Quebec Iron ORE Ships One Millionth Tonne of High Quality Canadian Iron ORE from Its Bloom Lake Iron ORE MINE
PRESS RELEASE
QUEBEC IRON ORE SHIPS ONE MILLIONTH TONNE OF HIGH QUALITY
CANADIAN IRON ORE FROM ITS BLOOM LAKE IRON ORE MINE
Montréal, May 24, 2018 – Quebec Iron Ore Inc. (“QIO”), a Champion Iron Limited (ASX:CIA) (TSX:CIA)
(“Champion” or the “Company”) subsidiary, is pleased to announce that with the completion of the
loading of the MV Hubertus Oldendorff at the Port of Sept-Îles, QIO has produced and shipped its first one
million tonnes of high-grade 66% iron concentrate from its Bloom Lake Iron Ore Mine (“Bloom Lake”),
located near Fermont, Quebec.
The achievement of this significant milestone occurred ahead of schedule and highlights the successful
ramp-up of Bloom Lake since the Company announced the mine’s restart in N ovember 2017 and
commenced operations at the plant on February 16, 2018. QIO anticipates that the mine will reach its
annual full capacity of 7.4 mtpa by the end of June.
The delivery and sale of the Bloom Lake iron ore concentrate to end -users in Asia, Europe and the Middle
East via QIO’s off-take partners is being completed at a time where significant premiums are being paid
for high quality 66% Fe concentrate versus the 62% Fe benchmark. This is a positive start for amine that is
forecast to generate more than CAD15.1 billion in revenue over the next 20 years, underlining Bloom
Lake’s potential to be one of the region’s leading long-life iron ore mines and a major contributor to both
the Quebec and Canadian economies.
“We are delighted to have reached this milestone. The Company’s ability to deliver a high-quality iron ore
product fully in line with specifications is a testament to the hard work of QIO’s employees and all of our
stakeholders. We look forward to continuing to supply global iron ore marke ts for many years to come”,
stated Executive Chairman and CEO of QIO and Champion, Michael O’Keeffe.
About Quebec Iron Ore Inc.
Founded in 2016 by the mining development company Champion Iron Limited, Quebec Iron Ore Inc. 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 Iron Limited
Champion is an iron mining,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 implemented upgrades to
the mine and processing infrastructure and has partnered inprojects 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 inc ludes 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 pl ease 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 state ments of historical facts,
included in this news release that address the expected restart date of Bloom Lake as well as 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 expressions are intended to identify forward -looking information.
Forward-looking information is necessarily based upon a number of estim ates 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 a completed equity Offering, annual information form, management’s discussion and analysis
and 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 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 managem ent 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.