IOC back to work in Labrador

    TORONTO, April 26 /CNW/ - The Iron Ore Company of Canada (IOC) announced
today (see attached press release) that its unionized employees at Labrador
City have ratified the five year agreement reached with their United
Steelworker Negotiating Committee on Sunday April 22nd 2007.
    The unionized employees have been on strike at Labrador City & Sept Iles
since March 9, 2007, IOC expects productions to be resumed as soon as all
employees can be recalled.

    Iron Ore Company of Canada

    IOC Back to Work in Labrador

    (Canada) Montreal, Sept-Iles, Labrador City, April 26, 2007 - By a vote
of approximately 60% in favour, the Production & Maintenance workers at IOC's
Mining, Concentrating and Pelletizing Operations in Labrador have ratified the
Agreement reached with their United Steelworker Negotiating Committee on
Sunday April 22nd 2007. The smaller warehouse local followed suit slightly
later at a 67% rate of acceptance. Many employees are being called back to
work as early as today. Unionized employees at the port and terminal
operations in Sept Iles (Quebec) are scheduled to consider a similar package
today which is unanimously recommended by their Negotiating Committee. The
Five year package, that includes a number of improvements, will come into
effect immediately.
    Terence F. Bowles, President and CEO of IOC said "We are looking forward
to getting our people back to work and producing product for our valued
customers. Our main concern now is to arrange for a safe and orderly return to
work. We are confident that we will put this dispute behind us and together
continue to build a strong and successful IOC.
    Details of the Agreement can be viewed on the website

    About IOC
    IOC is the largest manufacturer of iron ore pellets in Canada and its
customer base covers North American, European and Asian steel producers. The
Company operates a mine, concentrator and a pelletizing plant in Labrador
City, Newfoundland and Labrador, as well as port facilities located in
Sept-Iles (Quebec). It also operates a 418 kilometer railroad that links the
mine to the port. IOC has approximately 1700 employees and its major
shareholder and operator is the international mining group Rio Tinto, which
has activities in more than 40 countries throughout the world.

    %SEDAR: 00002722E

For further information:

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

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