DGAP-News: Champion Iron Mines Limited: Champion Iron Mines Sells Minority Interest in Attikamagen
(firmenpresse) - DGAP-News: Champion Iron Mines Limited / Key word(s): Miscellaneous
Champion Iron Mines Limited: Champion Iron Mines Sells Minority
Interest in Attikamagen
05.12.2013 / 17:00
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NEWS RELEASE
Champion Iron Mines Sells Minority Interest in Attikamagen
Toronto (Canada), December 4, 2013 - CHAMPION IRON MINES LIMITED (TSX: CHM;
FSE: P02) ('Champion', or the 'Company') announces that it has completed in
escrow the previously announced disposition of its remaining interest in
the Attikamagen Lake Project to Labec Century Iron Ore Inc. ('Labec
Century'), a subsidiary of Century Iron Mines Corporation ('Century').
Labec Century will, upon completion of required title registrations, own
100% of the Attikamagen Lake Project and the joint venture between Labec
Century and Champion for the Attikamagen Lake Project will at that time be
terminated. Registration of the title transfer documents in the applicable
registries of the Province of Québec and Newfoundland and Labrador is
expected to take approximately three weeks.
As consideration for Champion's interest in the Attikamagen Lake Project,
Century has issued to Champion a total of 2,000,000 common shares and
1,000,000 share purchase warrants. Each share purchase warrant entitles
Champion to purchase one additional common share for a five-year term at
exercise prices ranging from $0.75 per share, initially, escalating to
$2.50 per share in the final year. In addition, Champion will receive a
royalty based on sales of iron ore from the Attikamagen Lake Project
pursuant to a royalty agreement entered into between Century, Labec Century
and Champion concurrent with closing. The Century shares and share
purchase warrants issued to Champion will be released from escrow upon
completion of title transfer registrations, at which time the royalty
agreement will also become effective. The Century shares issued to
Champion are subject to a two year lock-up, followed by a right of first
refusal in favour of Century. In connection with the transaction Champion
has agreed to pay a 7% finder's fee to an arm's length third party,
consisting of 140,000 of the consideration Century common shares and 70,000
of the consideration Century share purchase warrants.
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 which includes its
flagship Consolidated Fire Lake North Project, 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.
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 securitieslegislation. 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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243446 05.12.2013
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Datum: 05.12.2013 - 17:00 Uhr
Sprache: Deutsch
News-ID 322726
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Kategorie:
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