Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that the Fund,
Clearwater Capital Management Inc. ("Clearwater") and West Face Capital Inc.
("West Face") are pleased to announce that Clearwater and West Face (together,
the "Requisitioning Unitholders") have withdrawn their requisition for a special
meeting of unitholders of the Fund. As a result, the unitholder meeting that had
been scheduled for November 15, 2010 will be cancelled.


The Requisitioning Unitholders had submitted a requisition on August 30, 2010
for a meeting to replace the independent trustees then holding office, and to
fill a vacancy in the Noranda Operating Trust ("NOT") board (the "Board"). At
that time the Fund was party to a letter of intent (the "LOI") with respect to a
potential acquisition of the Fund by Xstrata Canada Corporation (together with
its affiliates, "Xstrata Canada"). Shortly after the requisition being
submitted, the LOI was terminated, and the independent trustees then holding
office resigned. Since that time four new independent trustees have been
appointed to the Board and constituted as an Independent Committee, and the
Independent Committee has engaged, on behalf of NOT, TD Securities Inc. as its
independent financial advisor to advise in the re-financing by the Fund of its
credit facility and term notes (which are presently scheduled to mature late in
2010).


On October 29, 2010, the Requisitioning Unitholders met with the Independent
Committee and its financial advisor to discuss the Requisitioning Unitholders'
perspectives concerning governance, operating, financing, and distribution
issues. As a result of these discussions, and the guiding principles agreed to
by the Independent Committee to (i) maintain best practice governance standards
and practices, (ii) proactively and diligently oversee the business and affairs
of the Fund, with specific reference to the Fund's refinancing process, and
(iii) duly consider all reasonable financing alternatives including an
asset-based working capital facility, the Requisitioning Unitholders agreed to
withdraw the requisition.


Mr. John Swidler, Chair of the Independent Committee of the Board, welcomed the
withdrawal of the requisition. Mr. Swidler commented, "The Independent Committee
understands the disappointment that Priority Unitholders have experienced as a
result of the disruption of Priority Unit distributions beginning in July 2009,
and the lack of progress the Fund has made since the beginning of 2010 in
refinancing its credit facility and term notes."


Mr. Swidler added, "On behalf of the Independent Committee I wish to express our
commitment to directly manage and oversee the refinancing process of the Fund.
Within the framework of the agreements Xstrata Canada, a related party, the
independent members of the Board look forward to building and maintaining
unitholder confidence in the Fund, and working to enhance unitholder value."


Mr. Roland Keiper, President of Clearwater, commented "I look forward to the
newly appointed Independent Committee and its choice of financial advisor, TD
Securities Inc., taking direct control of the Fund's refinancing process. I am
pleased that the Independent Committee will seek to complete a refinancing of
the Fund that is in the best interests of the Fund, and believe that diligent
fulfillment of this objective will contribute to the successful completion of
such a refinancing."


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, Quebec. 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 Noranda Income Fund can be found at
www.norandaincomefund.com.
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