Champion Minerals adds an extra 5% Interest in the Attikamagen Property to Labec Century Iron Ore

Champplans to build a vibrating screenion Minerals reports that, pursuant to the Attikamagen Option and Joint Venture Agreement entered into with Labec Century Iron Ore, a subsidiary of Century Iron Mines Corporation, Champion has signed and delivered to Labec Century transfers conveying to Labec Century an additional 5% interest in the Attikamagen Iron Property.

In February, 2012, Champion conveyed the initial 51% interest in the Attikamagen Iron Property to Labec Century.

In addition to the $7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property funded by Labec Century required to earn the Initial Interest, Labec Century has increased its interest to 56% by funding a further $2,500,000 in exploration and development work on the Attikamagen Iron Property, well in advance of the May 12, 2013 deadline.

Labec Century has the option to further increase its interest to 60% by funding an additional $3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2014.

"Champion is pleased that Century Iron Mines Corporation, through its subsidiary, Labec Century, is continuing to progress exploration of the Attikamagen Iron Property. It is worth noting and repeating that Labec Century has attracted WISCO International Resources Development & Investment Limited as a very strong minority partner in the Attikamagen Iron Property," said Thomas G. Larsen, President and Chief Executive Officer of Champion.

"To Champion, WISCO's agreement to fund Labec Century with $40,000,000 for a 40% interest in Labec Century speaks loudly about the potential in the Attikamagen Iron Property."