Hole FW12-57 intersected 84.0 m grading 33.6% FeT in the central and deeper portion of the deposit.
Drill holes FW12-59 to FW12-62B, inclusive were drilled on 100 m spaced sections from a barge on the northern portion of Lac Hippocampe. The results are expected to upgrade a portion of the current Inferred Resources, located beneath the lake at the north end of the West Deposit, to Measured and Indicated categories. An additional 1,000 m of drilling will be conducted from the ice shortly over the southern portion of Lac Hippocampe to upgrade current Inferred Resources to Measured and Indicated categories.
In addition to the remaining 2012 drill results that became available after the announcement of the current MRE, Champion also completed and received results for an extensive surface trenching and channel sampling program over the East Deposit. An additional 506 channel sample assays are available to potentially upgrade a portion of current shallow Inferred Resources in the East Deposit to Measured and Indicated categories. Additional trenching is currently being planned for the 2013 summer field season to further define and upgrade near-surface resources underlying the north-western limit of the East Deposit planned pit.
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 Arcelor Mittal'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.
The technical information in this news release was approved by Mr. Bruce Mitton P. Geo., VP Exploration and Mr. Jean-Luc Chouinard, ing. VP Project Development for Champion Iron Mines, who are Qualified Persons under NI 43-101 standards.
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
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