Noranda Income Fund and the union reach an agreement in principle

    SALABERRY-DE-VALLEYFIELD, QC, Feb. 8 /CNW/ - The Noranda Income Fund
announces that an Agreement in Principle was concluded yesterday with the
United Steelworkers of America, local 6486 of the Zinc Refinery in
    The Union negotiating committee is expected to give this Agreement in
Principle an unanimous recommendation at a meeting with its members within the
next two weeks.
    "We are happy to have concluded this Agreement in Principle with the
Union and we believe that it addresses both the needs of the Company and those
of the workers." said Mario Chapados, President and Chief Executive Officer of
Canadian Electrolytic Zinc Ltd. and Noranda Income Fund's Manager.

    Noranda Income Fund is an income trust whose units trade on the Toronto
Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the
CEZinc processing facility and ancillary assets (the "CEZinc processing
facility") located in Salaberry-de-Valleyfield, Québec. The CEZinc processing
facility is the second-largest zinc processing facility in North America and
the largest zinc processing facility in eastern North America, where the
majority of its customers are located. It produces refined zinc metal and
various by-products from zinc concentrates purchased from mining operations.
The Processing Facility is operated and managed by Canadian Electrolytic Zinc
Limited, a wholly-owned subsidiary of Xstrata Canada Corporation.

    %SEDAR: 00017578EF

For further information:

For further information: Information: Louis-Philippe Gariépy, Director
of Corporate Affairs, Xstrata Zinc Canada, Tel: (514) 645-2311, Ext. 2162;
Financial Information: Michael Boone, Vice President & Chief Financial Officer
of Canadian Electrolytic Zinc Limited, Noranda Income Fund Manager, Tel: (416)

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