Iron Ore Company of Canada (IOC)

Tshiuetin Rail Transportation Inc.

SEPT-ILES, QUEBEC--(CCNMatthews - Nov. 30, 2005) -

A First In Canadian History: Aboriginal Ownership Of Railway Line

For the first time in Canadian history, a Canadian railway line will be owned and operated by a First Nations group.

The president and CEO of the Iron Ore Company of Canada (IOC), Mr. Terrence Bowles and the president of Tshiuetin Rail Transportation Inc., Mr. Elie-Jacques Jourdain today announced that IOC has transferred its passenger rail service between Schefferville and Sept-Iles QC to Tshiuetin Rail Transportation Inc. As part of this transaction, the northern portion of IOC's Quebec North Shore and Labrador (QNS&L) railway line, running between Schefferville and Emeril Junction NL, will also be transferred to Tshiuetin Rail Transportation Inc. Tshiuetin Rail Transportation Inc.'s inaugural passenger train is scheduled to depart Sept-Iles en route for Schefferville on Thursday December 1, 2005 at 9 a.m. Tshiuetin Rail Transportation Inc. of Sept-Iles, QC is owned jointly by the Nation Innu Matimekush/Lac-John, the Naskapi Nation of Kawawachikamach and Innu Takuaikan Uashat mak Mani-Utenam.

"This historic agreement will allow IOC to now concentrate on its core business as a means of best serving the interests of its shareholders, customers and employees, " stated Mr. Bowles, President and CEO of IOC. "After fifty years of QNS&L operation in the Schefferville area, we are pleased to have concluded a business transaction which will place rail service in the hands of a group with established interests in the region of Schefferville."

"On behalf of the Nation Innu of Matimekush/Lac-John, the Naskapi Nation of Kawawachikamach and Innu Takuaikan Uashat Mak Mani-Utenam, the three shareholders of Tshiuetin Rail Transportation Inc., I am pleased that the essential rail service between Sept-Iles and Schefferville will be maintained, and will also create about 40 jobs and numerous business opportunities for the members of our three First Nations people," said Mr. Jourdain, President of Tshiuetin Rail Transporation Inc.

Tshiuetin Rail Transportation Inc. has acquired QNS&L's 134 mile (217 kilometre) long Menihek subdivision, running from Emeril Junction to Schefferville, through an asset purchase agreement. Tshiuetin will also assume ownership of passenger rail services between Schefferville and Sept-Iles. QNS&L maintains proprietorship over the southern section of its rail line, which runs between Sept-Iles and Labrador City, through Emeril Junction. Freight service between Sept-Iles and Schefferville will be offered jointly by QNS&L and Tshiuetin Rail Transportation Inc.

The QNS&L railway celebrated 50 years of service in 2005. Since 1955, passenger rail service in the region has been ensured on a continuous basis by QNS&L and its employees. Passenger and freight rail service is the only surface transportation mode available to Schefferville and is used mainly by First Nations people in the area to obtain essential goods as well as to travel to their traditional hunting, fishing and trapping territories on a year-round basis.

For the past nine years, Transport Canada has provided more than $23 million in funding to the QNS&L to ensure the continued operation of passenger rail services between Sept-Iles and Schefferville, Quebec.

A fact sheet with more information about QNS&L and a map of the railway line are attached. A high-resolution version of the map is available upon request.

About IOC

IOC is the largest manufacturer of iron ore pellets in Canada and generates over $600m revenue. It operates a mine, concentrator and a pelletizing plant in Labrador City, Newfoundland and Labrador, as well as port facilities located in Sept-Iles (Quebec). The Company also operates a 418 kilometer railroad that links the mine to the port. Our customer base covers North American, European and Asian steel producers. IOC has about 1700 employees and celebrates its fifty years of operations in 2005. IOC's major shareholder and operator is the international mining group Rio Tinto which has activities in more than 40 countries throughout the world.

About Tshiuetin Rail Transportation Inc.

Tshiuetin Rail Transportation Inc. of Sept-Iles , QC is owned jointly by the Nation Innu Matimekush/Lac-John, the Naskapi Nation of Kawawachikamach and Innu Takuaikan Uashat mak Mani-Utenam.

Fact Sheet is available on CCNMatthews's website at the following address:
http://www.ccnmatthews.com/docs/factsheet.pdf

Maps are available are available on CCNMatthews' website at the following addresses:

http://www.ccnmatthews.com/docs/IOC_b&w.pdf
http://www.ccnmatthews.com/docs/IOC_colours.pdf