CARTIER IRON CORP. (CNSX:CFE) ("Cartier Iron", or the "Company") is pleased to
announce the completion of a current Mineral Resource Estimate for the Penguin
Lake Project ("Penguin Lake") located within the recently consolidated Round
Lake Property, one of Cartier Iron's Gagnon Holdings (Figure 1 -
http://media3.marketwire.com/docs/cfe1219-F1.pdf). 


The Mineral Resource Estimate (MRE) was completed by Abder Ladidi, P. Geo., an
independent QP of MRB & Associates ("MRB") of Val-d'Or, Quebec, based on 10
drill holes totalling 3,315 m, completed between January 16th and February 23rd,
2013. 


The updated MRE increases the historic resource(1) by an order of magnitude to
531.1 million tonnes (Mt) grading 33.1% Total Iron (FeT) of In-pit Inferred
Resources at a 15% FeT cut-off grade. The global in-situ mineral resource of
534.8 Mt grading 33.1% FeT was subject to a Whittle pit optimization to estimate
the portion of in-situ Mineral Resource within the pit shell. P&E Mining
Consultants of Brampton, ON were contracted by MRB to run the pit shell using a
1.05:1.00 $CDN:$US exchange rate, a mining cost of $2.50/Tonne, and a charge of
$18.10/Tonne for the total processing, G&A, and freight costs. The process
recovery, estimated to be 82%, an iron ore price of $1.77/dmtu, and a 48 degrees
overall pit-slope, were used to complete the Whittle pit optimization. The
sensitivity of the resource estimates are demonstrated by comparing the
proportion of the mineral resources that may be economically exploited within
the optimized pit shell to the global in-situ resource. A summary of the Global
In-Situ Mineral Resource Estimate is presented in Table 1 and the results of the
In-Pit Mineral Resource are presented in Table 2.


John Langton, Cartier Iron's President commented, "The Company considers this
inaugural drilling campaign to be an unqualified success. The considerable
knowledge, experience and skill of our team has steered this Project to a
ten-fold increase of the historic resource at Penguin Lake. The updated resource
makes the Penguin Lake deposit the largest iron resource in the southern Gagnon
Terrane. The current resource comprises less than half of the modelled
bowl-shaped deposit. There is huge upside resource potential in the areas to the
north, and to the west, where the iron formation is interpreted to re-surface."


Mr. Langton further stated, "Additional work in the near-term at Penguin Lake
will include metallurgical studies followed by a Preliminary Economic Assessment
to establish the parameters required for the future development of the Project."




   Table 1: Global In-situ Mineral Resource Estimate, Penguin Lake Project  
                                                                            
----------------------------------------------------------------------------
           Global Inferred Resources(i)             Below Cut-off           
Cut-off     Tonnes         Grade               Tonnes         Grade         
Grade   (millions)    FeT%    CaO%   MgO%  (millions)    FeT%    CaO%   MgO%
                                                                            
15%          534.8    33.1     3.1    2.8         0.0     0.0     0.0    0.0
20%          534.7    33.1     3.1    2.8         0.1    15.4     2.1    1.7
25%          531.4    33.2     3.0    2.8         3.4    23.2     4.7    3.0
30%          466.4    33.9     2.9    2.8        68.4    28.2     4.1    2.7
----------------------------------------------------------------------------
                                                                            
                                                                            
       Table 2: In-Pit Mineral Resource Estimate, Penguin Lake Project      
                                                                            
----------------------------------------------------------------------------
           In-Pit Inferred Resources(i)             Below Cut-off           
Cut-off     Tonnes         Grade               Tonnes         Grade         
Grade                 FeT%    CaO%   MgO%                FeT%    CaO%   MgO%
                                                                            
15%          531.2    33.1     3.1    2.8         0.0     0.0     0.0    0.0
20%          531.1    33.1     3.1    2.8         0.0    15.4     2.1    1.7
25%          527.8    33.2     3.0    2.8         3.4    23.2     4.7    3.0
30%          463.9    33.9     2.9    2.8        67.3    28.2     4.1    2.7
----------------------------------------------------------------------------
                                                                            
