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LIM Reports Fiscal Year-End Results and Provides 2014 Update

Press Release – LABRADOR IRON MINES REPORTS FISCAL YEAR-END RESULTS AND PROVIDES 2014 UPDATE

Development Plans for Flagship Houston Project Well Advanced

Toronto, Ontario, July 2, 2014. Labrador Iron Mines Holdings Limited (“LIM” or the “Company”) (TSX: LIM) today reports its operating and audited financial results for the fiscal year ended March 31, 2014 and provides an update on plans for its 2014 season.

HIGHLIGHTS

  • LIM completed its third operating season in December 2013 and achieved its sales target of approximately 1.7 million wet tonnes (~1.6 million dry tonnes) of iron ore in ten cape-size ocean shipments. LIM recognized net revenue from mining operations of $85.9 million for fiscal 2014.
  • LIM’s sales volumes during the 2013 operating season were achieved at the expense of product quality, which impacted revenues and resulted in a large net loss reported for fiscal 2014.
  • For the fiscal year ended March 31, 2014, LIM reported a net loss of $105.2 million or $0.83 per share, which included a depletion and depreciation charge of $33.6 million or $0.27 per share.
  • LIM entered into a joint venture with Tata Steel Minerals Canada (“TSMC”) for the exploration and development of LIM’s Howse Deposit. LIM sold a 51% interest in Howse to TSMC for $30 million and completed approximately 2,760 metres (“m”) of drilling on Howse in 2013.
  • A Feasibility Study and an Environmental Impact Study for the Howse Project are on schedule for completion by the end of 2014.
  • LIM successfully completed its 2013 exploration program achieving over 12,000 m of diamond and reverse circulation drilling.
  • The focus of LIM’s 2014 activities will be the development of the Houston Mine and, subject to completion of financing, LIM plans to be in a position to begin production from Houston in 2015.

UPDATE ON THE 2014 OPERATING SEASON

“While LIM achieved its sales target of a total of approximately 1.7 million wet metric tonnes of iron ore for the 2013 operating season, this was achieved at the expense of product quality as mining went deeper in the James mine open pit and both the grade and consistency of the ore began to fall” commented John Kearney, Chairman & CEO.

“These ore quality problems in 2013, together with significant capital invested during that year, put considerable strain on LIM’s cash resources and LIM now needs new external investment to enable the Company to continue operations, to bring the bigger and long-life Houston Project into production and to meet its corporate and administrative expenses.”

Rod Cooper, President & COO, added “LIM is currently not planning for any mining or processing activity in 2014, which is planned instead to be a development year for the Company. For the balance of 2014, we are focusing on developing our flagship Houston Mine and, subject to completion of financing and negotiation of major contracts, we are working to be in a position to begin mining production from Houston in April 2015.”

Read more: https://ibftoday.ca/wp-content/uploads/2014/07/07-02-14-LIM-YE-Results-f.pdf

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