Champion Minerals Conveys an Additional 5% Interest in the Attikamagen Iron Property to Labec Century Iron Ore Inc.
TORONTO, ONTARIO -- (Marketwire) -- 06/06/12 -- CHAMPION MINERALS INC. (TSX: CHM)(OTCQX: CPMNF)(FRANKFURT: P02) ("Champion" or the "Company") reports that, pursuant to the Attikamagen Option and Joint Venture Agreement (the "Agreement") entered into with Labec Century Iron Ore Inc. ("Labec Century"), a subsidiary of Century Iron Mines Corporation, Champion has signed and delivered to Labec Century transfers conveying to Labec Century an additional 5% interest (the "Additional Interest") in the Attikamagen Iron Property. In February, 2012, Champion conveyed the initial 51% interest in the Attikamagen Iron Property to Labec Century.
In addition to the $7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property funded by Labec Century required to earn the Initial Interest, Labec Century has increased its interest to 56% by funding a further $2,500,000 in exploration and development work on the Attikamagen Iron Property, well in advance of the May 12, 2013 deadline. Labec Century has the option to further increase its interest to 60% by funding an additional $3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2014.
"Champion is pleased that Century Iron Mines Corporation, through its subsidiary, Labec Century, is continuing to progress exploration of the Attikamagen Iron Property. It is worth noting and repeating that Labec Century has attracted WISCO International Resources Development & Investment Limited as a very strong minority partner in the Attikamagen Iron Property," said Thomas G. Larsen, President and Chief Executive Officer of Champion. "To Champion, WISCO's agreement to fund Labec Century with $40,000,000 for a 40% interest in Labec Century speaks loudly about the potential in the Attikamagen Iron Property."
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with offices in Montreal and Toronto, and is focused on developing its significant iron ore resources in the provinces of Quebec and Newfoundland and Labrador. The Company's projects include: the Fermont Projects in Quebec; and the Attikamagen Iron Property in Quebec and Labrador. Champion's Fermont Projects, including the flagship Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to three producing mines. Champion's team and advisory board includes mining and exploration professionals with substantial iron ore expertise to effectively advance the Fire Lake North Project into production.
Please visit Champion's website at www.championminerals.com.
Statements made in this news release that are "forward-looking statements" are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein.
Contacts:
Champion Minerals Inc.
Thomas G. Larsen
President and CEO
(416) 866-2200
Champion Minerals Inc.
Jorge Estepa
Vice-President
(416) 866-2200
www.championminerals.com