(i) The quantity and grade of the reported Mineral Resources within the     
 Project are categorized as Inferred Mineral Resources. Inferred Mineral    
 Resources are that part of a Mineral Resource for which quantity and grade 
 or quality can be estimated on the basis of geological evidence and limited
 sampling and reasonably assumed, but not verified, geological and grade    
 continuity. The estimate is based on limited information and sampling      
 gathered through appropriate techniques from drill core. There is no       
 guarantee that further exploration will upgrade the Inferred Mineral       
 Resources to Indicated or Measured Mineral Resources. Mineral Resources    
 which are not Mineral Reserves do not have demonstrated economic viability.
 The estimate of Inferred Mineral Resources may be materially affected by   
 environmental, permitting, legal, title, taxation, socio-political,        
 marketing, or other relevant issues.                                       



The 10 drill holes that define the MRE drilled only the southern portion of the
deposit. The deposit occurs in the form of a multiply refolded tightly
overturned synform that produces a bowl-like shape of shallow dipping iron
formation host rock. No recent drilling has been completed in the northern
portion of the deposit however, the strong correlation of magnetic response to
where iron formation surfaces and a historic drill hole located in the NW
portion of the deposit allow for projection of the modelled iron formation and
an estimate of the exploration target potential(ii). The interpreted 3D model of
iron formation includes an additional 700 to 900 million tonnes of similar grade
as suggested by the current Inferred Resource, predominantly in the undrilled
portion of the deposit to the north and northwest where additional resources
might be identified. 


(ii) Exploration Target Potential is not a Mineral Resource. There is
insufficient work completed to estimate the quantity and grade or quality of the
exploration target on the basis of geological evidence and sampling. There is no
guarantee that further exploration will define additional mineral resources from
any portion of the exploration target potential.


A comparison of the current global in-situ mineral resource and in-pit mineral
resource demonstrates the amenable geometry of the deposit to open-pit mining
with 99+% of the in-situ resource occurring within the optimized pit shell.


Furthermore, it is apparent that a natural geological cut-off grade exists for
the modelled high grade iron oxide deposit that is above the economic cut-off
grade. As can be seen by the quantity and grade of below cut-off grade material
at the higher cut-off grades, the natural cut-off grade of the deposit is near
25% FeT where only 0.6% of the material is below cut-off at an average grade of
23.2% and well above the economic cut-off grade of 15% FeT.


The Penguin Lake Project is being carried out on the Round Lake Property, part
of Cartier Iron's "Gagnon Holdings", which encompass 5 separate mineral
concessions covering 344 km2 in the Gagnon Terrane of the southern Labrador
Trough. The Gagnon Holdings are currently being explored pursuant to an option
agreement with Champion Iron Mines Limited (TSX:CHM) whereby Cartier Iron was
granted the right to earn a 65% interest in the iron-rich mineral concession
(see Cartier Iron's press release dated December 11, 2012).


About Cartier Iron Corporation 

Cartier Iron is an exploration and development Company focused on discovering
and developing significant iron ore resources in eastern Canada, particularly in
the provinces of Quebec. The Company's projects include the Gagnon Holdings in
the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the
Nunavik Region of northern Quebec. 


The technical information in this news release was prepared by John Langton, P.
Geo., President and a Director of the Company, and a Qualified Person under NI
43-101 standards.


The CNSX has not reviewed nor accepts responsibility for the adequacy or
accuracy of this release. 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.


(1) The on-line documented information on the Lac Pingouin Occurrence describes
the rocks hosting the mineralization and the historic resource, and can be
viewed at http://sigeom.mrnf.gouv.qc.ca/ (COGITE #23C/01-0004).Historical
Mineral Resource for the Lac Pingouin occurrence are also stated in MRNFQ
Assessment Files GM12096 and GM13035.


Please visit Cartier Iron's website at www.cartieriron.com. 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Cartier Iron Corporation
John Langton
President & Director
(819) 874-8768


Cartier Iron Corporation
Jorge Estepa
Vice-President
(416) 360-8006
www.cartieriron.com
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