Mr. Thomas Larsen reports

CHAMPION IRON MINES SECURITYHOLDERS APPROVE PLAN OF ARRANGEMENT

The previously announced plan of arrangement between Champion Iron Mines Ltd., Mamba Minerals Ltd. and 2401397 Ontario Inc. (subsequently renamed Champion Exchange Ltd.) was overwhelmingly approved by the Champion shareholders and optionholders at a special meeting of securityholders held today.

At the special meeting, the arrangement was approved by (a) Champion shareholders holding 99.41 per cent of the common shares voted in person or by proxy; (b) Champion shareholders and optionholders holding 99.48 per cent of the common shares and options voted together in person or by proxy; and (c) 99.35 per cent of the minority shareholders in accordance with National Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

The completion of the arrangement remains subject to customary closing conditions, including final approval by the Ontario Superior Court of Justice (Commercial List). Champion will be seeking the final court approval on Friday, March 28, 2014.

As previously announced, as at closing of the arrangement, which is expected to be on March 31, 2014, Mamba will change its name to Champion Iron, and its ordinary shares (whether currently issued or issued as part of the arrangement) will trade on both the Toronto Stock Exchange and the Australian Securities Exchange, thus providing the resulting iron ore company with access to both the Canadian and Australian capital markets, and the shareholders of the combined entity with the ability to trade their ordinary shares on either stock exchange.

We seek Safe Harbor.