Champion Minerals Mandates BBA Inc. to Commence Two Preliminary Assessment Studies on the Fermont Iron Property
April 27 2010 - 11:57AM
Marketwired
CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:
CHM)(FRANKFURT: P02) is pleased to announce it has engaged BBA Inc.
("BBA") to commence a Preliminary Assessment Study of the
Bellechasse and Fire Lake North Iron Prospects ("Bellechasse" and
"Fire Lake North") from the Fermont Iron Property. The Preliminary
Assessment Study is expected to be completed by Q4-2010. BBA is an
independent Canadian consulting engineering firm operating
internationally. Its team is composed of highly-qualified experts
in several engineering disciplines including mining, metallurgical
processes and construction management. BBA has produced a
preliminary assessment work and feasibility studies, and detailed
engineering at Consolidated Thompson Iron Mines ("CLM") Bloom Lake
Mine located 40km north of Bellechasse and Fire Lake North.
On November 19, 2009, Champion announced the results of a
National instrument ("NI") 43-101 Technical Report on Mineral
Resources from Bellechasse and Fire Lake North carried out by
P&E Mining Consultants Inc. ("P&E"). P&E estimated a
combined 503.3 million tonnes grading 28.0% Iron in the Inferred
Mineral Resources(i) category divided as follows: 215.1 million
tonnes grading 28.7% Iron at Bellechasse and 288.2 million tonnes
grading 27.5% Iron at Fire Lake North.
Mr. Thomas Larsen, President and CEO of Champion stated, "With
Champion recently completing more than 7,000m of a 15,000m planned
drill program, we are taking the Fermont Iron Property to the next
level with BBA initiating the Preliminary Assessment Study at
Bellechasse and Fire Lake North, and we eventually anticipate
initiating similar studies for the Harvey-Tuttle Claim Block. We
believe Harvey-Tuttle has the potential to ultimately host
resources in excess of 1 billion tonnes of iron for which an
economic evaluation could eventually justify a standalone type
operation."
Mr. Steeve Fiset, President and CEO of BBA Inc stated, "BBA is
pleased that Champion Minerals has retained our services
recognizing our firm's expertise in the iron ore industry. BBA's
team will assist Champion in developing its Preliminary Assessment
Study using its experience in developing large projects and its
knowledge of the regional conditions in the largest iron ore camp
in Canada."
The Fermont Iron Property
Champion has under option a land package of 384.6 km2 in 16
strategic claim blocks grouped into 3 clusters comprising the
Property. Champion had previously announced 8 claim blocks with
historical Mineral Resources of 694 million tonnes grading 30.4%
Iron, but now after 2 of the 8 claim blocks (Bellechasse and Fire
Lake North) host a current MRE, there are 6 remaining claim blocks
that host historical Mineral Resources of 578 million tonnes
grading 30.4% Iron (Paquet, 1963; Ministere des ressources
naturelles et de la faune Quebec Assessment File GM 13035). The
Mineral Resources are strictly historical in nature and are
non-compliant to NI 43-101 Mineral Resources and Mineral Reserves
standards, and should therefore not be relied upon. A Qualified
Person has not done sufficient work to upgrade or classify these
historical Mineral Resources as current NI 43-101 compliant.
The Company is currently in the second year of an option
agreement (the "Agreement") with Fancamp Exploration Ltd. (TSX
VENTURE: FNC) and the Sheridan Platinum Group Ltd. (the "Vendors")
on the Property. Pursuant to the Agreement, Champion can earn a 65%
interest in all 16 claim blocks within the Property by expending
C$6 million in staged exploration and development work
expenditures, making cash payments totalling C$1 million, and
issuing 2.9 million shares, all over a 4-year period, with the
Vendors retaining a 3% Net Smelter Returns royalty, one third of
which may be purchased by Champion for C$3 million. The Agreement
also includes a right of first refusal on the Lamelee Lake Claim
Block. Once Champion has completed its earn-in, a 65-35 joint
venture would be formed between Champion and the Vendors.
About Champion Minerals
Champion is an exploration Company focused on discovering and
developing significant metal resources in eastern Canada,
particularly in the provinces of Quebec and Newfoundland &
Labrador. The Company's projects include the Attikamagen Iron
Property in northeastern Quebec and western Labrador, the Fermont
Iron Property in northeastern Quebec, and the Powderhorn/Gullbridge
Base Metal Projects in central Newfoundland. Please visit
Champion's website at www.championminerals.com.
The technical information in this news release was prepared by
Jean Lafleur, P. Geo., Director and Technical Advisor to the
President and CEO of Champion, and is a Qualified Person under NI
43-101 standards.
(i) 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 holes
and outcrops. There has been insufficient exploration to define any
of the resources as Indicated or Measured Mineral Resources and
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 statements made in this news 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.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: CHAMPION MINERALS INC. Thomas G. Larsen President and
CEO (416) 866-2200 CHAMPION MINERALS INC. Jorge Estepa
Vice-President (416) 866-2200 www.championminerals.com
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