Cash Distribution for the First Quarter of 2007 - $0.35 per Trust Unit

    TORONTO, March 13 /CNW/ - The Trustees of The Labrador Iron Ore Royalty
Income Fund declared today a cash distribution for the first quarter of 2007
of $0.35 per Trust Unit payable to holders of record at the close of business
on March 30, 2007 and to be paid on April 25, 2007.

    For tax purposes, the income from the cash distribution of $0.35 per
Trust Unit will be considered to be:

    -   Interest income of $0.25
    -   Dividend income of $0.10

    %SEDAR: 00002722E

For further information:

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

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