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News Releases

News Releases

RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2010

October, 29, 2010

Toronto


Labrador Iron Ore Royalty Corporation (TSX: LIF.UN) announced its results for the third quarter ended September 30, 2010.

Since inception in 1995, we have reported to our unitholders as an income trust. Commencing with this report we are reporting to the holders of stapled units (the “Unitholders”) as Labrador Iron Ore Royalty Corporation (“LIORC”). The conversion from a trust to a corporation took place with effect on July 1, 2010. Stapled units consist of subordinated notes and common shares of LIORC. Unitholders will notice differences in the financial statements, in that previously the reported income of the Trust was also the net income to the Unitholders. Under the stapled unit arrangement, the income of the Unitholders will be the total of the net income of LIORC plus the interest from the $248 million LIORC subordinated notes. Thus all net income, adjusted cash flow and per unit figures referred to in this report use the totals according to the financial statements plus (where applicable) the $7,488,000 ($0.234 per unit)
interest on the subordinated notes payable to the Unitholders by LIORC. Note 1 to the Financial Statements explains in detail the basis of their presentation.

 


For further information, please contact:
Bruce C. Bone
President & Chief Executive Officer
(416) 863-7133