MDA LIM Q2 V13 after sending to Audit Comm

LABRADOR IRON MINES HOLDINGS LIMITED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2009 Dated: November 11, 2009 GENERAL This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited interim Consolidated Financial Statements and Notes thereto of Labrador Iron Mines Holdings Limited (the “Company”) for the three and six month periods ended September 30, 2009 and the Audited Consolidated Financial Statements for the year ended March 31, 2009. At September 30, 2009, the Company had $28.4 million in cash and cash equivalents and is in healthy financial condition to carry out its planned programs to move its direct shipping iron ore Schefferville Project in Western Labrador into production. The financial information contained in the discussion of results and operations was prepared in accordance with Canadian generally accepted accounting principles. All amounts in this discussion are expressed in Canadian dollars, unless identified otherwise. This MD&A contains forward looking statements. OVERVIEW The Company is a mineral resource Company focused on the development and mining of direct shipping iron ore in Western Labrador. The Company’s shares are listed on the TSX under the symbol “LIM”. The Company was incorporated under the Business Corporations Act (Ontario) on May 17, 2007 to acquire and carry on, through a wholly ...