Preliminary Economic Assessment Announced by Champion Iron's JV Partner for the Joyce Lake DSO Deposit of the Attikamagen

Preliminary Economic Assessment Announced by Champion Iron's JV Partner for the 
Joyce Lake DSO Deposit of the Attikamagen Project,
Near the Town of Schefferville, Quebec 
TORONTO, ONTARIO -- (Marketwire) -- 03/26/13 -- CHAMPION IRON MINES
"Company") reports that Century Iron Mines Corporation ("Century")
issued a news release on March 25, 2013 announcing the results of a
Preliminary Economic Assessment ("PEA") for the Joyce Lake Direct
Shipping Ore Deposit ("Joyce Lake") located in Labrador on the
Attikamagen Iron Project, jointly held by Champion and Century.  
Century states this PEA report has been prepared by Cima+ under the
supervision of Jean-Sebastien Tremblay, Eng., who is a Qualified
Person (as defined by NI 43-101), with contributions from Claude
Duplessis, P. Eng., Jefferey Cassoff, Eng. Mathieu Girard, Eng. A
summary of this report's results can be viewed in Century's news
release. The announcement by Century states that the contents of
Century's news release were reviewed and approved by an independent
qualified person (within the meaning of NI 43-101); however, no
independent qualified person engaged by Champion has done sufficient
work to analyze, interpret, classify or verify C
entury's statements
to determine the accuracy of the technical information announced by
Century. Accordingly, readers are cautioned against attributing those
statements to Champion. Champion is focussed on its Consolidated Fire
Lake North Project and does not consider the Joyce Lake DSO Deposit
or the Attikamagen Iron Project to be a property material to the
Company within the meaning of NI 43-101. 
Century's news release states that a NI 43-101 Technical Report will
be filed on SEDAR and on Century's website within 45 days of the date
of the news release. The report will include a summary of the
Preliminary Economic Analysis.  
The Joyce Lake DSO deposit is located approximately 15km northeast of
Schefferville, Quebec. 
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
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. 
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 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. 
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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