Labrador Iron Ore Royalty Corporation - Update on COVID-19

Labrador Iron Ore Royalty Corporation -

Update on COVID-19

TORONTO

,

March 24, 2020

/CNW/ - Because of the threat of COVID-19, the Premier of

Quebec

has announced the closure of all non-essential businesses from midnight on

March 24, 2020

to

April

13, 2020

. Labrador Iron Ore Royalty Corporation understands that the

Quebec

government has

designated industrial complexes including the mining industry as essential industries, but instructed

that such companies must reduce their business activity to the minimum. In addition, the Government

of

Newfoundland

and

Labrador

is requiring that all travellers self-isolate for 14 days when returning

to

Newfoundland

and

Labrador

from anywhere in

Canada

and internationally. Iron Ore Company of

Canada

("IOC") has indicated that it will work with the

Quebec

and

Newfoundland

and

Labrador

governments to comply with their directives. At present, IOC expects that the mining, processing and

shipping operations will continue within each province's COVID-19 guidelines, while keeping activities

to a minimum.

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. (TSX: LIF)

SOURCE

Labrador Iron Ore Royalty Corporation

View original content:

http://www.newswire.ca/en/releases/archive/March2020/24/c3633.html

%SEDAR: 00030172E

For further information:

John F. Tuer, President & Chief Executive Officer, (416) 362-0066, E-

mail- [email protected]

CO: Labrador Iron Ore Royalty Corporation

CNW 09:12e 24-MAR-20