Champion Provides Remaining 2012 Drill Results from the Consolidated Fire Lake North Project Received After the Recent Mineral

Champion Provides Remaining 2012 Drill Results from the Consolidated Fire Lake 
North Project Received After the Recent Mineral Resource
Estimate Update and Preliminary Feasibility Study 
Drill hole FW12-58 intersected 161.6 meters of Iron Formation grading
34.3% Total Iron at the currently defined northern limits of the West
TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- CHAMPION IRON MINES
"Company") is pleased to provide results from remaining 2012 drill
holes completed in the West Deposit area of the Consolidated Fire
Lake North ("CFLN") Project which were not available for the recently
announced Mineral Resource Estimate ("MRE") Update and Preliminary
Feasibility Study ("PFS") (see press releases dated January 9th and
February 6th, 2013). 
Drill hole FW12-58, located west of Lac Hippocampe at the north end
of the West Deposit, intersected 161.6 m of high grade specular
hematite iron formation grading 34.3% Total Iron ("FeT") at the
north-western limits of the currently defined in-pit optimized
resource. The resource remains open down-dip to the west and along
strike to the north and will potentially add to all categories of
resources while expanding the West Deposit pit shell. 
Champion recently announced an updated MRE with combined In-pit
Optimized Measured and Indicated Resources in the West and East
Deposits totalling 691.3 Million tonnes ("Mt") grading 31.5% total
Iron ("FeT") with additional Inferred Resources totalling 479.8 Mt
grading 30.4% FeT at a 15% FeT cut-off grade. 
Champion's recently completed PFS included 464.6 Mt grading 32.4% FeT
of Proven and Probable Reserves sufficient to produce an average of
9.3 Mt of iron concentrate annually for an estimated 19.6 year mine
life. The PFS engineered pits recovered 67% of the combined Measured
and Indicated Resources within the optimized resource pit shell and
did not include any portion of the 479.8 Mt of Inferred Resource
within the engineered pits excepting 45.8 Mt treated as "waste". 
The In-pit Optimized Resource model suggests a much larger tonnage of
iron formation ("IF") that is expected to be exploited if sufficient
current In-pit Optimized Inferred Resources could be converted to
Reserves following t
he planned 2013 drill program. 
Tom Larsen, Champion's President and CEO stated, "The results from
the remaining holes completed in our 2012 drilling program provide us
with added confidence that we can delineate sufficient additional
reserves at the CFLN Project's West and East Deposits to produce 20
Mt of iron concentrate annually from 2 concentrator lines over a
minimum of 20 years, for inclusion in our Feasibility Study later
this year. These and additional results from our trenching program
that were received subsequent to the current MRE and PFS move us
closer to achieving our Reserve target goal." 
At the cut-off date for the current MRE, assay results were not
received for holes FW12-57, 58, 59 and 59B, although the logged
geological units in these holes were used to assist with
interpretation and modeling of the IF. Additionally, the drilling of
holes FW12-60, 61, 62 and 62B had not yet been completed. Table 1
provides highlights of composited assay results for the remaining
drill holes completed in 2012 and not included in the current MRE and

              Table 1 - Highlights of Composited Assay Results              
            West Deposit Area 2012 DDH's FW12-56 to 62B inclusive           
Hole           Azimuth       Dip  
 Length     From       To  Interval  Grade
               degrees   degrees   meters   meters   meters    meters   FeT%
FW12-56            120     -55.5      452   144.00   167.92     23.92   36.4
and                                         269.70   329.96     60.26   28.9
FW12-57            270       -58      435   321.00   405.00     84.00   33.6
FW12-58            100       -65      720   415.94   438.61     22.67   37.3
and                                         548.52   710.13    161.61   34.3
FW12-59B(i)        090       -88      206   167.98   188.52     20.54   34.4
FW12-60            090       -87      260    80.30    89.06      8.76   36.5
and                                         101.84   118.70     16.86   34.2
and                                         188.36   197.80      9.44   26.4
and                                         208.00   226.65     18.65   25.1
FW12-61            090       -87      255     78.1    98.09     19.99   34.2
FW12-62            100       -86      150    185.1    217.5     32.40   31.3
and                                          73.96    93.75     19.79   37.3
FW12-62B           100     -86.5      263    68.97    88.53     19.56   36.2
and                                         181.08      225     43.92   31.8
(i) Hole FW12-59 was abandoned at 30m due to technical difficulties. The    
 composite reported for hole FW12-59B is calculated from the weighted length
 average of the assays for 18.68m of the 20.54m reported interval. Assays   
 for seven samples each 20-30cm in length totalling 1.86m remain pending for
 this interval. The seven samples were collected for geo-mechanical testing 
 prior to assaying. The composite grade will be re-calculated when the      
 remaining assays are available but are not expected to significantly impact
 the reported composite grade.                                              

Hole FW12-57 intersected 84.0 m grading 33.6% FeT in the central and
deeper portion of the deposit.  
Drill holes FW12-59 to FW12-62B, inclusive were drilled on 100 m
spaced sections from a barge on the northern portion of Lac
Hippocampe. The results are expected to upgrade a portion of the
current Inferred Resources, located beneath the lake at the north end
of the West Deposit, to Measured and Indicated categories. An
additional 1,000 m of drilling will be conducted from the ice shortly
over the southern portion of Lac Hippocampe to upgrade current
Inferred Resources to Measured and Indicated categories. 
In addition to the remaining 2012 drill results that became available
after the announcement of the current MRE, Champion also completed
and received results for an extensive surface trenching and channel
sampling program over the East Deposit. An additional 506 channel
sample assays are available to potentially upgrade a portion of
current shallow Inferred Resources in the East Deposit to Measured
and Indicated categories. Additional trenching is currently being
planned for the 2013 summer field season to further define and
upgrade near-surface resources underlying the north-western limit of
the East Deposit planned pit. 
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,
existing transportation and power infrastructure. Consolidated Fire
Lake North is located immediately north of Arcelor Mittal'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. 
The technical information in this news release was approved by Mr.
Bruce Mitton P. Geo., VP Exploration and Mr. Jean-Luc Chouinard, ing.
VP Project Development for Champion Iron Mines, who are Qualified
Persons under NI 43-101 standards.  
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 oth
er 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 
Champion Iron Mines Limited
Jorge Estepa
Vice President
(416) 866-2200
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