Environmental Baseline Study at Champion Iron Mines'

Environmental Baseline Study at Champion Iron Mines' Consolidated
Fire Lake North Project Concludes That Proposed Mining Operations
Will Not Impact Water Quality 
TORONTO, ONTARIO -- (Marketwire) -- 11/21/12 -- CHAMPION IRON MINES
"Company") is pleased to announce the results of an Environmental
Baseline Study completed by Roche Ltd. (Montreal, QC) at its
Consolidated Fire Lake North flagship project near Fermont, Quebec.
Results confirm that the West Pit and East Pit Run of Mine ore and
waste rocks are not acid generating in nature, nor do they represent
a risk during mining operation with respect to heavy metals release. 
These excellent results from the environmental characterization of
the ore and waste rocks were obtained as part of an overall
metallurgical testing program completed at the SGS Laboratories
(Lakefield, ON) for the Feasibility Study in-progress. The results
will benefit both capital and operating costs since no geo-membranes
will be required beneath the waste dumps nor will any treatment of
waste dump run-off water be needed. An additional benefit will be
realized from the use of waste rock for construction of mine roads
and associated mine and concentrator infrastructure. Therefore, no
specific quarry will be required to generate the construction
Representative samples of tailings were also subjected to trace metal
analysis using Inductively Coupled Plasma Optical Emission
Spectroscopy / Mass Spectrometry and the corresponding liquid
fractions (decant solutions) were also characterized extensively. 
Acid Rock Drainage ("ARD") static tests and Metal Leaching static
tests were conducted on representative samples of waste rock, ore,
tailings, and concentrate. The ARD testing consisted of Acid / Base
Accounting and Net Acid Generation testing. Several, generally
accepted, leaching procedures were performed, including the Toxicity
Characteristic Leaching Procedure (EPA Method 1311), the Synthetic
Precipitation Leaching Procedure (EPA Method 1312), and the Distilled
Water Leach Extraction (Quebec CTEU-9).  
Waste Rock Results:  
Static tests performed on representative samples indicate no real
potential to generate ARD, which is consistent with the very low 
sulphide content coupled with the presence of alkaline-type minerals
that compose these rocks.  
Based upon the Province of Quebec's Ministere du Developpement
durable, de l'Environnement, de la Faune et des Parcs (MDDEFP)'s
Directive 019 mine waste classification, the waste from the West Pit
was leachable for barium. However, barium concentrations in the
leachates were very low during the more representative kinetic tests
(longer term humidity cells), which were carried out on composite
samples from each of the West Pit and East Pit deposits.  
Kinetic tests also confirmed that the waste carried no real potential
to generate ARD as demonstrated by the resulting slightly alkaline pH
(+/- 8.0) of the leachates and the very low sulfate concentrations.
All metals (including Al, As, Be, Bi, Cd, Co, Cr, Fe, Hg, Fe, Mn, Mo,
Ni, Pb, Se, Ti, V and Zn) showed very low concentrations in the
leachates collected. 
Based upon these results, waste rock can be used for construction
(roads, dykes, etc.) and no special groundwater protection measures
(e.g. geo-membrane) will be required at waste dump locations. Only
suspended sediments could potentially be present in the water
percolating through the waste dumps and a sedimentation pond will be
sufficient for an effluent quality control. 
Ore and Concentrate Results: 
Ore sent to the pilot plant was separated by gravity separation and
divided into concentrate and tailings. Both resulting products showed
similar metal content with the exception of iron, which was obviously
naturally more abundant in the concentrate. The ore and the
concentrate carry no potential to generate ARD, nor did they release
heavy metals through any of the leaching procedures. 
These products can therefore be stockpiled without special
groundwater protection measures (e.g. geo-membrane). Only suspended
sediments could potentially be present in the water percolating
through either the ore or concentrate stockpiles and again,
sedimentation ponds would be sufficient for a control of the effluent
Tailings Results: 
Tailings samples were also generated from the SGS-Lakefield Pilot
Plant test and showed that the tailings carry no real potential to
generate ARD, nor do they release metals into solution. The liquid
fraction of the tailings was slightly alkaline (+/- 8.0) which is
good, and showed low concentrations for all analysed parameters. 
On this basis, no special groundwater protection measures (e.g.
geo-membrane) will be required at the tailings impoundment area.
Moreover, no waste water treatment will be necessary to control
dissolved metals. A sedimentation pond will be sufficient to control
the water effluent quality. 
Further to this, Champion is presently investigating possible methods
for transferring partially dewatered tailings to the impoundment area
to minimize the back-and-forth water transfer between the
concentrator and tailings pond. 
Thomas Larsen, Champion's President and CEO, remarked, "We are
pleased to report results from the Environmental Baseline Study. It
clearly demonstrates that mining operations can be conducted at Fire
Lake North without negatively impacting the surrounding water bodies
and that appropriate steps are being taken at this study level to
minimize the impact of future mining activities as to protect the
local environment." 
Selected results from each test described above can be found on our
website (www.championironmines.com).   
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. 
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.
Consolidated Fire Lake North is located immediately adjacent to and
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 team and advisory board includes mining and
exploration professionals with the mine operations experience to
build, commission, and operate the future Consolidated Fire Lake
North mine. 
The technical information in this news release was prepared, revised
and approved by Yves Thomassin, Director of Mining
Projects-Environment from Roche and Mr. Jean-Luc Chouinard P. Eng. M.
Sc., VP Project Development for Champion Iron Mines. Mr. Chouinard is
a Qualified Person under NI 43-101 standards.  
For additional information on Champion, please visit our website at
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 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 opinions and estimates of Champion's management and
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.
Champion Iron Mines Limited
Thomas G. Larsen
President and CEO
(416) 866-2200
(416) 361-1333 (FAX) 
Champion Iron Mines Limited
Jorge Estepa
Vice President
(416) 866-2200
(416) 361-1333 (FAX)
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