DGAP-News: CHAMPION IS PLEASED WITH QUEBEC GOVERNMENT'S ANNOUNCEMENT OF A PRE-
FEASIBILITY STUDY FOR A THIRD RAILWAY UNDER THEIR ECONOMIC POLICY
DGAP-News: Champion Iron Mines Limited / Key word(s): Miscellaneous
CHAMPION IS PLEASED WITH QUEBEC GOVERNMENT'S ANNOUNCEMENT OF A
PRE-FEASIBILITY STUDY FOR A THIRD RAILWAY UNDER THEIR ECONOMIC POLICY
08.10.2013 / 14:00
CHAMPION IS PLEASED WITH QUEBEC GOVERNMENT'S ANNOUNCEMENT
OF A PRE-FEASIBILITY STUDY FOR A THIRD RAILWAY UNDER
THEIR ECONOMIC POLICY
Toronto (Canada), October 7, 2013 - CHAMPION IRON MINES LIMITED (TSX:CHM;
OTCQX: CPMNF; (FSE: P02) ('Champion' or the 'Company') is pleased to
comment on today's announcement by the Quebec Government Economic Policy
regarding the initiation of a pre-feasibility study for a third railway to
transport iron ore from the Labrador Trough.
The announcement by the Quebec Government is as follows:
'As part of a vision for responsible development of northern
infrastructures that are essential to ensuring the economic and social
development of the northern territory.
The government is completing them, while ensuring the risk is shared among
all the partners in question. The government will include the First Nations
and Inuit in discussions concerning the North for all.
As part of Québec's Economic Policy - Putting Jobs First, the government
has announced investments including the following, a Pre-Feasibility study
regarding the construction of a new railway link.
The government is aware of the special issues related to the development of
the Cote-Nord and to the importance of preparing Québec for the rapid
growth of markets.
This is why the government will finance a pre-feasibility study on building
a third railway link to transport ore from the Labrador Trough. The desired
characteristics of the line will be specified to be able to invite private
investors to finance the project.
Funds totalling up to $20 million have been set aside for this study within
the Fonds du développement nordique, which will mobilize various
stakeholders for the development of a public infrastructure or its
equivalent, ensuring free access at advantageous costs to interested
Tom Larsen, Champion Iron Mines' President and CEO commented, 'Champion is
extremely pleased that the Quebec government is going forward with the
pre-feasibility of a third rail link to transport iron ore from the
Labrador Trough by committing up to $20 million to complete a rail
pre-feasibility study. This will help to demonstrate a cost-effective
solution for iron ore developers to transport ore to the Port of Sept-Îles.
Not only is this decision beneficial for iron ore developers such as
Champion, and others but also for the economy of Quebec, the Uashat Mak
Mani-Utenam First Nation, other local communities and the Port of
Sept-Îles. My belief is that this type of message will further attract
foreign investment that is essential to turn the Labrador Trough into a
more cost efficient iron ore centre.'
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
End of Corporate News
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