Mr. Michael O'Keeffe reports

CIM MINERAL RESOURCE AND MINERAL RESERVE STATEMENT & JOINT ORE RESERVES COMMITTEE (JORC) RESOURCE AND RESERVE STATEMENT

The board of Champion Iron Ltd. has released the initial Australasian Joint Ore Reserves Committee resource and reserve statement for its wholly owned subsidiary Champion Iron Mines' flagship Consolidated Fire Lake North project in the Labrador Trough, Quebec, Canada.

A JORC-compliant resource of over 1.2 billion tonnes, including 755 million tonnes of measured and indicated metallurgically coarse-grained hematite mineralization, has been estimated for Consolidated Fire Lake North. The successful spring 2014 drilling campaign data have been combined with data from the previous resource estimate reported under Canadian National Instrument 43-101 to produce this JORC estimate.

      OCTOBER, 2014, FIRE LAKE NORTH DEPOSIT MINERAL RESOURCE ESTIMATE
                            AT CUT-OFF OF 15% FE                         

Category      Tonnage (Mt)    Fe (%)  SiO2 (%) Al2O3 (%)     P (%)   LOI (%)

Measured              40.3     34.19     48.31      1.28     0.015      0.21
Indicated            715.0     31.42     51.38      1.56     0.020      0.31
M+I total            755.3     31.57     51.22      1.55     0.019      0.30
Inferred             461.0     31.83     49.64      2.22     0.032      0.37

The current mineral resource estimate was calculated by P&E Mining Consultants Ltd. of Brampton, Ont., using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions and guidelines prepared by the CIM standing committee on reserve definitions. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. In addition, the quantity and grade of estimated inferred resources reported herein are uncertain, and there has been insufficient exploration to categorize them as an indicated or measured resource. Furthermore, it is uncertain whether further exploration will result in reclassification of inferred mineral resources to the indicated or measured resource categories. The tonnage numbers are rounded according to National Instrument 43-101 standards.

Further to the resource statement, Champion is also announcing the first reserve statement for the Consolidated Fire Lake North project to comply with JORC. The JORC reserve estimate totals approximately 464 million tonnes of reserves with an estimated 23 million tonnes in the proved category.

 2013 FIRE LAKE NORTH DEPOSIT MINERAL RESERVE ESTIMATE AT CUT-OFF OF 15% FE                                    
                 
Category                    Tonnage (Mt)        Fe (%)   Weight recovery (%)

Proved                              23.7         35.96                 45.00
Probable                           440.9         32.17                 39.58
Total                              464.6         32.37                 39.86

Note:
The current ore reserves as reported herein were estimated from the mineral
resources as reported in the Jan. 25, 2013, PFS. New ore reserves will be
estimated for the feasibility study, based on the current, updated mineral
resource estimate as reported herein.                                                                             

The board is pleased to advise that this JORC reserve estimate is the same as the estimate found in the prefeasibility study reported under Canadian National Instrument 43-101.

Champion's chairman and chief executive officer, Michael O'Keeffe, said the completion of work required for Champion to publish an inaugural JORC-compliant resource of over 1.2 billion tonnes for Consolidated Fire Lake North, and the consistency of this information with the previously published National Instrument 43-101 for the project, is an important development for the company.

"At a time when we are attracting the interest of industrial and strategic investor groups, it is reassuring to have confirmation of the quality of our major asset and increased confidence in its potential," Mr. O'Keeffe said.

Feasibility study under way at Consolidated Fire Lake North

A new reserve estimate will be calculated using the resource data found in today's announcement and will be used to underpin the feasibility study currently under way at Consolidated Fire Lake North.

The current reserve is expected to provide approximately 20 years feed to a beneficiation plant where between nine million tonnes and 10 million tonnes of high-grade metallurgically coarse hematite concentrate product aimed at the sinter market will be produced.

The new resource estimate coincides with the recent Quebec government announcement stating its continuing commitment to reviewing options for the potential construction of a multiuser integrated rail system. In June, the Quebec government advised it would set aside up to $20-million from its Plan Nord fund for a feasibility study to determine the optimum rail option of a new rail link for iron ore miners in the Labrador Trough.

Champion is well advanced on all other aspects of the Consolidated Fire Lake North feasibility study and anticipates releasing the comprehensive report shortly after the above-mentioned rail data are made publicly available by the government, allowing for the incorporation by Champion of the rail operating costs and related data.

The focus of the board and management remains on completing a full feasibility study for the development of a long-life, low-cost operation at Consolidated Fire Lake North yielding 9.3 million tonnes per annum of concentrate at 66 per cent iron, which is expected to command a premium in global markets.

The technical information in this news release was prepared and reviewed by Tracy Armstrong, PGeo (OGQ), and Antoine Yassa, PGeo (OGQ), each an independent consultant contracted by P&E Mining Consultants, and Patrice Live, Ing (OIQ), of BBA Inc.

We seek Safe Harbor.