Iron Ore Company of Canada Dividend and Market Update

    TORONTO, Sept. 10 /CNW/ - Labrador Iron Ore Royalty Income Fund announced
that Iron Ore Company of Canada (IOC) has declared a dividend payable on
September 30, 2009. The Fund's portion is U.S. $7,550,000 or about CDN.
$8,000,000 (CDN. $0.25 per unit). IOC has settled its European benchmark
prices for 2009 at a decrease of 29.75% for concentrates and 48.3% for pellets
from 2008 benchmark prices, which are about as expected. Demand for iron ore
products continues to strengthen. IOC has operated at full capacity since
resumption of operations following their summer shutdown.

    %SEDAR: 00002722E

For further information:

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

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