Labrador Iron Mines Announces Stock Symbol Change to 'LIM'

    TORONTO, May 5 /CNW/ - Labrador Iron Mines Holdings Limited announces
that the Company's stock symbol on the Toronto Stock Exchange will be changed
to "LIM" effective the start of trading on May 6, 2009.
    At the time of the Company's initial public offering in December 2007,
the "LIM" trading symbol was not available. This new symbol, as identified in
the Company's logo, will align brand and market awareness as Labrador Iron
Mines advances towards commercial production of high grade direct shipping
iron ore commencing in 2010.
    The symbol change will have no impact on the common shares and warrants
currently issued and trading.

    About Labrador Iron Mines Holdings Limited

    Labrador Iron Mines Holdings Limited (LIM) was established to develop
direct shipping iron ore deposits on properties in which it holds interests in
the Labrador Trough region - the seat of Canada's iron ore production - in the
province of Newfoundland and Labrador near Schefferville, Quebec. The
Company's properties are part of the historic Schefferville Area iron ore
district from which over 150 million tons of direct shipping iron ore was
previously mined by the Iron Ore Company of Canada from 1954 to 1982. Labrador
Iron Mines is working to reactivate direct shipping iron ore operations in the
region with plans to commence production in 2010.

    Forward-Looking Statements

    Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward looking
statements that involve various degrees of risk. The following are important
factors that could cause the Company's actual results to differ materially
from those expressed or implied by such forward looking statements: changes in
the world wide price of mineral commodities, general market conditions, the
uncertainty of future profitability and access to additional capital, risks
inherent in mineral exploration and risks associated with development,
construction and mining operations, delays in obtaining or failures to obtain
required governmental, environmental or other project approvals. Caution
should be exercised on placing undue reliance on forward looking information.

For further information:

For further information: please view the Company's website at or contact: Donna Yoshimatsu, Vice-President,
Investor Relations, Tel: (647) 728-4119, E-mail:

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Labrador Iron Mines Holdings Limited

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