Passport Management, LLC updates its Labrador Iron Mines Holdings Limited early warning report



    SAN FRANCISCO, Feb. 20 /CNW/ - PASSPORT MANAGEMENT, LLC ("Passport")
announced today that it has filed a revised early warning report with the
Canadian securities regulatory authorities concerning its control over
7,974,992 common shares and 298,600 warrants of Labrador Iron Mines Holdings
Limited ("Labrador"). Passport is an investment manager with full investment
discretion with regards to various investment funds. As per its previous
report filed on November 24, 2008 (the "November 2008 Report), assuming the
exercise of each warrant for one additional common share of Labrador and based
on Labrador's interim MD&A dated February 12, 2009, Passport continues to
control 22.09% of the issued and outstanding common shares of Labrador
(Passport Global Master Fund SPC Ltd., 6,319,692 common shares and 298,600
warrants, and Passport Special Opportunities Master Fund, L.P., 1,655,300
common shares).
    In the November 2008 Report, Passport had described its intention to
attempt to sell, from time-to-time, a sufficient number of common shares of
Labrador at reasonable prices so as to allow it to reduce its securityholding
percentage of Labrador to below 20%.
    Since the November 2008 Report, financial and stock market conditions
worldwide have remained extremely volatile and unpredictable, including in the
Canadian resource sector. This exceptional environment has had a dramatic
impact on the share price of many Canadian mining issuers, as illustrated by
the drop in Labrador's own share price. Passport has determined that it may no
longer be in the best interests of its managed portfolios to sell securities
so as to reduce its securityholding percentage of Labrador to below 20%.
    Accordingly, Passport continues to monitor its investment strategy as
concerns Labrador and reserves the right to: (i) purchase or otherwise acquire
additional securities of Labrador in privately negotiated transactions or
otherwise, (ii) sell or otherwise dispose of securities of Labrador in
privately negotiated transactions or otherwise, (iii) encourage Labrador
and/or the shareholders of Labrador to consider or explore acquisitions of
assets or businesses or other corporate transactions, such as a merger,
recapitalization or reorganization, and (iv) communicate with Labrador's
board, management, securityholders, lenders or strategic partners, and
investment and financing professionals in connection with the foregoing and
other matters.

    Passport Management, LLC is located at 30 Hotaling Place, Ste. 300, San
Francisco, CA 94111.





For further information:

For further information: Joanne Cormican at (415) 321-4618 or
joanne@passportcapital.com

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PASSPORT MANAGEMENT, LLC

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