Government of Quebec Forms a Partnership with Champion Iron and Adriana Resources to Advance Labrador Trough Rail Feasibility - Seite 2

Mr O'Keeffe said that the Company is excited to be a founding partner of the SFNQ and for the opportunity to be part of the overall Plan Nord project, created by the government to enhance the economic, industrial and social potential of the northern region of Québec.

"Bulk commodities require world class infrastructure to ensure long term efficiencies," he quotes.

The study could lead to one of the largest sustainable development projects in the world, with a government that is putting the necessary conditions in place to facilitate the efforts of the private sector to deliver the immense economic potential of northern Québec while respecting social and environmental considerations.

Mr O'Keeffe said that the prospective development of any new rail infrastructure would necessarily involve all aspects of the community, not just the mining industry, and requires the support of the First Nations and key stakeholders.

Champion is set to benefit from the development of rail infrastructure in the region, with 14 fully owned projects situated in the highly prospective Fermont Iron Ore District in northern Québec, and with overall Canadian National Instrument (NI 43-101) compliant resource of some 5.3 billion tonnes grading on average 29% Fe. Included in the above, the Consolidated Fire Lake North is now the Company's flagship project with a completed Prefeasibility Study ("PFS") and a well-developed strategy to advance to production.

The immediate term focus of the board and management is on completing a full Feasibility Study for the development of a long-life, low-cost operation at Consolidated Fire Lake North yielding 9.3Mtpa of concentrate at 66% Fe. When in production, and with the benefit of new rail infrastructure, the saleable product is planned to be railed to the Port of Sept-Îles and then shipped to customers in Asia and Europe, where it is expected to command a premium.

For Champion shareholders, the Feasibility Study for the new Labrador Trough rail line is an important step in unlocking the value of the Company's major assets.

Additionally, for Champion's employees and stakeholders, including the communities in which the Company operates, the study provides the potential to deliver future growth and job opportunities for the local and indigenous people who live in the region.