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Labrador Iron Mines Reports First Quarter Results

Press Release –

Toronto, Ontario, July 31, 2014. Labrador Iron Mines Holdings Limited (“LIM” or the “Company”) (TSX: LIM) today reports its operating and financial results for the first quarter ended June 30, 2014.

HIGHLIGHTS

  •  LIM did not conduct any mining operations during the fiscal first quarter and carried out only a limited number of standby activities at site.
  •  For the first quarter ended June 30, 2014, LIM reported a net loss of $4.0 million or $0.03 per share, which included a depletion and depreciation charge of $1.3 million or $0.01 per share.
  •  LIM’s current focus is on the development of the Houston Mine and, subject to completion of financing, plans to be in a position to begin production from Houston in 2015. LIM is also focusing on negotiating the commercial terms of major contracts and seeking additional capital investment and working capital.
  •  The Howse exploration program has recommenced, targeting an additional 3,500 metres (“m”) of drilling. The remaining $1.8 million financial commitment for the 2014 exploration program is fully funded.
  •  LIM is also carrying out the expansion of the Silver Yards rail siding, which is the only capital project currently underway. The project is fully funded by Tata Steel Minerals Canada (“TSMC”).

OPERATIONS SUMMARY

LIM did not conduct any mining operations during the quarter ended June 30, 2014 and does not currently plan any mining or processing activity in 2014, which is planned instead to be a development year.

Mining operations at LIM’s Stage 1 deposits, including the James Mine and related infrastructure, are being maintained on standby for the time being, which will allow for a potential restart of Stage 1 production when economic conditions improve.

The Silver Yards wet processing facility is also being maintained on standby with the current expectation that it will be re-commissioned to process plant feed from Houston and potentially production from Stage 1 deposits in future years.

During the fiscal first quarter, mine site activities were limited to dewatering, pumping and environmental monitoring and maintenance. By the end of May, dewatering and pumping activities had ceased, which is expected to significantly reduce site standby costs for the balance of 2014.

The only capital project currently underway is the expansion of the Silver Yards rail siding, fully funded by TSMC, which is expected to be completed in the second half of 2014. This expansion will facilitate the operation of the new extended rail line from Silver Yards to TSMC’s Timmins Area plant, which was completed during the quarter and is expected to be operational in the near future.

During calendar 2014, LIM’s focus is on developing the Houston Mine and, subject to completion of financing and negotiation of major contracts, expects to be in a position to begin mining production from Houston in 2015. Accordingly, LIM’s focus during the quarter ended June 30, 2014 was on corporate activities related to negotiating the commercial terms of major contracts and seeking additional capital investment and working capital.

Read more: http://www.labradorironmines.ca/pdf/07-31-2014-LIM-Q1-Results-f.pdf

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