Labrador Iron Ore Royalty Income Fund - Fund to receive dividend

    TORONTO, Aug. 28 /CNW/ - Labrador Iron Ore Royalty Income Fund announced
that Iron Ore Company of Canada today declared a dividend payable on September
25, 2008. The amount to be received by the Fund is U.S. $75.5 million or
approximately Cdn. $79.3 million, equating to Cdn. $2.48 per unit.

    %SEDAR: 00002722E

For further information:

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

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