Quebec Iron ORE Confirms the Bloom Lake MINE Restart IN Fermont and the Creation of 450 Quality Jobs
PRESS RELEASE
For immediate release
QUEBEC IRON ORE CONFIRMS THE BLOOM LAKE MINE RESTART IN FERMONT
AND THE CREATION OF 450 QUALITY JOBS
Fermont, November 15, 2017 – At a press conference held earlier today, Quebec Iron Ore Inc.
(“QIO”), a Champion Iron Limited (ASX:CIA)(TSX:CIA)(“Champion”) subsidiary, confirmed the
March 2018 restart of the Bloom Lake Iron Ore Mine (“Bloom Lake”) , located near Fermont,
Quebec. After acquiring Bloom Lake in April 2016, QIO has secured the necessary fundingand has
been upgrading and optimizing the facilities , procuring offtake partners and forming mutually
beneficial alliances with the host community. QIO is also proud to announce it is in the process of
swiftly hiring more than 450 men and women who will participate in the Bloom Lake restart.
Only 19 months after acquiring abandoned assets,QIO is set to deliver, as promised, a large-scale
project which will assist in bringing about a new era of prosperity to the North Shore. QIO’s
business plan is based on the mine’s long-term operation, the optimizing of the separation circuit
which is designed to significantly improve the ore recovery rate and contribute to a very efficient
plant. Significantly, the mine restart required an investment of more than $160 million, in which
the Government of Quebec is a 36.8% partner.
“The project especially required an unprecedented commitment from many partners, without
whom none of this would have been possible : administrators, investors, government, partners,
suppliers, union and employees. I want to sincerely thank each and everyone of them. Today, the
eyes of the world are focused on aniron of exceptional quality, one of the best on the planet. And
it’s right here .” said Executive Chairman of the Board and CEO of QIO and Champion,
Michael O’Keeffe.
Since announcing the results of the Bloom Lakefeasibility study in February, 2017 (the “Release”),
QIO has:
o Hired over 250 workers to date
o Confirmed the acquisition of a stake in the Société ferroviaire et portuaire de
Pointe-Noire
o Entered into an Impact and Benefits Agreement with the Innu People of Uashat
mak Mani-utenam
o Bought 735 specialized railcars for the transportation of iron ore
o Announced a partnership with Sojitz Corporation and completed a bridge
financing required for the preparatory work
o Entered into a transportation agreement with the Quebec North Shore &
Labrador Railway
o Announced a debt financing of US$180 million from Sprott Resource Lending
and La Caisse de dépôt et placement du Québec
o Entered into an agreement with the Société ferroviaire et portuaire de Pointe-
Noire for transporting 8 million tons of iron ore
o Announced the sale of a debenture to Glencore International AG
o Signed a draft agreement with the Syndicat des Métallos for a three-year labour
contract
o Received proportionate equity contributions from Ressources Québec in
connection with financing the project
o Minimized environmental impact by introducing an electrode steam boiler that
uses significantly less energy, utilizing an overhead conveyer for ore transport
and improved tailing management which will greatly reduce the use of truck and
consumption of fossil fuels
“So today all the steps have been completed. Even though t he challenges were huge and the
amount of work colossal, our ambition and determination have always been the same: to restart
this mine which has a high potential while respectingcommunities, the development of the region
and Quebec’s economic interest. We really look forward to the operations phase, and are very
happy to contribute to this new sense of pride within a community that we care very deeply
about.” added Mr. O’Keeffe.
The Company is not aware of any new information or data that materially affects the information
included in the Release and confirms that all material assumptions and technical parameters
underpinning the estimates in the Release continue to apply and have not materially changed.
About Quebec Iron Ore
Founded in 2016 through the mining development company Champion Iron, Quebec Iron Ore is
a 100% Quebec-based entity managed by experts from Quebec. The company was mandated to
direct the relaunch of the Bloom Lake Mine, a Champion Iron flagship project in Fermont, in
northern Quebec.
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 Corporation’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 professionals with mine development and operations
expertise who also have vast experience from geotechnical work to green field development,
brown field management including logisticsdevelopment 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
Forward-Looking information
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 addressthe expected restart date of Bloom Lake
as well as future activities, events, developments or financial performance constitute for ward-
looking information. The use of any of the words “will”, “expect”, “anticipate”, “intend”, “believe”,
“plan”, “potential”, “outlook”, “forecast”, “estimate” and similar expressions 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 final short form prospectus relating to recently
completed equity Offering, annual information form, management’s discussion and analysis an d
other 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 fro m 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 i s 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.