Quebec Iron ORE to Ship First Vessel of High Quality Canadian Iron ORE from Sept-Îles to Asia
PRESS RELEASE
QUEBEC IRON ORE TO SHIP FIRST VESSEL OF HIGH QUALITY CANADIAN IRON
ORE FROM SEPT-ÎLES TO ASIA
Montréal, March 27, 2018 – Quebec Iron Ore Inc. (“QIO”), a Champion Iron Limited (ASX:CIA) (TSX:CIA)
(“Champion” or the “Company”) subsidiary, is pleased to announce that preparation for the first shipment
of Bloom Lake Iron Ore Mine (“Bloom Lake”) high quality iron ore is underway following the arrival of the
MV Magnus Oldendorff at the Port of Sept-Îles on March 25, 2018.
The first shipment to Asia will comprise up to 200,000 wet metric tonnes of high-grade 66% Fe iron
concentrate, part of the tonnage transported by rail to the port over the last month from QIO’s Bloom
Lake mine located near Fermont, Quebec.
The loading of the MV Magnus Oldendorff
(pictured) at the Pointe-Noire terminal
completes a historic milestone for the
Company and the Port of Sept-Îles as it
represents the first vessel loading at the
brand new terminal and also marks the
inauguration of the new conveyor linking
the stockyard to the new terminal.
For the Company, this first shipment
demonstrates QIO’s ability to deliver high
quality product to global markets. As part of
this capability, in addition to owning specialised railcars for the transportation of iron ore, Bloom Lake has
access to a fully operational rail loop on-site as well as access to substantial and modern rail and port
storage and handling infrastructure between Fermont and Pointe-Noire.
The successful delivery of iron ore concentrate to the port this month, and the subsequentfirstshipment of the
product to Asia,highlights QIO’s efficientlogisticsstrategy andconfirmsBloom Lake’s potential to become a major
supplier ofhigh qualityiron ore to global markets.
“The first vessel is being loaded almost one month ahead of our original schedule with a high quality iron
ore product fully in line with specifications and with our pilot plant test work. This is evidence of the
professionalism of all employees involved and the hard work of our stakeholders, as well as of the world
class potential of the project”, stated Executive Chairman and CEO of QIO and Champion, Michael
O’Keeffe.
Mr O’Keeffe further commented that the 200,000wmt shipment to Asia of the Bloom Lake high-grade iron
concentrate is being completed at a time where current iron ore prices of US$71 pmt for 62% Fe are 25%
higher than the estimates of US$56 pmt used by the Company in its original planning.
The first shipment 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. The QIO logistics
strategy ensures long-term access to some of the world’s largest consumers of iron ore for Bloom Lake’s
high-quality product.
The decision to restart production at the Boom Lake Mine was announced on November 15, 20 17, and
operations recommenced at the plant on February 16, 2018, ahead of schedule and within budget. With a
CAPEX of CAD 326.8 million, including CAD 157.2 million spent on upgrades ahead of the mine restart,
Bloom Lake is a large-scale project which is set to bring about a new era of prosperity to Quebec’s North
Shore region.
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 th e
relaunch of the Bloom Lake Mine, a Champion Iron flagship project in Fermont, in northern Quebec.
About Champion Iron Limited
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 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 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 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 statements 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 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 s hort 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 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.