DGAP-News: Champion Minerals conveys a 51% interest in the Attikamagen Iron Property to Labec Century Iron Ore Inc.
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Joint Venture
Champion Minerals conveys a 51% interest in the Attikamagen Iron
Property to Labec Century Iron Ore Inc.
08.02.2012 / 11:40
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NEWS RELEASE
Champion Minerals conveys a 51% interest in the Attikamagen Iron Property
to Labec Century Iron Ore Inc.
Toronto (Canada), February 7, 2012 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
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 a 51% interest (the 'Initial Interest') in the
Attikamagen Iron Property to Labec Century.
After review, Champion has confirmed that Labec Century has fulfilled its
obligation to fund $7,500,000 in exploration and development work
expenditures on the Attikamagen Iron Property required to earn the Initial
Interest. Labec Century has the option to increase its interest to 56% by
funding a further $2,500,000 in exploration and development work on the
Attikamagen Iron Property on or before May 12, 2013 and 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. Subject to Labec Century completing its applicable options, Labec
Century and Champion will form a joint venture reflective of their
proportionate ownership interests in the Attikamagen Iron Property.
'Champion is very pleased that Century Iron Mines Corporation, through its
subsidiary, Labec Century, is progressing exploration of the Attikamagen
Iron Property and that it 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 recent 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, focused on developing its significant iron
ore resources in the provinces of Quebec and Newfoundland&Labrador. The
Company's projects include: the Fermont Holdings in Quebec, jointly held by
Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest);
and a 49% interest in the Attikamagen Iron Property in Quebec and Labrador.
Champion's Fermont Holdings, including the flagship Fire Lake North
Project, are located in Canada's major iron ore producing district,
proximal to four producing mines. Champion's team and advisory board
includes mining and exploration professionals with substantial iron ore
expertise, needed to effectively advance the Fire Lake North Project into
production.
For further information please contact Thomas G. Larsen, President and CEO,
Jorge Estepa, Vice-President at (416) 866-2200.
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.
End of Corporate News
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