October 15, 2010 08:00 ET

Noranda Income Fund Announces Appointment of Independent Committee

VALLEYFIELD, QUÉBEC--(Marketwire - Oct. 15, 2010) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that John Swidler, Jean Pierre Ouellet, Barry Tissenbaum and François R. Roy have been appointed to serve as the independent committee of the board of trustees of the Noranda Operating Trust (the "Independent Committee"). Mr. Swidler will serve as Chair of the committee.

On October 7, 2010, John Swidler, Jean Pierre Ouellet, Barry Tissenbaum and François R. Roy were appointed as independent trustees to fill the vacancies resulting from the recent resignations of the former independent trustees of Noranda Operating Trust.

The Independent Committee will work to explore options for the Fund to refinance its existing credit facility that expires on November 3, 2010 and its $153.5 million senior secured notes that mature on December 20, 2010 and will also review strategic issues confronting the Fund.

Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". Noranda Income Fund was created to acquire Noranda Inc.'s CEZ processing facility and ancillary assets (the "CEZ processing facility") located in Salaberry-de-Valleyfield, Québec. The CEZ 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 CEZ processing facility is operated and managed by Canadian Electrolytic Zinc Limited.

Further information about the Noranda Income Fund can be found at

Contact Information

  • Noranda Income Fund's Manager
    Michael Boone
    Vice President and Chief Financial Officer
    Canadian Electrolytic Zinc Limited