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<SEC-DOCUMENT>0001104659-07-028408.txt : 20070416
<SEC-HEADER>0001104659-07-028408.hdr.sgml : 20070416
<ACCEPTANCE-DATETIME>20070416073110
ACCESSION NUMBER:		0001104659-07-028408
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070413
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070416
DATE AS OF CHANGE:		20070416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESABI TRUST
		CENTRAL INDEX KEY:			0000065172
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				136022277
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04488
		FILM NUMBER:		07767159

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 318 CHURCH ST STATION
		STREET 2:		C/O BANKERS TRUST CO CORP TRUST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10008-0318
		BUSINESS PHONE:		2122506519

	MAIL ADDRESS:	
		STREET 1:		C/O BANKERS TRUST COMPANY, CORPORATE
		STREET 2:		P.O. BOX 318 CHURCH STREET STATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10008-0318
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-11381_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-align:center;text-transform:uppercase;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;text-transform:none;">UNITED STATES</font></b><font size="5" style="font-size:18.0pt;"><br>
</font><b><font size="5" style="font-size:18.0pt;font-weight:bold;text-transform:none;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">Washington, D.C.&#160;
20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;text-transform:none;">FORM 8-K</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Current Report</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;text-transform:none;">Pursuant to Section 13 or 15(d) of The Securities Exchange
Act of 1934</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of
earliest event reported):</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">April
13, 2007</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-align:center;text-transform:uppercase;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;text-transform:none;">MESABI TRUST</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>New York</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-4488</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13-6022277</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification Number)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.42%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>c/o Deutsche Bank Trust Company Americas<br>
  Trust &amp; Securities Services &#150; GDS<br>
  60 Wall Street<br>
  27th Floor<br>
  New York, New York</b></p>
  </td>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10005</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.42%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.3%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">(615) 835-2749</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report)</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)</p>

