Houston Flagship Deposit Development Plan

LIM Guidance & Outlook¹ Operations: concluding successful 2012 operating season, despite challenging market conditions 2012 Iron Ore Sales: 10 shipments totalling 1.6 million dry tonnes anticipated Exploration: Successful 2012 field program; new / updated resource estimates Current Sustainable Production: ~2.0 million tonnes/year - Stage 1 resources Process plant enhancements: Silver Yards Phase 3 completion and commissioning in spring 2013 + dry process stream + grid (hydro) power Production growth: Potential to double current production with Houston; permitting ongoing; construction planned for 20131 1 Outlook subject to market conditions, permitting and/or financing. Labrador Iron Mines - TSX: LIM LAM 30

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