FUND TO RECEIVE DIVIDEND

Toronto, August 28, 2008

Labrador Iron Ore Royalty Income Fund announced that Iron Ore Company of Canada today declared a dividend payable on September 25, 2008. The amount to be received by the Fund is U.S. $75.5 million or approximately Cdn. $79.3 million, equating to Cdn. $2.48 per unit.

For further information, please contact:

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