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FOR: NORANDA INCOME FUND

Noranda Income Fund Provides Update on Collective Bargaining Agreement Negotiations

Oct 3, 2017 - 07:45 ET

SALABERRY-DE-VALLEYFIELD, Québec, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Noranda Income Fund (TSX:NIF.UN) (the “Fund”) provides an update on the status of negotiations with the unionized workers at its zinc processing facility located in Salaberry-de-Valleyfield, Québec, affiliated with the United Steelworkers of America (Metallos), who initiated a strike on February 12th, 2017.

On September 26, 2017, the Company presented an offer to the union. The Union presented the offer to its membership for a vote on October 2, and workers rejected the offer by a large majority.

“We are disappointed that our employee bargaining unit rejected what we believe to be a fair offer,” said Eva Carissimi, President and Chief Executive Officer of Canadian Electrolytic Zinc Limited. ‘’Our offer included improvements in pension rate, early retirement for close to 100 employees over the next 5 years, as well as wage increases.’’ Given the transition to market terms in a tight zinc concentrate market earlier this year, the Company has focused its efforts on reducing costs and improving productivity. The Company has been able to achieve reductions in energy, supplies and services and is seeking to contain future labour cost increases by asking employees to contribute to preserving their defined benefit plan and through changes to the early retirement programs.

The Company remains committed to renewing the collective bargaining agreement with its unionized employees at terms that balances the needs of employees with those of the Company. In the meantime, the Company continues to operate the processing facility with eligible staff.

The Fund will provide further updates as appropriate.

Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the "Processing Facility") located in Salaberry-de-Valleyfield, Québec. The 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 zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation.

Further information about Noranda Income Fund can be found at
www.norandaincomefund.com.

For further information, please contact:
Michael Boone
Vice President and Chief Financial Officer, Canadian Electrolytic Zinc Limited
Noranda Income Fund's Manager
416-775-1561
info@norandaincomefund.com



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