DGAP-News: Champion Minerals Inc.: Champion Minerals enters into an Exclusive Memorandum of Understanding with the Takuaikan Uashat Mak Mani-Utenam Innus First Nation on the Potential Development of a New Multi-User Railway
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Contract
Champion Minerals Inc.: Champion Minerals enters into an Exclusive
Memorandum of Understanding with the Takuaikan Uashat Mak Mani-Utenam
Innus First Nation on the Potential Development of a New Multi-User
Railway
02.04.2012 / 13:30
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NEWS RELEASE
Champion Minerals enters into an Exclusive Memorandum of Understanding with
the Takuaikan Uashat Mak Mani-Utenam Innus First Nation on the Potential
Development of a New Multi-User Railway
Toronto (Canada), April 2, 2012 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is proud to announce that it entered
into a memorandum of understanding with the Takuaikan Uashat Mak
Mani-Utenam Innu First Nation ('ITUM') of Uashat, Québec, located near the
Port of Sept-Îles.
'This memorandum of understanding confirms that ITUM has agreed to enter
into exclusive discussions with Champion in connection with the potential
development of an entirely new multi-user railway and the potential
creation of a partnership, the equity of which would be opened to other
users, in order to design, build and manage this new railway. The objective
of this new railway would be to service the iron ore industry directly
linking the Fire Lake North region to the planned multi-user Port Facility
at Pointe Noire, in Sept-Îles, Québec', says Richard Quesnel, Senior
Technical Advisor and Head of Champion's Advisory Board.
At this stage, the intent of ITUM and Champion is that the interests and
long term vision of ITUM will be integrated in the project planning as the
parties desire to create a sustainable development project that will enable
the economic development of the region and support mutual environmental and
social responsibility objectives. 'This railway project is the one that
offers the best prospects for the development of my community. Negotiated
with respect, this project offers sustainable economic benefits and
constitutes an important asset that will create appealing jobs on our
territory for our next generations', said Chief Georges-Ernest Grégoire of
ITUM.
'Champion is also in discussions with other potential iron ore shippers in
connection with the potential expansion of this new railway further north
to service regions where other significant deposits are located', stated M.
Quesnel.
Tom Larsen, Champion's President and CEO commented, 'We are extremely
pleased to announce this agreement with ITUM to develop a railway that will
benefit their community as well as enable the development of iron ore
projects in the Labrador Trough. We look forward to working together with
ITUM.'
The participation of ITUM in this railway project is conditional upon,
among other things, the negotiation of definitive agreements between
Champion and ITUM.
The Fermont Iron Holdings
Champion's Fermont Holdings comprise seventeen properties, three of which -
Fire Lake North, Bellechasse and Harvey-Tuttle and Moire Lake - host
combined estimates of current Measured and Indicated Iron Mineral Resources
totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling
2.2 Billion Tonnes.
About Champion Minerals Inc.
Champion Minerals is an iron ore exploration and development company with
offices in Montreal and Toronto, and is focused on developing its
significant iron ore resources in the provinces of Québec and Newfoundland
and Labrador. The Company's projects include: the Fermont Holdings in
Québec, jointly held by Champion (82.5% interest) and Fancamp Exploration
Ltd. (17.5% interest); and the Attikamagen Iron Property in Québec and
Labrador. Champion's Fermont Holdings, including the flagship Fire Lake
North Project, are located in Canada's major iron ore producing district,
in close proximity to three producing mines. Champion's team and advisory
board includes mining and exploration professionals with substantial iron
ore expertise to effectively advance the Fire Lake North Project into
production.
For further information please contact Thomas G. Larsen, President and CEO,
at Champion's Toronto office at (416) 866-2200 or Jeff Hussey, Executive
VP, Development, at Champion's Montreal office at (514) 316-4858.
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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