DGAP-News: Champion Iron Mines Limited: Champion Signs Agreement with CN for Feasibility Study for Railway from Labrador Trough to Sept-Îles
(firmenpresse) - DGAP-News: Champion Iron Mines Limited / Key word(s): Contract
Champion Iron Mines Limited: Champion Signs Agreement with CN for
Feasibility Study for Railway from Labrador Trough to Sept-Îles
30.08.2012 / 09:40
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Champion Signs Agreement with CN for Feasibility Study for Railway from
Labrador Trough to Sept-Îles
Toronto (Canada), August 29, 2012 - CHAMPION IRON MINES LIMITED (formerly
CHAMPION MINERALS INC.) (TSX: CHM; OTCQX:CPMNF; FSE: P02) ('Champion' or
the 'Company') is pleased to announce the signing of an agreement with
Canadian National Railway Company ('CN') to participate in the feasibility
study of a proposed new multi-user railway that would connect mining
projects in the Labrador Trough to the deep water port of Sept-Îles,
Quebec. CN's partner in this proposed venture is La Caisse de dépôt et
placement du Quebec which, together with a group of iron ore exploration
and mining companies, including Champion, are contributing to the cost of
the feasibility study.
CN is expeditiously coordinating the application to the Canadian
Environmental Assessment Agency for required permitting, which will allow
the study to commence with appropriate consultation with First Nations,
local communities and other stakeholders.
'The development of a new railway in the Labrador Trough, linking
Champion's Fermont Iron Ore Holdings, including its flagship Fire Lake
North Project, is of significant interest. It could provide long-term rail
capacity with an experienced and established carrier, linking the Company's
projects to the new multi-user deep water port where annual ship-loading
capacity for a minimum of 10 million tonnes of iron ore concentrate has
been secured by Champion,' stated Thomas Larsen, Champion's President and
CEO. 'We look forward to the completion of this study, which will enable
Champion to assess this long-term transportation option, a key
developmental milestone to complement the feasibility study for Fire Lake
North which is well underway.'
Under the terms of the agreement with CN, Champion has committed to
contribute $1 million to the feasibility study on the railway, that is
anticipated to be carried out over the next ten months.
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.
Champion's Fermont Iron Holdings, including the flagship Fire Lake North
Project, are located in Canada's major iron ore producing district, in
close proximity to five producing iron mines. Fire Lake North is located
immediately adjacent to and 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 team and advisory board includes mining and
exploration professionals with the mine operations experience to build the
Fire Lake North Project into a producing mine.
For further information please contact:
Thomas G. Larsen, President and CEO, or Jorge Estepa, Vice President at
Tel: (416) 866-2200.
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 mineral resource estimates and planned operations at the
Company's projects, including its 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.
End of Corporate News
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