Manpower levels are expected to be 508 employees in Year 1 and peak at 688 in Year 15 when the mine reaches maximum production.
There is potential for the CFLN Project to become a significant low cost iron ore producer with a new concentrator equipped with today's advanced mineral processing technologies. The Company continues to analyze lower cost opportunities.
Results from the PFS indicate that the CFLN project is a very technically feasible and economically robust project with a Base Case scenario including one production line yielding 9-10 Mtpa of concentrate from 464.6 M tonnes of in-pit reserves processed over a 20 year mine-life. The PFS study is based on a stand-alone operation at CFLN and does not consider the current Mineral Resources identified at other iron deposits located on the CFLN Property (see Press Release dated Jan. 9th, 2013). The outstanding mid and long term growth profiles for the Company are evident from mineral resources identified within the CFLN Property and surrounding Fermont Holdings.
Investor and Analyst Conference Call
Champion will host a conference call today at 8:30 am EST (February 7th, 2013) to discuss the Preliminary Feasibility Study results and address any questions from analysts and shareholders.
The dial-in numbers for the conference call are as follows:
Local / International: (647) 426-1845North American Toll Free: 1-866-782-8903
The technical information in this news release was prepared by Mr. Jean-Luc Chouinard, ing., M.Sc., VP Project Development for Champion Iron Mines Limited and approved by Dr. Andre Allaire, ing., M.Eng., Ph.D. and Mr. Patrice Live, ing., from BBA Inc., and all individuals are Qualified Persons under NI 43-101 standards. Mr. Allaire and Mr. Live are both independent of the issuer.
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. The Attikamagen Project is under option to Labec Century Iron Ore Inc. ("Labec"), a subsidiary of Century Iron Mines Corporation, under which Labec can earn up to a 60% interest.
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 ArcelorMittal's operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Quebec. 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 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 planned operations at the Company's projects, including its Consolidated 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 herein.
Champion Iron Mines Limited
Thomas G. Larsen
President and CEO
Champion Iron Mines Limited