| | Published : March 03rd, 2008 | Completes Airborne Geophysical Survey and Surface Sampling on Attikamagen Lake Iron Propert |
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PRESS
RELEASE
CHM-TSX Venture Exchange
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Champion Minerals
Retains The International Engineering Company BBA Inc. For Scoping
Studies On The Attikamagen Lake Iron Property
Toronto, Canada, March 3, 2008 - CHAMPION
MINERALS INC. ("Champion" or the "Company") (TSX-V:
CHM) is pleased to announce that
it has retained the international engineering firm BBA Inc. ("BBA")
to perform geological and metallurgical work towards scoping studies on
the Company's wholly-owned Attikamagen Lake Iron Property
("Attikamagen" or the "Property"), near
Schefferville, Quebec.
Mr. Thomas Larsen, President and CEO of Champion
states, "With the strong
demand and dramatic price increase for iron feed stocks, management is of the opinion that the
Attikamagen Lake Iron Property
warrants much more rigorous evaluation and exploration, since there is an
excellentpotential to
host a large iron resource. BBA's geological, engineering and economic
expertise in the Labrador-type iron ore systems will be of great benefit
to Champion. BBA's mandate is the near term evaluation of the iron
potential at Attikamagen, in terms of maximizing tonnage at the highest
recoverable iron grades."
Champion is also pleased to announce
that it has renegotiated the royalty agreement on Attikamagen. The
royalty has been reduced to C$ 1.50 per tonne of iron content in any and
all iron ore pellets or other product produced from the property (a 50%
reduction from the original C$ 3.00 per tonne) and to provide for
Champion to have the right and option to purchase this royalty at any
time for C$ 2.5 million. As consideration for the reduction of the
royalty interest and the buy-out option, Champion agreed to issue 150,000
fully paid and non-assessable common shares of the Company. The shares to be
issued are subject to acceptance of the agreement by the TSX Venture
Exchange and will be subject to a four-month hold period.
Attikamagen Iron Formation and Project
The Property is
comprised of 52 mineral exploration claims in western Labrador, located
15 km E-NE of Schefferville, Quebec. Recent work in 2007 completed by
Champion consisted of an airborne geophysical survey at Attikamagen, as
well as a preliminary surface mapping and sampling program. The surface
sampling program was completed to ground reference samples for
correlation with the geophysical data.
The airborne
magnetic response correlates well with surface geological mapping, and is
useful in delineating the magnetite iron formation and wall rock contacts
in talus or overburden covered areas where there is an absence of bedrock
exposure. The total field and first vertical derivative magnetic data
indicates a series of NW-SE trending strongly magnetic horizons linked
with the iron formations and have a surface expression ranging in true
thickness from 150 to 500 meters. The mineralization may extend over 8 km
beneath shallow overburden based on the magnetic response, with dips
ranging from near vertical to 80� to the NE.
Although not
compliant with current 43-101 resource estimation standards, these types
of iron formations can be estimated volumetrically by utilizing a
combination of sampling and magnetic survey responses to estimate mineral
resources with remarkable accuracy on a tonnes per vertical meter basis.
Exploration drilling is required primarily to determine the extent and
iron grades of the iron formations and provide samples for metallurgical
testing.
The average total iron content from
21 grab samples taken by Champion in 2007 was 37.7% within a range of 22.60% to 49.30%. Some 11 samples contain
more than 40% total iron within the upper range of 40.30% to 49.30%. Champion plans
to complete metallurgical beneficiation testing on samples to determine
whether a marketable concentrate can be produced from the Property.
The
2008 exploration program and scoping studies will be supervised by Mr.
Jeff Hussey, P. Geo., Champion's Vice-President Exploration. The
information contained in this release was prepared and revised by Mr.
Jean Lafleur, P. Geo., Director and Technical Advisor to the Champion
Minerals. Both individuals are Qualified Persons under National
Instrument 43-101 standards.
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About
Champion Minerals Inc.
Champion is a junior exploration Company
focused on discovering and developing significant metal resources in
eastern Canada, particularly in Newfoundland-Labrador. The Company
currently has two properties, the Powderhorn Base Metal Project located
in central Newfoundland, and the Attikamagen Lake Iron Property, located
in eastern Labrador.
About BBA
Inc.
Based in Montreal, Quebec, BBA Inc. provides
high quality expertise and customized services in the fields of
Metallurgy & Mineral Processing, Mining and Geology. BBA is currently
involved with Consolidated Thompson Iron Mines Limited (TSX-V: CLM) to
perform overall engineering, procurement, construction and management
services (EPCM) for the development of the Bloom Lake Iron Ore Project,
located 13 km northwest of the Quebec town of Fermont and 8 km north of
the Quebec Cartier Mining Company (QCM) Mount-Wright mine and
concentrator.
CHM - TSX Venture Exchange
Shares
Outstanding: 12,003,035
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For further information
please contact:
Thomas G. Larsen, President and
CEO or Jorge Estepa, Vice President
(416) 866-2200 (tel) or (416) 361-1333 (fax)
Statements in this
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments or
results, may vary materially from those in these
"forward-looking" statements. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
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Champion Minerals Inc.
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EXPLORATION STAGE |
CODE : CHM.V |
ISIN : CA15854B1004 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Champion Minerals is a iron and nickel exploration company based in Canada. Champion Minerals holds various exploration projects in Canada. Its main exploration properties are POWDERHORN LAKE, ATTIKAMAGEN LAKE IRON, FERMONT IRON, EAST INLET and BLACK DAN in Canada. Champion Minerals is listed in Canada and in Germany. Its market capitalisation is CA$ 109.8 millions as of today (US$ 109.5 millions, € 81.1 millions). Its stock quote reached its lowest recent point on October 17, 2008 at CA$ 0.16, and its highest recent level on February 04, 2011 at CA$ 3.30. Champion Minerals has 119 326 000 shares outstanding. |
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