ANNUAL MEETING: THURSDAY, MAY 22, 2008

Toronto, May 5, 2008

The Annual General Meeting of Labrador Iron Ore Royalty Income Fund will be held on Thursday, May 22, 2008 at 2:00 p.m. (Toronto time) at The Toronto Board of Trade, 1 First Canadian Place, Third Floor, Toronto, Ontario, Canada. The Notice of Meeting and the 2007 Annual Report incorrectly referred to the day of the meeting as Wednesday.

For further information, please contact:

Bruce C. Bone
Chairman and Chief Executive Officer
(416) 863-7133