NEWSWISCO to Buy 25% Interest in Century Iron Ore, Champion Minerals' Partner in Attikamagen Iron Ore Property
TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) -
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CHAMPIONMINERALS INC. (TSX:CHM)(FRANKFURT:P02) ("Champion" or the "Company")today provided the following update concerning its Attikamagen Iron Oreproperty in western Labrador and northeastern Quebec, 15 km northeast ofSchefferville:
WISCO International Resources Development& Investment Limited ("WISCO"), has entered into a binding frameworkagreement with Century Iron Ore Holdings Inc. ("Century"), the parentcompany of Champion's joint venture partner in the Company's 100%-ownedAttikamagen property.
Under the framework agreement, WISCOwill purchase 25% of the issued and outstanding shares of Century (on anon-diluted basis) upon completion of a Qualifying Transaction with RedRock Capital Corp.
WISCO will also enter into jointventure agreements with Century for ownership of Century subsidiariesholding interests in three properties including Labec Century Iron OreInc. ("Labec"), Champion's partner in the Attikamagen property. Thejoint venture agreements provide for WISCO to inject new capital inexchange for a 40% equity interest in each subsidiary.
Labecare currently participating in an option and joint venture withChampion whereby Labec was granted the right to earn up to a 60%interest in the Attikamagen Property in exchange for $13 million inexploration spending on or before March 26, 2014. The AttikamagenProperty, in the Labrador Trough region of Quebec and Labrador, has an80 km strike length on claims covering 310 km2.
About Champion Minerals Inc.
Championis an exploration and development Company focused on discovering anddeveloping significant iron ore resources in eastern Canada,particularly in the provinces of Quebec and Newfoundland & Labrador.The Company's projects include the Fermont Iron Property innortheastern Quebec, the Attikamagen Iron Property in northeasternQuebec and western Labrador, and the Powderhorn/Gullbridge Base MetalProjects in central Newfoundland.
Please visit Champion's website at www.championminerals.com.
Statementsmade in this news release that are not historical facts are"forward-looking statements" and readers are cautioned that any suchstatements are not guarantees of future performance, and that actualdevelopments or results, may vary materially from those in these"forward-looking" statements.