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As part of the ongoing $12.5 million option agreement between Labec Century Iron Ore Inc. ("Labec") and the Company, Mira Geoscience Ltd. ("MIRA") of Montreal (Quebec) completed 3-D geological and MI models summarized in a document titled "Iron Ore Volume Assessment using Airborne Magnetic Data, Attikamagen Property, Canada, by P. Kowalczyk, P. Geo., dated March 18, 2009 (the "Study"). The objective of the Study was to better understand the geometry of the taconites or magnetite(-hematite) iron formations on the Property. The airborne vertical gradient magnetic survey response was utilized for the MI and MVE of the taconites across the entire 80km long Property and selected target areas (the "Study") as requested by the Company.
The Study and the Taconite tonnage Potential Estimates or TTPE are part of a Technical Report titled "National Instrument 43-101 Technical Report, the Attikamagen Iron Property, Western Labrador, Province of Newfoundland and Labrador (NTS Map-Sheets 23J/15 and 16 at coordinates 54 degrees 53'30"N and 66 degrees 36'45"W), by John Langton, M. Sc., P. Geo., and Doug Clark, P. Geo., dated April 8, 2009 (the "Report"). The Report is currently available with the Company's other filings on SEDAR at www.sedar.com and the Company's website at www.championminerals.com.
MI are generally used in outlining the lengths, widths, depths and dips of the magnetic units, in this case taconites, ultimately resulting in an estimate of their volumes ("MVE") and also conceptual Taconite Tonnage Potential Estimates ("TTPE") at different specific gravities, but not their grades. Champion is of the opinion the MVE and conceptual TTPE can add value to the exploration targeting process at the Property by producing higher quality drill targets to possibly convert the conceptual TTPE to mineral resources.
The following table outlines the MVE and conceptual TTPE of the taconites from surface to a -250m vertical depth on the Property:
----------------------------------------------------------------------------
---------------------------- Taconite Tonnage Potential Estimates(2) using
Magnetic specific gravities of 3.0, 3.3 and 3.6 tonnes/m3
Volumetric ------------------------------------------------
Estimates
above 250m Volume (m3)(1) 3.0 3.3 3.6
----------------------------------------------------------------------------
Lac-Sans-Chef
taconites(3) 1,292,000,000 3,873,000,000 4,262,800,000 4,651,200,000
----------------------------------------------------------------------------
Jennie Lake
taconites(3) 451,700,000 1,355,100,000 1,490,610,000 1,626,120,000
----------------------------------------------------------------------------
Property-wide
unexplored
taconites 6,391,000,000 19,176,000,000 21,091,100,000 23,007,600,000
----------------------------------------------------------------------------
Total 8,134,700,000 24,404,100,000 26,844,510,000 29,284,920,000
----------------------------------------------------------------------------
(1) The Volume (m3) numbers are taken or derived from the MIRA Study.
(2) The Taconite Tonnage Potential Estimates are taken or derived from the
NI 43-101 Report.
(3) The Taconite Tonnage Potential Estimates are supported by exploration in
the Lac-Sans-Chef and Jennie Lake sectors from direct sampling evidence.
The conceptual TTPE quantities are strictly conceptual in nature, being used for the Company's exploration efforts, and are stated as a range of tonnes, in that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the conceptual TTPE being delineated as a Mineral Resource.
At specific gravities of 3.0, 3.3 and 3.6 tonnes/m3, the total conceptual TTPE in explored and unexplored areas of the Property vary from 24.404 billion to 29.285 billion tonnes; whereas the field sampled or explored taconites yielded values ranging from 3.873 billion to 4.651 billion tonnes and 1.355 billion to 1.626 billion tonnes, respectively for the Lac-Sans-Chef and Jennie Lake sectors.
Taconites at Lac-Sans-Chef currently show the best upside conceptual potential. Here, the taconites are tightly folded with 8 fold-repetitions forming intervals of magnetite-rich rocks that extend 3km in length and 300m in width. Previously released channel and grab sample assays (refer to the Company's news release dated February 26, 2009) from Lac-Sans-Chef averaged 26.79% Iron, and assays from limited drill core averaged 27.93% Iron; whereas the Jennie Lake channel and grab sample assays averaged 30.66% Iron.
Locally the magnetic signature is relatively lower and these areas have potential for Direct Shipping Ore ("DSO") in low-lying areas where the taconite does not outcrop since it is usually softer and more friable and it has been scraped to a lower elevation due to glaciations. The DSO term was used by previous operators in the Schefferville area to designate "oxidized iron ore" with iron grades in excess of 55%, and is only used here for historical reference and is not intended to imply that a positive economic study has been completed on the Property.
The authors of the Report concluded that the Property could potentially host significant taconite mineral resources with grades in the range of 26.5% to 30% Iron based on the limited surface and drill core sampling to date. The conceptual TTPE and assay grades are very similar to those outlined in the Schefferville Mining Camp of Quebec and Labrador for the LabMag and KeMag Deposits containing NI 43-101 Measured and Indicated Resources of 3.665 billion tonnes @ 26.4% Iron and 2.445 billion tonnes @ 26.3% Iron, respectively (refer to the New Millenium Capital Corp. website at www.nmlresources.com).
Champion and its partner Labec are currently preparing a major drill program based on the results to date on the Property, following the spring break-up, to work towards outlining in the near term the highest quantity and quality iron mineral resources.
About Champion Minerals Inc.
Champion is an exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in the provinces of Labrador and Newfoundland and Quebec. The Company's projects include the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.
About Labec Century Iron Ore Inc.
Labec Century Iron Ore Inc. is financing the exploration and development program on the Attikamagen Iron Property pursuant to an option agreement with the Company, wherein CIOI was granted the right to earn a 60% interest in the Property by expending C$12.5 million in staged exploration and development work expenditures over a 5 year period.
Labec Century Iron Ore Inc. is a member of the Century Iron Ore Group which is based in the Far East and has extensive network, experience and expertise in the international iron ore industry with the focus on developing iron ore resources targeted to and supplying iron ore products to China, the largest and fastest growing consumer of the raw material today.
The technical content of this press release was prepared and revised Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of Champion, and is a Qualified Personunder the NI 43-101 standards and practices.
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.
SOURCE: Champion Minerals Inc.
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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