Champion Responds to CN's Decision to Suspend Feasibility Study on a Proposed Rail Line to Serve the Quebec and Labrador Iron

Champion Responds to CN's Decision to Suspend Feasibility Study on a Proposed 
Rail Line to Serve the Quebec and Labrador Iron Ore
TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Champion Iron Mines
Limited (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion", or the
"Company") announces that further to the decision by the Canadian
National Railway Company ("CN") released on February 12, 2013, to
suspend the multi-user railway feasibility study, Champion reports
that it considered the CN proposal for an integrated rail line and
terminal handling facility to service the entire Quebec/Labrador iron
ore range to be one of its three rail transport options.  
Prior to joining the CN feasibility study process, Champion
commissioned Rail Cantech who successfully completed a feasibility
study for a private rail line from the Company's Consolidated Fire
Lake North Project to the Pointe Noire wharf at the Port of Sept-Iles
where Champion has reserved sufficient loading and storage capacity.
Champion will now re-focus its efforts on a proposed rail line
southbound to Pointe Noire and reactivate discussions with relevant
parties that can assist the Company in the construction, financing
and operation of this more flexible and highly economic alternative.  
Tom Larsen, President and CEO of Champion commented, "While we are
disappointed with CN's decision not to proceed with their rail line
feasibility study at this time, we believe our Consolidated Fire Lake
North project has the unique advantage of containing large-scale,
superior iron deposits and has now progressed to the stage where it
will attract major partners to bring the project into production."
Mr. Larsen added, "We are committed to advancing our Consolidated
Fire Lake North Project along with the necessary infrastructure and
welcome the participation of global investors that take a long-term
view and can bring the necessary expertise and resources to develop
what we believe to be one of Quebec's most attractive mine projects." 
With CN's termination of the feasibility study, CN is obligated to
refund the entire deposit Champion contributed towards the study
costs and provide any results and materials generated from the
feasibility study. 
About Champion Iron Mines Limited 
 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,
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  
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 the Company's annual information forms,
management discussion and analysis and other securities regulatory
filings by the Company 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 the Company's management and
information available to management as at the date hereof. The
Company 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 
Champion Iron Mines Limited
Jorge Estepa
Vice President, Secretary and Treasurer
(416) 866-2200
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