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UPDATE: Labrador Iron Mines Announces First Iron Ore Shipment of 2013, 174,360 Tonnes to China; Shrs Up About 9%

Labrador Iron Mines Holdings (LIM.TO), which fell 3% to year low levels Thursday, said this year's first shipment of iron ore for 2013 of 174,360 wet metric tonnes, en route to China. The company expects total saleable iron ore production in 2013 of between 1.75 to 2.0 million tonnes.

LIM's first shipment consisted of sinter fines largely comprised of stockpiled material at the mine site and some port inventory, at a planned average grade of about 58% iron. Subsequent shipments during 2013 will be sinter fines and lump ore at a planned average grade of approximately 62%.

LIM was up about 9% to 51 cents, trading near 52-week low $0.465.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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