DGAP-News: Champion Minerals Inc.: Labec Century Iron Ore start diamond drilling program
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Inc.: Labec Century Iron Ore start diamond drilling
program
22.10.2010 / 11:16
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NEWS RELEASE
Labec Century Iron Ore start diamond drilling program on Champion Minerals'
Attikamagen Iron Property, Schefferville Mining District
Toronto (Canada), October 21, 2010 - CHAMPION MINERALS INC. ('Champion' or
the 'Company') (TSX: CHM; FSE: P02) is pleased to announce that a 2,000 m
diamond drilling program has been initiated at the Company's wholly-owned
Attikamagen Iron Property (the 'Attikamagen Property' or the 'Property') by
Labec Century Iron Ore Inc ('LCIO'). The program is expected to be
completed in November 2010. The Property is under an option and joint
venture agreement (the 'Agreement') between Champion and LCIO allowing LCIO
to earn up to a 60% interest in the Property by expending up to C$13
million in exploration and development work expenditures. Pursuant to the
Agreement, LCIO are acting as operators on the Property.
Several potential direct shipping ore targets ('DSO') will be tested at the
Jenny Lake, Joyce Lake and Lac Sans Chef targets as well as taconite at
Hayot Lake. The DSO targets were selected based on geological and magnetic
data as well as the results of a ground gravity survey completed this
spring. The DSO term was used by previous operators in the Schefferville
mining district to designate 'oxidized iron ore' with iron grades in excess
of 55%, and is only used here for historical reference and is not intended
to imply that a positive economic study has been completed on the
Attikamagen Property. The taconite target is an area of shallow dipping
iron formation with good magnetite content with an expected minimum
thickness of 60 meters based on interpreted geology.
The Property comprises 946 mineral exploration claims totaling 310 km2 in
western Labrador and northeastern Quebec, and covers approximately 60 km of
regional, NW-SE trending strike length. The Attikamagen Property is located
15 km northeast of Schefferville, Quebec, the hub of a major iron-ore
mining camp from 1953 to 1983. The Attikamagen Property hosts a
Superior-type iron formation with significant potential and characterized
by massive hematite/magnetite iron oxide, upon which only limited
geological mapping and surface sampling has been carried out since its
discovery 80 years ago. Detailed geological bedrock mapping, airborne
geophysical surveys and extensive surface sampling have been carried out by
Champion to quantify the iron formation over considerable strike-length.
This exploration work has helped to target areas for drilling.
The Attikamagen Option and Joint Venture Agreement
The Attikamagen Project is operated by LCIO under the terms of the
Agreement. Pursuant to the Agreement, LCIO can earn an initial 51% interest
in the Attikamagen Property by funding aggregate exploration and
development expenditures of C$7.5 million on or before March 26, 2012, in
two remaining yearly increments of C$2.5 million per year in staged
expenditures. After earning the initial 51% interest, LCIO will have the
option to increase its interest in the Attikamagen Property to 56% by
expending a further C$2.5 million on or before March 26, 2013, and to 60%
by expending an additional C$3 million on or before March 26, 2014. AfterLCIO completes its earn-in, LCIO and Champion will form a joint venture
reflective of their proportionate ownership interests in the Attikamagen
Property.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the
provinces of Quebec and Newfoundland&Labrador. The Company's projects
include the Attikamagen Iron Property in northeastern Quebec and western
Labrador, the Fermont Iron Property in northeastern Quebec, and the
Powderhorn/Gullbridge Base Metal Projects in central Newfoundland. For
further information please visit the Champion website at
www.championminerals.com.
About Labec Century Iron Ore Inc.
LCIO is a member of the Century Iron Ore Group which is based in the Far
East and has extensive network, experience and expertise in the
international iron ore industry with the focus on developing iron ore
resources targeted to and supplying iron ore products to China, the largest
and fastest growing consumer of the raw material today.
The technical information in this news release was prepared, revised and
approved by Mr. Eddy Canova, P. Geo., Senior VP Exploration and Claude
Britt, P. Geo., Technical Advisor, of Century Iron Ore Group, and Mr. Jean
Lafleur, P. Geo., Director and Technical Advisor to the President and CEO
of Champion. All three individuals are Qualified Persons under NI 43-101
standards.
For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at 1 (877) 448 2201 or (416) 866-2200.
Statements made in this news release that are not historical facts are
'forward-looking statements' and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
'forward-looking' statements.
End of Corporate News
22.10.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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101272 22.10.2010
Datum: 22.10.2010 - 11:17 Uhr
Sprache: Deutsch
News-ID 32392
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