DGAP-News: Champion Iron Mines Limited: Initial Mineral Resource Announced for Champion Iron's Penguin Lake Deposit, currently

DGAP-News: Champion Iron Mines Limited: Initial Mineral Resource Announced for 
Champion Iron's Penguin Lake Deposit, currently under Option to Cartier Iron in 
the southern Labrador Trough

DGAP-News: Champion Iron Mines Limited / Key word(s): Miscellaneous
Champion Iron Mines Limited: Initial Mineral Resource Announced for
Champion Iron's Penguin Lake Deposit, currently under Option to
Cartier Iron in the southern Labrador Trough

19.12.2013 / 14:33



Initial Mineral Resource Announced for Champion Iron's Penguin Lake
Deposit, currently under Option to Cartier Iron in the southern Labrador
  - Cartier Iron Corporation outlines 531.2 million tonnes grading 33.1%
    total Iron of In-pit Inferred Mineral Resources at the Penguin Lake

  - Additional exploration target potential estimated to be in excess of a
    further 800 million tonnes

  - Penguin Lake hosts the largest iron resource in the southern Gagnon

Toronto (Canada), December 19, 2013 - CHAMPION IRON MINES LIMITED (TSX:
CHM; FSE: P02) ('Champion' or the 'Company') reports that Cartier Iron
Corporation ('Cartier Iron') earlier today announced an initial Mineral
Resource Estimate ('MRE') for the Penguin Lake Project ('Penguin Lake')
located within what Cartier Iron refers to as the recently consolidated
Round Lake Property, one of the Gagnon Holdings referred to by Champion as
'Cluster 3'. The Gagnon Holdings are currently being explored pursuant to
an option agreement with Champion whereby Cartier Iron was granted the
right to earn a 65% interest in the iron-rich mineral concession (see
Champion's press release dated December 10, 2012).

As reported by Cartier Iron, the MRE reported 531.1 million tonnes grading
33.1% Total Iron ('FeT') of In-pit Inferred Resources at a 15% FeT cut-off
grade. The MRE was completed by Abder Ladidi, P. Geo., an independent QP of
MRB & Associates ('MRB') of Val-d'Or, Québec, based on 10 drill holes
totalling 3,315 m, completed by Cartier Iron between January 16th and
February 23rd, 2013. A summary of the Mineral Resource Estimate and
resource estimation methodology can be found in Cartier Iron's press
release dated December 19, 2013, which is available on their corporate
website at www.cartieriron.com and is also be posted under Cartier Iron's
filings at www.sedar.com.

The 10 drill holes that define the MRE drilled only the southern portion of
the deposit. The deposit occurs in the form of a multiply refolded tightly
overturned synform that produces a bowl-like shape of shallow dipping iron
formation host rock. No recent drilling has been completed in the northern
portion of the deposit however, the strong correlation of magnetic response
to where iron formation surfaces and a historic drill hole located in the
NW portion of the deposit allow for projection of the modelled iron
formation and an estimate of the exploration target potential . The
interpreted 3D model of iron formation includes an additional 700 to 900
million tonnes of similar grade as suggested by the current Inferred
Resource, predominantly in the undrilled portion of the deposit to the
north and northwest where additional resources might be identified.

Thomas Larsen, Champion's President and C.E.O. commented, 'I would like to
echo the comments made earlier by Cartier Iron's President John Langton and
state that this inaugural drilling campaign was indeed an unqualified
success. With the ten-fold increase of the historic resource, the updated
resource makes the Penguin Lake deposit the largest iron resource in the
southern Gagnon Terrane in the southern Labrador Trough. It is significant
to note that the current resource comprises less than half of the modelled
bowl-shaped deposit, pointing to a huge upside resource potential in the
areas to the north and west, where the iron formation is interpreted to

Cartier Iron also reported that additional work in the near-term at Penguin
Lake will include metallurgical studies followed by a Preliminary Economic
Assessment to establish the parameters required for the future development
of the project.

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 Labrador Trough 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.

The technical information in this news release was prepared by John
Langton, P. Geo. and a Qualified Person under NI 43-101 standards.

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, 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 mineral resource estimates and planned operations at the
Company's projects, including its 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

End of Corporate News


19.12.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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