DGAP-News: Champion Minerals Inc.: WISCO to Buy 25% Interest in Century Iron Ore
(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals Inc.: WISCO to Buy 25% Interest in Century Iron Ore
26.01.2011 / 13:14
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NEWS AGENCIES
NEWS RELEASE
WISCO to Buy 25% Interest in Century Iron Ore, Champion Minerals' Partner
in Attikamagen Iron Ore Property
Toronto (Canada), January 25, 2011 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') today provided the following update
concerning its Attikamagen Iron Ore property in western Labrador and
northeastern Quebec, 15 km northeast of Schefferville:
WISCO International Resources Development&Investment Limited ('WISCO'),
has entered into a binding framework agreement with Century Iron Ore
Holdings Inc. ('Century'), the parent company of Champion's joint venture
partner in the Company's 100%-owned Attikamagen property.
Under the framework agreement, WISCO will purchase 25% of the issued and
outstanding shares of Century (on a non-diluted basis) upon completion of a
Qualifying Transaction with Red Rock Capital Corp.
WISCO will also enter into joint venture agreements with Century for
ownership of Century subsidiaries holding interests in three properties
including Labec Century Iron Ore Inc. ('Labec'), Champion's partner in the
Attikamagen property. The joint venture agreements provide for WISCO to
inject new capital in exchange for a 40% equity interest in each
subsidiary.
Labec are currently participating in an option and joint venture with
Champion whereby Labec was granted the right to earn up to a 60% interest
in the Attikamagen Property in exchange for $13 million in exploration
spending on or before March 26, 2014. The Attikamagen Property, in the
Labrador Trough region of Quebec and Labrador, has an 80 km strike length
on claims covering 310 km2.
About Champion Minerals Inc.
Champion is an exploration and development Company focused on discovering
and developing significant iron ore resources in eastern Canada,
particularly in the provinces of Quebec and Newfoundland&Labrador. The
Company's projects include the Fermont Iron Property in northeastern
Quebec, the Attikamagen Iron Property in northeastern Quebec and western
Labrador, and the Powderhorn/Gullbridge Base Metal Projects in central
Newfoundland.
For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at (416) 866-2200.
Please visit Champion's website at www.championminerals.com.
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
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110073 26.01.2011
Datum: 26.01.2011 - 13:14 Uhr
Sprache: Deutsch
News-ID 33061
Anzahl Zeichen: 0
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Kategorie:
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