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Noranda Income Fund and the Union Reach an Agreement in Principle

Feb 8, 2008 - 09:20 ET

SALABERRY-DE-VALLEYFIELD, QUEBEC--(Marketwire - February 8, 2008) -

Attention Business Editors:

The Noranda Income Fund (TSX:NIF.UN) announces that an Agreement in Principle was concluded yesterday with the United Steelworkers of America, local 6486 of the Zinc Refinery in Salaberry-de-Valleyfield.

The Union negotiating committee is expected to give this Agreement in Principle an unanimous recommendation at a meeting with its members within the next two weeks.

"We are happy to have concluded this Agreement in Principle with the Union and we believe that it addresses both the needs of the Company and those of the workers." said Mario Chapados, President and Chief Executive Officer of Canadian Electrolytic Zinc Ltd. and Noranda Income Fund's Manager.

Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the CEZinc processing facility and ancillary assets (the "CEZinc processing facility") located in Salaberry-de-Valleyfield, Quebec. The CEZinc processing facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of its customers are located. It produces refined zinc metal and various by-products from zinc concentrates purchased from mining operations. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Xstrata Canada Corporation.

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Xstrata Zinc Canada
Louis-Philippe Gariepy
Director of Corporate Affairs
(514) 645-2311, Ext. 2162

Financial Information:
Canadian Electrolytic Zinc Limited, Noranda Income Fund Manager
Michael Boone
Vice President & Chief Financial Officer
Tel: (416) 775-1561

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