Champion Iron Mines to Receive an Initial $11,000,000

Champion Iron Mines to Receive an Initial $11,000,000 
TORONTO, ONTARIO -- (Marketwired) -- 07/17/13 -- CHAMPION IRON MINES
"Company") announces that Revenu Quebec has confirmed to the Company
that it will advance $11,000,000 against the claims for the
refundable tax credit on exploration expenditures of $13,502,212 for
the years ended March 31, 2011 and 2012, pending the completion of
the audit of the claims scheduled for late August 2013. The Company
expects to receive the initial funds within 10 days. 
As reported in the Company's audited financial statements for the
year ended March 31, 2013, the Company has filed for years ended
March 31, 2011 and 2012, and will file for the year ended March 31,
2013, Quebec Corporation Income Tax Returns with Revenu Quebec
claiming a refundable tax credit on exploration expenditures and
Quebec Mining Duties Returns with Ressources naturelles et Faune
Quebec claiming a credit on duties refundable for losses for a total
of $24,535,089. These claims are subject to audit by Revenu Quebec
and Ressources naturelles et Faune 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 and to further
increase Labec's interest and dilute Champion's interest pursuant to
ongoing exploration programs. Champion is undertaking its due
diligence investigations with respect to the requests. 
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 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
(416) 866-2200 (FAX)
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