RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2010

Toronto, May 04, 2010

Labrador Iron Ore Royalty Income Fund (TSX: LIF.UN) announced its results for the first quarter ended March 31, 2010.

Royalty income for the first quarter of 2010 amounted to $16.37 million as compared to $16.27 million for the first quarter of 2009. The Fund’s cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes payable/recoverable (adjusted cash flow) for the first quarter was $22.33 million or $0.70 per unit as compared to $11.11 million or $0.35 per unit for the same period in 2009. Net income was $15.41 million or $0.48 per unit compared to $16.53 million or $0.52 per unit for the same period in 2009.

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