Noranda Income Fund
TSX : NIF.UN

Noranda Income Fund

December 14, 2011 09:00 ET

Mario Chapados to Retire as CEO of Noranda Income Fund's Manager

SALABERRY-DE-VALLEYFIELD, QUÉBEC--(Marketwire - Dec. 14, 2011) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that Canadian Electrolytic Zinc Limited (the "Manager"), the Fund's administrator and manager, has informed the Fund that Mr. Mario Chapados will retire as Chief Executive Officer ("CEO") and General Manager of the Manager, effective January 31, 2012. Mario has been in this position since October 2005.

During his distinguished 32-year career with Noranda Inc., Falconbridge Limited and Xstrata Zinc, Mario has held several positions of increasing responsibilities, before ultimately being appointed as the Manager's CEO and General Manager. Over the past few years, Mario's commitment to continuous improvement has been significant, generating a substantial improvement at the CEZ processing facility, particularly in regards to productivity, health and safety.

Effective February 1, 2012, Ms. Eva Carissimi will assume the position of Vice-President, Operations of the Manager. Eva Carissimi holds a Bachelor of Science in Metallurgical Engineering from McGill University. She started her career at Xstrata Copper's Horne Smelter in 1989, where she was appointed Smelter Manager in 2003. She transferred to Xstrata Nickel's Sudbury Operations in 2005 where she held various managerial positions such as Operations Manager, Mine Manager for Craig Mine and, more recently, Smelter Director. In 2011, Eva was selected as one of Canada's Most Powerful Women: Top 100 Award Winners in the Trailblazers and Trendsetters category from the Women's Executive Network.

Going forward, Mr. Manuel Álvarez Davila will assume the role of CEO for the Manager. Manuel Álvarez Davila is currently a Trustee on the Board of the Noranda Operating Trust and is Chief Operating Officer of Xstrata Zinc Canada.

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, Québec. 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 zinc customers are located. It produces refined zinc metal and various byproducts from zinc concentrates purchased from mining operations. The CEZ processing facility is operated and managed by Canadian Electrolytic Zinc Limited.

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

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