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Lamelee Files a Preliminary Short Form Prospectus

MONTREAL, QUEBEC -- (Marketwired) -- 06/27/14 --

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Lamelee Iron Ore Ltd. ("Lamelee" or the "Corporation") (TSX VENTURE:LIR) is pleased to announce that it has filed a preliminary short form prospectus with the securities regulatory authorities in the Provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec in connection with a best efforts offering for a new issue of units ("Units") and flow-through common shares (the "Flow-Through Shares") in the capital of Lamelee for gross proceeds of $2 million to $6 million (the "Offering"). Each Unit will consist of one common share in the capital of the Corporation ("Common Share") and one-half of a Common Share purchase warrant ("Warrant"). Final pricing and determination of the number of Units, Common Shares, Warrants and Flow-Through Shares to be sold pursuant to the Offering will occur immediately prior to the filing of the final short form prospectus in respect of the Offering.

The Corporation has retained Secutor Capital Management Corporation as lead agent and sole bookrunner for the Offering (the "Agent"). An agency agreement for the Offering will be entered into by the Corporation and the Agent.

The Corporation intends to use proceeds from the Unit offering for working capital and for exploration expenses on the project of the Lac Lamelee south iron property in the Province of Quebec (the "Exploration Expenses"). Proceeds from the FT Share offering will be solely used by the Corporation for Exploration Expenses.

Lamelee will grant an over-allotment option to the Agent, exercisable for a period of 30 days following the closing of the Offering, to arrange for purchasers of additional Units or Flow-Through Shares in a maximum number equal to 15% of the number of Units or Flow-Through Shares sold pursuant to the Offering, solely to cover the Agent' over-allocation position, if any.

The closing of the Offering will take place within 30 days of the date of receipt for the final short form prospectus in respect of the Offering, or such other date agreed upon by Lamelee and the Agent. The Offering is subject to customary conditions and regulatory approval, including that of the TSX Venture Exchange.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws of the United States. Accordingly, these securities will not be offered or sold to persons within the United States unless an exemption from the registration requirements of the 1933 Act and applicable state securities laws is available.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein.

About Lamelee Iron Ore Ltd.

The Corproation is a new iron ore mineral exploration company focused on the development of an iron mine project located in the southern segment of the Labrador Trough near the border with Newfoundland and Labrador, approximately 50 km south of the city of Fermont (Quebec). The project consists of 29 mineral claims covering 1,524 hectares or 15 km2. The common shares are listed on the TSX-V under the symbol "LIR". In December 2013, the Corporation acquired 100% of Fancamp Exploration's Lac Lamelee South Iron Project located in the Fermont Mining District of northeastern Quebec, subject to a 1.5% Net Smelter Returns royalty, of which 0.5% is subject to a buy-back by the Corporation for $1.5 million.

Information set forth in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are no guarantees of future performance. Lamelee cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Lamelee's control. Except as required under applicable securities legislation, Lamelee undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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