Champion Announces Toronto Stock Exchange Conditional Approval for the Listing of Mamba Minerals Ordinary Shares to Be Issued Under the Plan of Arrangement

TORONTO, ONTARIO--(Marketwired - March 20, 2014) - Champion Iron Mines Limited (TSX:CHM)(FRANKFURT:PO2) ("Champion" or the "Company") announces that the Toronto Stock Exchange (the "TSX") has conditionally approved the listing on the TSX of the ordinary shares of Mamba Minerals Limited ("Mamba") which will be issued to the shareholders of Champion in exchange for their Champion common shares pursuant to the terms of the previously announced plan of arrangement (the "Arrangement") between Champion, Mamba and 2401397 Ontario Inc. (subsequently renamed Champion Exchange Limited). As previously announced, it is a condition of closing of the Arrangement that the TSX conditionally approve the listing of Mamba ordinary shares on the TSX on completion of the Arrangement.

As at closing of the Arrangement, which is expected to be on March 31, 2014, Mamba will change its name to Champion Iron Limited and its ordinary shares (whether currently issued or issued as part of the Arrangement) will trade on both the TSX 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 Mamba ordinary shares on either stock exchange.

Champion is also pleased to announce that Mamba's shareholders have today approved at an extraordinary general meeting of shareholders all resolutions relating to the Arrangement. Champion securityholders will vote on the Arrangement on March 27, 2014 with the closing expected on March 31, 2014, shortly after receipt of final court approval.

About Champion Iron Mines Limited

Champion is an iron exploration and development company with offices in Montreal and Toronto, and is focused on developing its significant iron resources in the Labrador Trough in the province of Québec. Champion holds a 100% interest in the Fermont Iron Holdings, including its flagship Consolidated Fire Lake North Project, that is located in Canada's major iron ore producing district, in close proximity to producing iron mines, existing transportation and power infrastructure.

Consolidated Fire Lake North is located immediately north of Arcelor Mittal's operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Québec. Champion's management and advisory board includes mining and exploration professionals with the mine development and operations experience to build, commission and operate the future Consolidated Fire Lake North mine.