Houston Flagship Deposit Development Plan

LIM 2012 IOC Sales Agreement Near-Term Strategy 2012 Ore sale agreement LIM + IOC advantage - Renewed 2011 agreement with Iron Ore Company of Canada ("IOC"; majority owned by Rio Tinto): >>> 100% of 2012 production sold to IOC Use of ore handling facilities at Port of Sept-Îles Access to cape size ocean vessels (170,000 dwt) Rio Tinto targeted customers. Counterparty and shipping risk mitigated Product re-sold in China based on spot less ocean freight and IOC participation for handling, loading and sales costs In 2011 and 2012 YTD, 13 shipments totalling ~1.95 Mt of LIM iron ore has been sold to Chinese steel mills and customers LAM 22 Labrador Iron Mines - TSX: LIM LIM

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