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Champion Iron Ltd
Symbol CIA
Shares Issued 432,991,622
Close 2019-08-09 C$ 2.14
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Champion ships 10Mth tonne of iron ore from Bloom Lake

2019-08-12 08:38 ET - News Release

Mr. Michael Marcotte reports

CHAMPION IRON SHIPS TEN MILLIONTH TONNE OF HIGH-QUALITY IRON ORE FROM BLOOM LAKE

Champion Iron Ltd.'s subsidiary, Quebec Iron Ore Inc. (QIO), has shipped its 10 millionth tonne of high-grade 66.2 per cent Fe iron concentrate from the Port of Sept-Iles multiuser terminal from its production at the Bloom Lake iron mine, located near Fermont, Que.

The achievement of this significant milestone occurred less than 18 months after Bloom Lake was recommissioned on Feb. 16, 2018, and achieved its annual full nameplate capacity of 7.4 million tonnes per annum in its first year of operation. Champion benefits from access to world-class infrastructure, including access to a deepwater terminal where a capesize vessel can be loaded in less than 40 hours. The delivery and sale of the Bloom Lake high-grade iron ore concentrate to end-users in Asia, Europe and the Middle East are being completed at a time of rising demand for high-grade iron ore concentrate with low impurities.

"The 10 millionth tonne is a significant milestone for our company after recommissioning the Bloom Lake mine in February, 2018. We are proud to have a leading role in the development of the Labrador Trough, a region that has a proud history in mining and world-class infrastructure that has the capacity to handle the proposed phase II expansion of Bloom Lake," said David Cataford, chief executive officer of Champion. "On behalf of our entire team, I would like to thank all of the agencies partnered with our company including the Port of Sept-Iles, the Societe Ferroviaire et Portuaire de Pointe-Noire, the Quebec North Shore and Labrador Railway, and Genessee Wyoming. It is extremely motivating to be leading a competent team that is setting historical production records at Bloom Lake and we are fortunate to benefit from our partners' personnel consistently engaged in the region contributing and working with our Company to achieve new milestones."

About the Bloom Lake mining complex

On April 11, 2016, Champion, through its subsidiary Quebec Iron Ore Inc., acquired the Bloom Lake assets from affiliates of Cliffs Natural Resources Inc. that were subject to restructuring proceedings under the Companies' Creditors Arrangement Act (Canada). Following the release of a feasibility study on Feb. 16, 2017, Champion recommissioned Bloom Lake in February, 2018, which completed its first shipment on April 1, 2018. QIO is 63.2 per cent owned by Champion, with the remaining 36.8-per-cent equity interest owned by Ressources Quebec, acting as a mandatary of the government of Quebec. On May 29, 2019, Champion announced the terms of an agreement with Ressources Quebec whereby Champion would acquire 100 per cent of QIO.

The Bloom Lake property is located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Que., and 10 km north of the Mount-Wright iron ore mining operation of ArcelorMittal Mines Canada. The mine is an open-pit truck and shovel operation with a concentrator. From the site, iron concentrate is transported by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Iles, Que.

About Champion Iron Ltd.

Champion is a producing iron development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Quebec. Following the acquisition of its flagship asset, the Bloom Lake iron ore property, the company implemented upgrades to the mine and processing infrastructure and has partnered in projects associated with improving access to global iron markets, including rail and port infrastructure initiatives with government and other key industry and community stakeholders. Champion's management team includes professionals with mine development and operations expertise, who also have vast experience from geotechnical work to greenfield development, brownfield management including logistics development and financing of all stages in the mining industry.

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