TORONTO, ONTARIO -- (Marketwire) -- 03/08/13 -- CHAMPION IRON MINES LIMITED (TSX: CHM)(OTCQX: CPMNF)(FRANKFURT: P02) ("Champion" or the "Company") reports that Century Iron Mines Corporation ("Century") (TSX: FER) issued a news release on March 7, 2013, announcing an initial Mineral Resource Estimate for the Joyce Lake Direct Shipping Ore Deposit ("Joyce Lake") located in Labrador on the Attikamagen Iron Project, jointly held by Champion and Century. Century reported that the Joyce Lake Project is estimated to contain Measured and Indicated Mineral Resources of 10.0 million tonnes grading 59.45% Total Iron plus an additional 5.6 million tonnes of Inferred Mineral Resources grading 55.78% Total Iron, at a cut-off grade of 50% Total Iron. Century stated that this initial Mineral Resource Estimate has been prepared by SGS Canada Inc. - SGS Geostat Group ("SGS") of Blainville, Quebec and that the mineral resources were estimated in conformity with generally accepted CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines.
Joyce Lake is located approximately 15km northeast of Schefferville, Quebec.
A summary of Century's Mineral Resource Estimate and resource estimation methodology can be found in their news release dated March 7, 2013, which is available on their corporate website at www.centuryiron.com and 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 their independent qualified person (within the meaning of NI 43-101) identified in its news release. Century also reported that SGS's Joyce Lake Mineral Resource Technical Report will be filed on SEDAR within 45 days of the news release.
The announcement by Century states that the contents of Century's news release were reviewed and approved by an independent qualified person (within the meaning of NI 43-101); however, no independent qualified person engaged by Champion has done sufficient work to analyze, interpret, classify or verify Century's statements to determine the accuracy of the technical information or the mineral resource estimates announced by Century. Accordingly, readers are cautioned against attributing those statements to Champion. Champion is focussed on its Consolidated Fire Lake North Project and does not consider the Attikamagen Iron Project to be a property material to the Company within the meaning of NI 43-101. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. In addition, the quantity and grade of estimated Inferred Mineral Resources referred to herein are uncertain and there has been insufficient exploration to categorize them as an Indicated or Measured Resource. Furthermore, it is uncertain whether further exploration will result in reclassification of Inferred Mineral Resources to the Indicated or Measured resource categories.
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