BENEFITS AGREEMENT: LIM, Naskapi Nation sign accord

LABRADOR - Labrador Iron MinesHoldings (LIM) and the Naskapi Nation of Kawawachikamach have signed an impact benefits agreement that covers the company's Schefferville iron ore project.

Under the IBA, LIM will develop the project in an environmentally and socially responsible manner, and address and mitigate any environmental, cultural, economic and spiritual concerns of the Naskapi Nation. LIM is committed to make best efforts to employ Naskapi members and to engage Naskapi aboriginal businesses. LIM will also provide some support for education, training and social programs and provide opportunities for the Naskapi to participate in the economic development of the Project.

For its part, the Naskapi Nation has agreed to respect the rights, licences and permits that have been granted to LIM, to provide the company with continuing access to its properties and not to engage in any action that is obstructive to the project. The Naskapi have also agreed to make reasonable efforts to enter into co-operation agreements and/or working relationships with other First Nations with whom LIM may enter into other agreements.

The Schefferville iron ore project is one of two that were blockaded by First Nations earlier this year to protest the lack of progress on benefits agreements.

Learn more about the project at www.LabradorIronMines.ca.