Lamelee Approves the Financial Statements for the Quarter Ended December 31, 2014

MONTREAL, QUEBEC--(Marketwired - Feb. 26, 2015) -

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWSWIRE SERVICES.

The Board of directors of Lamêlée Iron Ore Ltd. ("Lamêlée" or the "Company") (TSX VENTURE:LIR) is pleased to announce that it has approved the financial statements and the management's discussion and analysis of the Company for the quarter ended December 31, 2014. Such documents are available on Sedar.

Many of the expenses which appear in these financial statements are related to the Preliminary Economic Assessment ("PEA") prepared by CIMA+ on the Lac Lamêlée south property (the "Lamêlée Project") located 50 km south of Fermont, Quebec.

The management's discussion and analysis namely describes risks which were no mentioned in the PEA that are specific to the Lamêlée Project, including the impact of decreasing iron ore prices and the uncertainty regarding the conclusion of an infrastructure agreement. This new disclosure of the management's discussion and analysis appears below:

RISKS AND UNCERTAINTIES

Commodity Prices

Iron Ore Industry Trends

The average iron ore price for the quarter ended December 31, 2014 was US$74.01 per metric ton, a reduction compared to the same period in 2013 when it was US$134.89 per metric ton. For your information, the following table shows the evolution of iron ore prices (CFR) during the last five years:

http://media3.marketwire.com/docs/994218e.pdf

Current iron ore prices are depressed compared to the average prices which were seen from 2010 to 2013. Like other commodities and minerals traded on international markets, the iron ore market is subject to bearish and bullish cycles which are influenced by global supply and demand. Lamêlée believes that it is best to evaluate and develop its mining project during the bearish cycle in order to be ready for production when the industry has its next bullish cycle.

The life of the Lamêlée project is estmated at approximately 20 years. According to historical data, Lamêlée should know more than one bullish and bearish cycle during such period. This is why it used in its 43-101 technical report dated December 19, 2014 for the Lamêlée project (the "Technical Report"), an average price of US$97.50 (CFR China), which is based on a long term perspective; not on current prices. This estimate which is based on the historical evolution of prices does not imply that such prices will be replicated in the future.