Mr. Thomas Larsen reports

ASSAY RESULTS ANNOUNCED FROM THE INAUGURAL DRILLING PROGRAM AT CHAMPION'S PENGUIN LAKE PROJECT, SOUTHERN LABRADOR TROUGH

Cartier Iron Corp. issued a news release earlier today providing assay results from its inaugural 10-hole phase 1 diamond drilling program completed on Champion Iron Mines Ltd.'s Penguin Lake project, located in the southern Labrador Trough, Quebec.

The 10 NQ-diameter drill holes, totalling 3,315 metres, were designed to intersect a magnetite- and hematite-rich iron formation, coincident with a strong magnetic-response anomaly, in the area of the catalogued Lac Pingouin zone 1 occurrence, which has a historic mineral resource of 46.7 million tonnes grading 30 per cent total iron (FeT), estimated from the results of nine historic diamond drill holes.

The phase 1 drilling campaign intersected a total of 1,600 metres of iron formation with an average grade of 29.5 per cent FeT. Selected best intervals include: 242 metres grading 25.2 per cent FeT from hole PL13-04; 129 metres grading 34.4 per cent FeT in hole PL13-05; 112 metres of 29.4 per cent FeT encountered in hole PL13-07; and 300 metres grading 33 per cent FeT in hole PL13-10. A list of composite assay results from the drill program can be found in Cartier Iron's press release dated April 25, 2013, which is available on its corporate website and will also be posted under Cartier Iron's filings at SEDAR.

Cartier Iron further reported that it has commissioned MRB & Associates of Val d'Or, Que., to complete a National Instrument 43-101-compliant mineral resource estimate for the Penguin Lake project, with results expected by early third quarter of 2013. The Penguin Lake project is currently being explored pursuant to an option agreement with Cartier Iron, whereby Cartier Iron was granted the right to earn a 65-per-cent interest in the iron-rich mineral concessions (see the company's press release dated Dec. 11, 2012).

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