Champion Iron’s subsidiary, Quebec Iron Ore Inc. and the Innu People of Uashat mak Mani-utenam Enter into Impact and Benefits Agreement with respect to the Bloom Lake Mine
Champion Iron’s subsidiary, Quebec Iron Ore Inc. and the Innu
People of Uashat mak Mani-utenam Enter into Impact and Benefits
Agreement with respect to the Bloom Lake Mine
Montréal (Québec), Canada, April 12, 2017: Champion Iron Limited (ASX: CIA, TSX: CIA)
(“Champion” or the “Company”), through its subsidiary Quebec Iron Ore Inc. (“QIO”), and the band
council, Innu of Takuaikan Uashat mak Mani -utenam (ITUM), have entered into an Impact and
Benefits Agreement (the “I BA”) with respect to future operations at the Bloom Lake Iron Mine
(“Bloom Lake”) located near Fermont, Quebec. An official signing ceremony has taken place today.
The signing of the IBA demonstrates the Innu of Takuaikan Uashat mak Mani -utenams support for
the Bloom Lake project. The IBA is a life -of-mine agreement and provides for real participation in
Bloom Lake for the Uashaunnuat in the form of training, jobs and contract opportunities, and
ensures that the Innu of Takuaikan Uashat mak Mani-utenam will receive fair and equitable financial
and socio -economic benefits. The IBA also contains provisions which recognize and support the
culture, traditions and values of the Innu of Takuaikan Uashat mak Mani -utenam, including
recognition of their bond with the natural environment.
Chief Mike McKenzie, the Chief of ITUM and Michael O’Keeffe, Champion and QIO Chairman and
CEO have both stated that they are very pleased with the IBA, which formalizes a period of mutual
cooperation, productive dialogue and succe ssful negotiation. Mr. O’Keeffe added, “The successful
conclusion of the IBA further strengthens Champion and QIO’s positive working relationship with the
Innu of Takuaikan Uashat mak Mani-utenam and we look forward to a beneficial future for all parties
as Bloom Lake enters into its next phase, having recently completed a positive Feasibility Study. The
signing of the IBA is a major milestone and a significant step towards the Bloom Lake restart.”
About Bloom Lake
On April 11, 2016, the Company, through its subsidiary QIO, acquired the Bloom Lake assets from
affiliates of Cliffs Natural Resources Inc. that were subject to restructuring proceedings under the
Companies’ Creditors Arrangement Act (Canada). Québec Iron Ore Inc. is 63.2% owned by the
Company, with the remaining 36.8% equity interest owned by Ressources Québec, acting as a
mandatory of the Government of Quebec.
The Bloom Lake property is located on the south end of the Labrador Trough, approxi mately 13 km
north of Fermont, Quebec, and 10 km north of the Mount -Wright iron ore mining operation of
ArcelorMittal Mines Canada. The Bloom Lake Mine is an open pit truck and shovel operation, with a
concentrator. From the site, iron concentrate can be t ransported by rail, initially on the Bloom Lake
Railway, to a ship loading port in Sept-Iles, Québec.
The Bloom Lake Mine has already been authorized for operation under the federal and provincial
environmental authorities. The project was subject to an environmental impact assessment process
under Section 31.1 of the Québec Environment Quality Act, which led to the first decree issued by
the Quebec government in 2008 authorizing mining activities at the Bloom Lake site . An updated
positive Feasibility St udy on Bloom Lake is being completed and will be available under the
Company’s profile on SEDAR (www.sedar.com) at the end of March, 2017.
About Champion
Champion is an iron development and exploration company, focused on developing its significant
iron re sources 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 advancing
projects 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 professi onals 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 th ose 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 ba sed 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 ne w information, future events or
otherwise, except as required by law.