<p style="margin:0pt 0pt 12.0pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160; Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="border:none;line-height:normal;margin:0pt 0pt 12.0pt 22.5pt;padding:0pt;text-indent:-22.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160; Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Results of Operations and Financial
Condition</font></b></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
April 13, 2007, Mesabi Trust issued a press release announcing a cash
distribution of </font><font size="2" style="font-size:10.0pt;">four and one-half cents</font><font size="2" style="font-size:10.0pt;"> ($0.045) per Unit of Beneficial
Interest of Mesabi Trust.&#160; The
distribution is payable on May 20, 2007 to Mesabi Trust Unitholders of record
at the close of business on April 30, 2007.&#160;
A copy of the press release is being furnished as Exhibit 99.1 to this
Form 8-K.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial
Statements and Exhibits</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 45.0pt;text-indent:-45.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Press
release, dated April 13, 2007.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with
general instruction B.2 to Form 8-K, the information in this Form 8-K shall not
be deemed to be &#147;filed&#148; for purposes of Section 18 of the Exchange Act or
otherwise subject to the liabilities of that section.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURE</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MESABI TRUST</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rodney Gaughan</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rodney Gaughan</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Vice President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deutsche Bank National Trust Company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Deutsche Bank Trust Company Americas</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.04%;">
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MESABI TRUST PRESS RELEASE</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 13, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustees of Mesabi Trust
(NYSE: MSB) declared a distribution of four and one-half cents ($0.045) per
Unit of Beneficial Interest payable on May 20, 2007 to Mesabi Trust Unitholders
of record at the close of business on April 30, 2007.&#160; This compares to a distribution of thirty
cents ($0.30) per Unit for the same period last year.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The decrease in the
distribution of twenty five and one-half cents ($0.255) per Unit as compared to
the same quarter last year is due to two factors: price adjustments for
shipments made during prior years were substantially lower during the current
fiscal quarter compared to a year ago, and there were no shipments of iron ore
pellets during the first calendar quarter of 2007.&#160; In the same period one year ago, the Trust
received substantial royalty payments representing final and estimated price
adjustments totaling $3,112,536 for pellets shipped in previous years, compared
with the Trust expecting to receive payments of only $359,911 for final and
estimated price adjustments during the current fiscal quarter. The Trust
receives royalties based on the volume of shipments and the selling prices of
iron ore pellets shipped by Northshore Mining Company (&#147;Northshore&#148;), the
lessee/operator of the Mesabi Trust lands. Because the Great Lakes shipping
lanes are frozen or not navigable during most of the first calendar quarter,
there are normally few or no shipments of iron ore pellets to its inventory
through continued production in the first calendar quarter of 2007, there were
no pellets shipped during this period so the Trust was credited with only the
minimum advance royalty. Comparatively, Northshore did make some shipments in
the first calendar quarter of 2006 and thus the Trust received base and bonus
royalties in excess of the minimum advance royalty with respect to that
quarter.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total royalty payment expected to be received by
Mesabi Trust on April 30, 2007 is $644,591 (which includes the fee royalty
expected to be received by the Mesabi Land Trust).&#160; Because no shipments of iron ore were made by
Northshore during the first calendar quarter of 2007, Mesabi Trust was credited
with only a minimum advance royalty of $191,628 and no bonus royalty will be
paid to the Trust for the quarter.&#160; As
noted above, part of the total royalty payment expected to be received by the
Trust on April 30 is an aggregate amount of $359,911, which primarily
represents final and estimated pricing adjustments for shipments of iron ore in
prior years.&#160; These payments will be
subject to further adjustment in the future, which adjustments may be positive
or negative. Such adjustments will be made, if any, pursuant to term contracts
between Northshore, Northshore&#146;s parent Cleveland-Cliffs Inc (&#147;CCI&#148;) and
certain of their customers (the &#147;CCI Pellet Agreements&#148;), and the adjustments
will not be communicated to the Trust until after the end of a contract year.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As previously disclosed by Mesabi Trust, the prices
under the CCI Pellet Agreements are subject to interim and final pricing
adjustments, dependent in part on multiple price and inflation index factors
that are not known until after the end of a contract year.&#160; This can result in significant and frequent
variations in royalties received by Mesabi Trust (and in turn the resulting
amount available for distribution to Unitholders by the Trust) from quarter to
quarter and on a comparative historical basis.&#160;
Royalty payments received by the Trust in 2006 and 2007 continue to
reflect pricing estimates for shipments of iron ore products that may be
subject to further adjustment (upward or downward) in accordance with the CCI
Pellet Agreements.&#160; </font>CCI has not provided Mesabi Trust with any
projections</p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">about any possible pricing
(and resulting royalty) adjustments that might impact future distributions.
Accordingly, t</font>hese variations, which can be positive or negative, cannot
be predicted by Mesabi Trust.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The volume of shipments of iron ore pellets by
Northshore varies from quarter to quarter and year to year based on a number of
factors, including weather conditions on the Great Lakes, the requested
delivery schedules of customers and general economic conditions in the iron ore
industry.&#160; The royalties paid to the
Trust are dependent on the volume of shipments of iron ore pellets for the
quarter and the year to date, the pricing of the iron ore product sales and the
percentage of iron ore pellet shipments from Mesabi Trust lands rather than
from other lands.&#160; Northshore </font>has not provided the Mesabi Trustees with a
forecast of either the production of iron ore pellets from Northshore or the
volume of shipments of iron ore pellets or what percentage of such production
and shipments will be from Mesabi Trust iron ore.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This press release contains certain forward-looking
statements with respect to iron ore pellet production, iron ore pricing,
shipments by Northshore in 2007 and royalty (including bonus royalty) amounts,
which statements are intended to be made under the safe harbor protections of
the Private Securities Litigation Reform Act of 1995, as amended.&#160; Actual production, prices and shipments of
iron ore pellets, price adjustments if any, as well as actual royalty levels
(including bonus royalties) could differ materially from current expectations
due to inherent risks such as general and industry economic trends,
uncertainties arising from war, terrorist events and other global events,
higher or lower demand for steel and iron ore, higher imports of steel and iron
ore substitutes, processing difficulties, consolidation and restructuring in
the domestic steel market, indexing features in CCI Pellet Agreements resulting
in adjustments to royalties payable to the Trust or other factors.&#160; Further, substantial portions of royalties
earned by Mesabi Trust are based on estimated prices that are subject to
interim and final adjustments, which can be positive or negative, and are
dependent in part on multiple price and inflation index factors under
agreements to which the Trust is not a party and that are not known and
communicated to the Trust until after the end of a contract year.&#160; Although the Mesabi Trustees believe that any
such forward-looking statements are based on reasonable assumptions, such
statements are subject to risks and uncertainties, which could cause actual
results to differ materially.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contact: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mesabi
Trust SHR Unit</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Deutsche Bank Trust Company Americas</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 615-835-2749</font></p>

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