Labrador Iron Mines Holdings Limited announced that it expects to receive CAD 5 million in funding from Scully Royalty Ltd.

Labrador Iron Mines Holdings Limited is a Canada-based company. The Company, through its subsidiaries Labrador Iron Mines Limited (LIM) and Schefferville Mines Inc. (SMI), is engaged in the exploration and development of iron ore projects, situated in the Menihek area of western Newfoundland and Labrador and northeastern Quebec, near the town of Schefferville, in the central part of the Labrador Trough region of eastern Canada, an iron ore producing region. The Company is focused on planning and financing activities related to advancing the Houston Project, LIM’s flagship property. The Houston Project offers low technical risk, with only building a short gravel road and rail siding as the principal construction components. The Houston Project’s deposits 1 and 2 have undergone regulatory review and approval. The projects are ready for construction with a one-year construction period to production.