Assay Results Announced from the Inaugural Drilling Program at Champion's Penguin Lake Project, Southern Labrador Trough
300 m grading 33% Total Iron intersected in drill-hole PL13-10; part of a drilling campaign that transected a total of 1600 m of iron formation having an average grade of 29.5% Total Iron
TORONTO, ONTARIO -- (Marketwired) -- 04/25/13 -- CHAMPION IRON MINES LIMITED (TSX: CHM)(OTCQX: CPMNF)(FRANKFURT: P02) ("Champion" or the "Company") reports that Cartier Iron Corporation ("Cartier Iron") (CNSX: CFE) issued a news release earlier today, providing assay results from its inaugural ten-hole Phase I diamond-drilling programme completed on the Company's Penguin Lake Project (the "Project"), located in the southern Labrador Trough, Quebec.
The ten (10), NQ-diameter drill-holes, totalling 3,315 metres (m), were designed to intersect magnetite/hematite-rich iron formation, coincident with a strong magnetic-response anomaly(1), in the area of the catalogued "Lac Pingouin Zone 1" Occurrence(2) (http://sigeom.mrnf.gouv.qc.ca/ Cogite # 23C/01-0004), which has an historic mineral resource(3) of 46.7 Million tonnes grading 30% FeT (Total Iron)(4), estimated from the results of nine historic diamond-drill holes.
The Phase I drilling campaign intersected a total of 1600 metres of iron formation with an average grade of 29.5% FeT. Selected "best" intervals include: 242 m grading 25.2% FeT from hole PL13-04; 129 m grading 34.4% FeT in hole PL13-05; 112 m of 29.4% FeT encountered in hole PL13-07; and, 300 m grading 33% FeT in hole PL13-10. A list of composite assay results from the drill programme can be found in Cartier Iron's press release dated April 25, 2013, which is available on their corporate website at www.cartieriron.com and it will also be posted under Cartier Iron's filings at www.sedar.com.
Cartier Iron further reported that it has commissioned MRB & Associates of Val-d'Or, Quebec to complete a National Instrument 43-101 compliant Mineral Resource Estimate for the Penguin Lake Project with results expected by early Q3 2013. The Penguin Lake Project is currently being explored pursuant to an option agreement with Cartier Iron, whereby Cartier Iron was granted the right to earn a 65% interest in the iron-rich mineral concessions (see the Company's press release dated December 11, 2012).
About Champion Iron Mines Limited
Champion is an iron exploration and development company with offices in Montreal and Toronto, and is focused on developing its significant iron resources in the provinces of Quebec and Newfoundland & Labrador. Champion holds a 100% interest in the Fermont Iron Holdings and a 44% interest in the Attikamagen Iron Project located in both Quebec and Labrador. The Attikamagen Project is under option to Labec Century Iron Ore Inc. ("Labec"), a subsidiary of Century Iron Mines Corporation, under which Labec can earn up to a 60% interest. Labec has requested a transfer of a further 4% to increase Labec's holding to 60% under its option agreement with Champion. Champion is undertaking its due diligence investigations with respect to the request.
Champion's Fermont Iron Holdings, including its flagship Consolidated Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to five producing iron mines, existing transportation and power infrastructure. Consolidated Fire Lake North is located immediately north of ArcelorMittal's operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Quebec. Champion's management and advisory board includes mining and exploration professionals with the mine development and operations experience to build, commission, and operate the future Consolidated Fire Lake North mine.
For additional information on Champion, please visit our website at www.championironmines.com.
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about planned operations at the Company's projects, including its Consolidated Fire Lake North Project. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in Champion's annual information forms, management discussion and analysis and other securities regulatory filings by Champion on SEDAR (including under the heading "Risk Factors" therein). There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the information available to management as at the date hereof. Champion disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
This press release has been prepared by Champion Iron Mines Limited and no regulatory authority has approved or disapproved the information contained herein.
(1) 2008 GPR Geophysics Report & Survey Data: 2008 Airborne Survey, Fermont Properties, for Champion Iron Mines Limited (GM63919); 2011 Fugro Airborne Survey, for Champion Iron Mines Limited (GM65900).
(2) The on-line documented information on the Lac Pingouin Occurrence describes the rocks hosting the mineralization and the historic resource, and can be viewed on-line at http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23C/01-0004).
(3) All historical Mineral Resource estimates outlined in this disclosure are non-compliant to NI 43-101 Mineral Resources and Mineral Reserves standards, and should therefore not be relied upon. A Qualified Person has not done sufficient work to upgrade or classify these Historical Mineral Resources as current NI 43-101 compliant Mineral resources.
(4) Historical Mineral Resource for the Lac Pingouin occurrence are from MRNFQ Assessment Files GM12096 and GM13035.
Contacts:
Champion Iron Mines Limited
Thomas G. Larsen
President and CEO
(416) 866-2200
Champion Iron Mines Limited
Jorge Estepa
Vice President
(416) 866-2200
www.championironmines.com