TSX: AAB last: chg: delayed 15-20 min View More
News
News

ABERDEEN ACQUIRES 2.96% STAKE IN LABRADOR IRON MINES

01/10/2008


ABERDEEN ACQUIRES 2.96% STAKE IN LABRADOR IRON MINES


FOR IMMEDIATE RELEASE

January 9th, 2008

Toronto, Ontario, January 9th, 2008 ABERDEEN INTERNATIONAL INC. ("Aberdeen" or the "Company") (TSX Venture Exchange: AAB) is pleased to announce that it acquired 1,050,000 units of Labrador Iron Mines Holdings Limited ( "Labrador")(LIR:TSX) in its Initial Public Offering on December 3rd, 2007. This represents a 2.96% interest in Labrador. Aberdeen acquired 1.05 million units with each Labrador unit consists of one common share and one half common share purchase warrant at a price of $4.00 per unit. The warrants are exercisable for two years at $5.00

Labrador Iron Mines Limited ( 100 % owned by Labrador) is developing direct shipping iron ore deposits in and around the Labrador Trough in North-Western Labrador. Its main focus is the Schefferville Project that was formerly part of the iron ore reserves and resources established by the Iron Ore Company of Canada (IOCC) prior to the closure of its direct shipping operations. Between 1954 and 1982, IOCC shipped over 150 million tons of lump and sinter ores by rail to Sept-Iles (Quebec) for onward shipment to North American and European steel mills.

Labrador’s objective is to commence production in mid 2009 with full production of 3.5 million tonnes of saleable direct shipping hematite lump ore and sinter fine ore per annum to be achieved by 2010.

Stan Bharti, Chairman of Aberdeen stated " We believe that bulk commodities such as iron ore will continue to enjoy tremendous growth over the next few years. This acquisition combined with our previously announced investment in Quinto Mining Corporation Ltd (QU:TSX:V) further demonstrates that we believe much value still exists in and around the Labrador Trough".

George Faught, CEO of Aberdeen stated " Iron Ore continues to be one of the most sought after commodities globally. Labrador’s Brownfield development of direct shipping ore represents another significant development within the Labrador Trough particularly with Consolidated Thompson ( CLM:TSX) rapidly progressing towards production. Combined with our recent investment in Quinto Mining, Aberdeen clearly see’s the Labrador Trough as a growth area in new supply for the iron ore market."

About Aberdeen International Inc:

Aberdeen is a publicly traded global investment and merchant banking company focused on small cap companies in the resource sector. Aberdeen will seek to acquire significant equity participation in pre-IPO and/or early stage public resource companies with undeveloped or undervalued high-quality resources.