Initial Mineral Resource Announced by Champion Iron's JV Partner for the Hayot Lake Iron Deposit of the Attikamagen Project, Near the Town of Schefferville, Quebec

TORONTO, ONTARIO -- (Marketwire) -- 09/26/12 -- CHAMPION IRON MINES LIMITED (TSX: CHM)(OTCQX: CPMNF)(FRANKFURT: P02) ("Champion" or the "Company") reports that Century Iron Mines Corp. ("Century") issued a news release on September 25, 2012 announcing an initial mineral resource statement for the Hayot Lake Iron Deposit ("Hayot Lake") located in Quebec on the Attikamagan Iron Project, jointly held by Champion and Century. Century reported that Hayot Lake is estimated to contain an Inferred Mineral Resource of 1.723 billion tonnes grading 31.25% Total Iron at a cut-off grade of 20% Total Iron. Century stated that the initial mineral resource statement has been prepared by SRK Consulting (Canada) Inc. ("SRK") in accordance with Canadian Securities Administrators' National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI"43-101"). Hayot Lake is approximately 18.5km northeast of Schefferville, Quebec.

A summary of the Mineral Resource Statement and resource estimation methodology can be found in Century's press release dated September 25, 2012, which is available on their corporate website at www.centuryiron.com and it will also be posted under Century's filings at www.sedar.com. Century stated that the technical data in its news release was verified by the qualified persons (within the meaning of NI 43-101) identified in its news release. Century also reported that SRK's Hayot Lake Mineral resource Technical Report will be filed on SEDAR within 45 days.

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 and a 44% interest in the Attikamagen Iron Project located in both Quebec and Labrador.

Champion's Fermont Iron Holdings, including the flagship Consolidated Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to five producing iron mines. The Consolidated Fire Lake North Project is located immediately adjacent to and north of ArcelorMittal's operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Quebec. Champion's team and advisory board includes mining and exploration professionals with the mine operations experience to build the Fire Lake North Project into a producing mine.

For additional information on Champion, 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 mineral resource estimates and planned operations. 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 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