Houston Flagship Deposit Development Plan

LIM 2012 YTD Highlights On track to sell 1.6 dry million tonnes of iron ore in 2012, a 4X increase over 2011 Achieved commercial production and demonstrated LIM's mine-to-port operational ability Consistently achieved mining rate of 28,000 tpd (ore + waste) at the James Mine Operations: Installed dry crush/screen system at Silver Yards; doubled capacity of accommodation camp Rail: tripled rail volumes from April – August; October milestone: 2 Mt railed to Port since 2011 Decisive and quick response to Q3 steep decline in iron ore prices and challenging market conditions On track for successful completion of 14,000 m exploration program Labrador Iron Mines - TSX: LIM LIM 14

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