Champion Iron Subsidiary Quebec Iron ORE Signs Rail and Port Access Agreement with Société Ferroviaire ET Portuaire de Pointe-Noire

CHAMPION IRON SUBSIDIARY QUEBEC IRON ORE SIGNS RAIL AND PORT ACCESS

AGREEMENT WITH SOCIÉTÉ FERROVIAIRE ET PORTUAIRE DE POINTE-NOIRE

Montréal (Québec), Canada , October 13, 2017: Champion Iron Limited (the “Company”, or

“Champion”) is pleased to announce that its subsidiary Québec Iron Ore Inc. (“QIO”) has entered into

a rail transportation and port-facilities access agreement (the “Agreement”) with the Société Ferroviaire

et Portuaire de Pointe-Noire (“SFPPN”) for the transportation , unloading, stockpilin g and loading of

iron ore concentrate from Sept-Iles to Pointe-Noire, Québec.

Michael O’Keeffe, Chairman and Chief Executive Officer of Champion and QIO said, “We are very

pleased to have signed a rail transportand port-facilities agreement with SFPPN as this provides us with

a key component in our logistics strategy , which will ensure long-term access to some of the world’s

largest consumers of iron ore for our future high -quality product. Th e signing of this agreement also

marks yet another significant milestone in the Bloom Lake restart.”

Champion previously announced (See June 20, 2017 press release) that QIO had entered into an

agreement for the rail transportation of iron ore from its Bloom Lake property to Sept -Iles. The

Agreement with SFPPN provides a transportation solution for the remaining distance to the po rt-

facilities at Pointe-Noire.

About Champion

Champion is an iron development and exploration company, focused on developing its significant iron

resources in the south end of the Labrador Trough in the province of Québec. Following the acquisition

of its flagship asset, the Bloom Lake iron ore property, the Company’s main focus is to implement

upgrades to the mine and processing infrastructure it now owns while also advancingprojects associated

with improving access to global iron markets, including rail and port infrastructure initiatives with

government and other key industry and community stakeholders.

Champion’s management team includes professionals with mine development and operations expertise

who also have vast experience from geotechnical work to green field development, brown field

management including logistics development and financing of all stages in the mining industry.

For further information please contact:

Michael O’Keeffe, Executive Chairman and CEO at Tel. +1 514-316-4858

David Cataford, COO at Tel. +1 514-316-4858

For additional information on Champion Iron Limited, please visit our website at www.championiron.com

This news release includes certain information that may constitute "forward -looking information" under

applicable Canadian securities legislation. All statements, other than statements of historical facts, included in

this news release that address future activities, events, developments or financial performance constitute

forward-looking information. The use of any of the words "will", "expect", “anticipate”, “intend”, "believe",

"plan", "potential", “outlook”, “forecast”, “estimate” and similar expression s are intended to identify forward -

looking information. 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 form,

management’s discussion and analysis and ot her securities regulatory filings made 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 of

Champion’s 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 of its forward -looking

information, whether as a result of new information, future events or otherwise, except as required by law.