Champion Closes in Escrow on Agreement to Increase Its Interest to 82.5% of 16 Strategic Iron Mineral Concessions in Fermont, Qu
July 16 2010 - 3:39PM
Marketwired
CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:
CHM)(FRANKFURT: P02) is pleased to announce that, in accordance
with the terms of its agreement (the "Agreement") with The Sheridan
Platinum Group Ltd. (the "Vendor"), Champion has closed the
Agreement in escrow pending recording and registration of all
applicable transfers. Under the terms of the Agreement, Champion is
acquiring all of the Vendor's remaining 17.5% interest in the Joint
Venture among Champion, the Vendor and Fancamp Exploration Inc.
("Fancamp") covering 16 iron-rich mineral concessions in the
Fermont Iron Ore District of north-eastern Quebec, situated
approximately 250 km north of the St. Lawrence River port town of
Port-Cartier and centered 60 km southwest of Fermont. With
completion of the acquisition of this additional 17.5%, Champion is
increasing its ownership in the Joint Venture and its properties to
82.5%. Fancamp retains the other 17.5% interest. The Vendor and
Fancamp also retain a 3% royalty, which may be reduced to 2% by
paying $3,000,000.
Under the terms of the Agreement, Champion has issued 4,000,000
shares from treasury and paid $1,000,000. Champion owes two further
payments of $500,000 each, payable July 12, 2011 and January 12,
2012, respectively. The share certificates, funds, promissory notes
and other closing documents have been delivered into escrow and
will be released from escrow forthwith after satisfactory
completion of the recording and registration of all transfers of
the property interests to increase Champion's recorded and
registered interest in the properties to 82.5% at the provincial
registration offices. All necessary securities regulatory approvals
have been obtained. The shares are subject to a resale restriction
for four months plus one day from closing. In connection with the
Agreement, the Company paid a commission of $40,000 to an arm's
length party.
About Champion Minerals
Champion is a junior exploration Company focused on discovering
and developing significant metal resources in eastern Canada,
particularly in Labrador and Newfoundland, and northeastern Quebec.
The Company's projects include the Fermont Iron Property in
northeastern Quebec, the Attikamagen Iron Property, located in
western Labrador and northeastern Quebec, and the Powderhorn and
Gullbridge Base Metal Projects located in central Newfoundland.
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
& CEO (416) 866-2200 Champion Minerals Inc. Jorge Estepa
Vice-President (416) 866-2200
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