DGAP-News: Champion Iron Mines Limited: CHAMPION IRON AGREES TO SELL ITS REMAINING INTEREST IN THE ATTIKAMAGEN PROJECT TO

DGAP-News: Champion Iron Mines Limited: CHAMPION IRON AGREES TO SELL ITS 
REMAINING INTEREST IN THE ATTIKAMAGEN PROJECT TO CENTURY IRON

DGAP-News: Champion Iron Mines Limited / Key word(s): Miscellaneous
Champion Iron Mines Limited: CHAMPION IRON AGREES TO SELL ITS
REMAINING INTEREST IN THE ATTIKAMAGEN PROJECT TO CENTURY IRON

04.10.2013 / 14:40

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NEWS RELEASE

CHAMPION IRON AGREES TO SELL ITS REMAINING INTEREST IN THE ATTIKAMAGEN
PROJECT TO CENTURY IRON

TORONTO, ONTARIO--(Marketwire - October 2, 2013) - 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 Québec 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 Québec. 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 further information please contact:

Thomas G. Larsen, President and CEO, or Jorge Estepa, Vice President at
Tel: (416) 866-2200.

For additional information on Champion Iron Mines Limited, please visit our
website at www.championironmines.com.

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.


End of Corporate News

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