Noranda Income Fund announces its January cash distribution

    VALLEYFIELD, QC, Jan. 22 /CNW/ - The Noranda Income Fund (TSX: NIF.UN)
announced today its monthly cash distribution for the month of January 2008 of
$0.085 per unit. The distribution will be payable on February 25, 2008 to
unitholders of record at the close of business on January 31, 2008.

    The schedule below sets out Noranda Income Fund's cash distribution
history during the last six months:
    January 31, 2008      February 25, 2008             8.5 cents
    December 31, 2007     January 25, 2008              8.5 cents
    November 30, 2007     December 27, 2007             8.5 cents
    October 31, 2007      November 26, 2007             8.5 cents
    September 30, 2007    October 25, 2007              8.5 cents
    August 31, 2007       September 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 Xstrata Canada Corporation.

    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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