Champion Iron Limited
Champion Iron buys remaining stake in Powderhorn
Champion Iron Mines Limited / Key word(s): Miscellaneous Champion Iron buys remaining stake in Powderhorn Champion Iron Mines Ltd (C:CHM) Mr. Thomas Larsen reports CHAMPION IRON INCREASES ITS INTEREST IN THE POWDERHORN AND GULLBRIDGE BASE METAL PROJECTS TO 100% Champion Iron Mines Ltd. has acquired from Copper Hill Resources Inc. the vendor’s remaining 30-per-cent and 49-per-cent interests in the joint ventures covering the Powderhorn and Gullbridge base-metal projects, respectively, both of which are located in central Newfoundland. Under the terms of the agreement, Champion has issued to the vendor one million common shares from treasury, and has agreed to the vendor retaining a 1-per-cent royalty in the Gullbridge property subject to the corporation’s right to buy down the royalty in its entirety at any time by electing to either pay the vendor $1-million or issue to the vendor a further one million common shares. Champion was also granted the right of first refusal on any sale, transfer, mortgage or grant of security interest, or any other disposition or encumbrance in the royalty, in whole or in part, by the vendor, at any time. The common shares issued in connection with this agreement are subject to a resale restriction for four months plus one day from the closing date. (c) 2013 Canjex Publishing Ltd. About Champion Iron Mines Limited Champion’s Fermont Iron Holdings, including its flagship Consolidated Fire Lake North Project, are located in Canada’s major iron ore producing district, in close proximity to five producing iron mines, existing transportation and power infrastructure. Consolidated Fire Lake North is located immediately north of Arcelor Mittal’s operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.’s Bloom Lake Mine in northeastern Québec. Champion’s management and advisory board includes mining and exploration professionals with the mine development and operations experience to build, commission, and operate the future Consolidated Fire Lake North mine. For further information please contact: Thomas G. Larsen, President and CEO, or Jorge Estepa, Vice President at Tel: (416) 866-2200. For additional information on Champion, please visit our website at www.championironmines.com. This press release has been prepared by Champion Iron Mines Limited and no regulatory authority has approved or disapproved the information contained herein. End of Corporate News 01.08.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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