone, Vice President & Chief Financial Officer, Canadian
Electrolytic Zinc Limited, Noranda Income Fund's Manager, Tel: (416) 775-1561,
mboone@xstrata.ca

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NORANDA INCOME FUND

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