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

SAN FRANCISCO, March 25 /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 8,324,992 common shares of Labrador Iron Mines Holdings Limited ("Labrador"). Passport now controls 19.20% of the issued and outstanding common shares of Labrador.

Passport is an investment manager with full investment discretion with regard to various investment funds, including Passport Global Master Fund SPC Ltd., Passport Special Opportunities Master Fund, L.P., and Passport Materials Master Fund II, LP, (collectively the "Funds").

Over the past several years, Passport has purchased common shares of Labrador on behalf of the Passport Global Master Fund SPC Ltd. (6,319,692 common shares) and Passport Special Opportunities Master Fund, L.P. (1,655,300 common shares) for investment purposes. Passport participated in Labrador's recent offering of common shares by purchasing 350,000 shares at C$5.55 per share for the Passport Materials Master Fund II, LP.

Passport may acquire or dispose of additional common shares on behalf of the Funds as investment conditions warrant. Passport continues to monitor its investment strategy as concerns Labrador and reserves the right to: (i) purchase or otherwise acquire additional common shares of Labrador in the open market, in privately negotiated transactions or otherwise, and (ii) sell or otherwise dispose of common shares of Labrador in the open market, in privately negotiated transactions or otherwise.

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

SOURCE PASSPORT MANAGEMENT, LLC

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

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PASSPORT MANAGEMENT, LLC

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