Champion Iron Agrees to Sell Its Remaining Interest in the Attikamagen Project to Century Iron

Champion Iron Agrees to Sell Its Remaining Interest in the Attikamagen Project 
to Century Iron 
TORONTO, ONTARIO -- (Marketwired) -- 10/02/13 -- CHAMPION IRON MINES
LIMITED (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion" or the
"Company") is pleased to announce that it has entered into an
agreement to sell its remaining interest in the Attikamagen Lake
Project (the "Project") to a Century Iron Mines Corporation ("Century
Iron") wholly-owned subsidiary (the "Transaction"). Upon completion
of the Transaction, Century Iron, indirectly and directly, together
with Labec Century Iron Ore Inc. ("Labec Century") will own a 100%
interest in the Project. Labec Century is a Joint Venture formed with
WISCO Canada Attikamagen Resources Development & Investment Limited
("WISCO Attikamagen") to develop the Project. 
Champion's consideration for the sale is 2,000,000 common shares of
Century Iron and 1,000,000 warrants of Century Iron exercisable as
follows: (i) on or before the first anniversary of the Closing Date
(anticipated to be on or before November 29, 2013) at $0.75 per
share; (ii) after the first anniversary of the Closing Date and on or
before the second anniversary of the Closing Date at $1.00 per share;
(iii) after the second anniversary of the Closing Date and on or
before the third anniversary of the Closing Date at $1.50 per share;
(iv) after the third anniversary of the Closing Date and on or before
the fourth anniversary of the Closing Date at $2.00 per share; and
(v) after the fourth anniversary of the Closing Date and on or before
the fifth anniversary of the Closing Date at $2.50 per share. In
addition, Champion will receive a 2% net smelter return royalty on
iron and minerals produced from the Project. The transaction has been
approved by the Board of Directors of Champion and Century Iron but
is subject to the approval of the Toronto Stock Exchange. 
"We are pleased to have reached an agreement with Century Iron on the
Attikamagen Lake Project," commented Thomas G. Larsen, President and
Chief Executive Officer of Champion. "Consolidating Century's
interest in the Project will better enable it to move forward toward
production at Joyce Lake and other parts of the Attikamagen Lake
Project, which will generate a royalty stream for Champion. It will
also enable Champion to focus fully on its flagship Consolidated Fire
Lake North Project and other properties in the southern part of the
Labrador Trough."  
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
located in Quebec.  
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. 
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 joint venture projects. 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 of Champion's 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 of its 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. 
Contacts:
Champion Iron Mines Limited
Thomas G. Larsen
President and CEO
(416) 866-2200 
Champion Iron Mines Limited
Jorge Estepa
Vice President
(416) 866-2200
www.championironmines.com
 
 
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