DGAP-News: Champion Iron Mines to Receive an Initial $11,000,000
(firmenpresse) - DGAP-News: Champion Iron Mines Limited / Key word(s): Miscellaneous
Champion Iron Mines to Receive an Initial $11,000,000
17.07.2013 / 13:00
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NEWS RELEASE
Champion Iron Mines to Receive
an Initial $11,000,000
Toronto (Canada), July 17, 2013 - CHAMPION IRON MINES LIMITED (TSX: CHM;
OTCQX:CPMNF; FSE: P02) ('Champion', or the 'Company') announces that Revenu
Québec has confirmed to the Company that it will advance $11,000,000
against the claims for the refundable tax credit on exploration
expenditures of $13,502,212 for the years ended March 31, 2011 and 2012,
pending the completion of the audit of the claims scheduled for late August
2013. The Company expects to receive the initial funds within 10 days.
As reported in the Company's audited financial statements for the year
ended March 31, 2013, the Company has filed for years ended March 31, 2011
and 2012, and will file for the year ended March 31, 2013, Quebec
Corporation Income Tax Returns with Revenu Québec claiming a refundable tax
credit on exploration expenditures and Quebec Mining Duties Returns with
Ressources naturelles et Faune Québec claiming a credit on duties
refundable for losses for a total of $24,535,089. These claims are subject
to audit by Revenu Québec and Ressources naturelles et Faune Québec.
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 Québec 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 Québec 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. Labec has requested a transfer of a
further 4% to increase Labec's holding to 60% under its option agreement
with Champion and to further increase Labec's interest and dilute
Champion's interest pursuant to ongoing exploration programs. Champion is
undertaking its due diligence investigations with respect to the requests.
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 Québec. 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 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 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.
End of Corporate News
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221632 17.07.2013
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Datum: 17.07.2013 - 13:00 Uhr
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News-ID 279132
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Kategorie:
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