TORONTO, April 6, 2020 /CNW/ - Labrador Iron Ore Royalty
Corporation ("LIORC") (TSX: LIF) announced today that the
Ministry of Natural Resources of the Government of Newfoundland and Labrador has granted renewals of all 12 of
LIORC's mining leases in accordance with their terms for an
additional 30 years.
The mining leases were initially granted in 1960, 1962, 1965 and
1971 and were for terms of 30 years with the right to renew the
leases for two additional 30 year terms. All leases were renewed
for a third term and will now expire in 2050, 2052, 2055 and
2061. LIORC subleases the mining leases to the Iron Ore
Company of Canada ("IOC").
IOC's mining operations are presently conducted on lands governed
by four of the 12 leases, which now have terms expiring in 2050 and
2052.
About Labrador Iron Ore Royalty Corporation
The Corporation holds a 15.10% equity interest in IOC directly
and through its wholly-owned subsidiary, Hollinger-Hanna Limited,
and receives a 7% gross overriding royalty and a 10 cent per tonne commission on all iron ore
products produced, sold and shipped by IOC.
SOURCE Labrador Iron Ore Royalty Corporation