Noranda Income Fund announces its August cash distribution

    VALLEYFIELD, QC, Aug. 22 /CNW/ - The Noranda Income Fund (TSX: NIF.UN)
announced today its monthly cash distribution for the month of August 2007 of
$0.085 per unit. The distribution will be payable on September 25, 2007 to
unitholders of record at the close of business on August 31, 2007.

    The schedule below sets out Noranda Income Fund's cash distribution
history during the last six months:

    August 31, 2007              September 25, 2007                8.5 cents
    July 31, 2007                   August 27, 2007                8.5 cents
    June 30, 2007                     July 25, 2007                8.5 cents
    May 31, 2007                      June 25, 2007                8.5 cents
    April 30, 2007                     May 25, 2007                8.5 cents
    March 31, 2007                   April 25, 2007                8.5 cents

    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 Falconbridge Limited.

    Further information about the Noranda Income Fund can be found at

    %SEDAR: 00017578EF

For further information:

For further information: Financial information: Michael Boone, Vice
President & Chief Financial Officer of Canadian Electrolytic Zinc Limited,
Noranda Income Fund's Manager, Tel: (416) 775-1561,; Renmark Financial Communications Inc.:, Christine Stewart,;
Christopher Wells,, Tel.: (514) 939-3989

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