Champion Minerals Inc.
FRANKFURT : P02
TSX : CHM

Champion Minerals Inc.

January 25, 2011 13:27 ET

WISCO to Buy 25% Interest in Century Iron Ore, Champion Minerals' Partner in Attikamagen Iron Ore Property

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT: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.

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.

Contact Information

  • Champion Minerals Inc.
    Thomas G. Larsen
    President and CEO
    (416) 866-2200
    or
    Champion Minerals Inc.
    Jorge Estepa
    Vice-President
    (416) 866-2200