The Trustees of Mesabi Trust (NYSE: MSB) declared a distribution of one dollar and twelve cents ($1.12) per Unit of Beneficial Interest payable on November 20, 2011 to Mesabi Trust unitholders of record at the close of business on October 30, 2011. This compares to a distribution of ninety-one cents ($0.91) per Unit for the same period last year. The twenty-one cents ($0.21) per Unit increase over the same period last year is attributable to increases in the volume of shipments of iron ore pellets and higher average sales price per ton during the most recent quarter, each as compared to the same period last year, as reported by Northshore Mining Company (“Northshore”), the lessee/operator of the mine on Mesabi Trust lands. Although there was 4.5% increase in the volume of shipments from Silver Bay, Minnesota in the current calendar quarter as compared to the same quarter last year, total shipments for the year through September 30, 2011 are approximately 21% below total shipments for the same period last year through September 30, 2010. The primary reason for the increase in the distribution by the Trust for the current period is higher average sales price per ton of iron ore pellets, which contributed to increases in both the base royalty payment and the bonus royalty payment. Based on the shipments of iron ore reported by Northshore during the third calendar quarter of 2011, Mesabi Trust is expecting to receive a base royalty of $8,950,434 (based on actual shipments of iron ore mined from Mesabi Trust lands of 1,921,806 tons). Mesabi Trust is also expecting to receive a bonus royalty in the amount of $5,330,117 based on the average sales price per ton of iron ore pellets and the volume of shipments during the third calendar quarter of 2011. In addition to the base and bonus royalty payments, Mesabi Trust is also expecting to receive $273,180 as a result of positive pricing adjustments to shipments made during the first and second calendar quarters of 2011. The total royalty payment expected to be received by Mesabi Trust from Northshore on October 31, 2011 is $14,740,409 (including a royalty payment of $186,678 payable to the Mesabi Land Trust).