Champion Iron Subsidiary Quebec Iron Ore Signs Rail Transportation Contract
SOURCE: Champion Iron Limited
June 20, 2017 07:00 ET
Champion Iron Subsidiary Quebec Iron Ore Signs Rail Transportation Contract
With Quebec North Shore and Labrador Railway Company
MONTREAL, QC--(Marketwired - June 20, 2017) - Champion Iron Limited (ASX: CIA) (TSX: CIA ) (the "Company", or "Champion") is pleased to
announce that its subsidiary Québec Iron Ore Inc. ("QIO") has entered into a transportation agreement (the "Agreement") with the Quebec
North Shore and Labrador Railway Company, Inc. ("QNS&L") for the transportation of iron ore concentrate which would be generated from
QIO's Bloom Lake Iron Mine ("Bloom Lake"), located near Fermont, Québec.
The Agreement provides that iron ore concentrate from QIO's Bloom Lake property will be carried on the QNS&L railway from the Wabush
Lake Junction in Labrador City, Newfoundland & Labrador to the Sept-Iles Junction in Sept-Iles, Quebec, a distance of approximately 400
kilometers.
Michael O'Keeffe, Chairman and Chief Executive Officer of Champion and QIO said, "We are very pleased to have signed a confidential rail
transport agreement with QNS&L, a proven and well-recognized rail transporter. This Agreement will ensure long-term access to some of the
world's largest consumers of iron ore for our future high quality product. The signing of this rail transport agreement also marks yet another
significant milestone in 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, approximately 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 transported 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 Study on
Bloom Lake has been completed and is available under the Company's profile on SEDAR (www.sedar.com).
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 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 logistics development and financing of all stages in the
mining industry.
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 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 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.
CONTACT INFORMATION
For further information please contact:
Michael O'Keeffe
Executive Chairman and CEO
Tel. +1 514-316-4858
David Cataford
COO
Tel. +1 514-316-4858