Labrador Iron Ore Royalty Corporation ("LIORC") announced senior management changes. William H. McNeil is stepping down as President and CEO of LIORC and John F. Tuer has been appointed the new President and CEO. Mr. McNeil has expressed a desire to reduce his workload and transition out of his present position.

He observed that the role of the CEO of LIORC has changed significantly over the course of his tenure, both as relates to the relationship with Iron Ore Company of Canada ("IOC") and as relates to LIORC's major shareholders. The Board of Directors of LIORC believes that Mr. Tuer has the knowledge, experience and leadership skills to guide LIORC going forward. Mr. Tuer will be focusing on the preservation of LIORC's assets, notably overseeing the renewal of the leases which are the basis for LIORC's royalty stream; dealing with the uncertainty surrounding ownership of IOC; supervising the administration of LIORC; handling shareholder relations; and managing capital markets matters.

It is expected that William J. Corcoran will step down as Chairman of the Board of LIORC after this year's annual meeting and Mr. McNeil will be appointed the new Chairman at that time. Mark J. Fuller, an independent director, is expected to assume the role of Lead Director.