Champion Iron Mines Limited updated the development and status of its 100% owned Consolidated Fire Lake North Project ('FLN Project'). The Company made substantial progress during 2012 in advancing major elements of the FLN Project including increasing and upgrading the mineral resources on the property, confirming the metallurgical profile and marketability of the concentrate product, negotiating port access at Sept -les/Pointe Noire, developing rail transportation options and other project infrastructure. Champion expects to release a preliminary feasibility study in January 2013 further refining the project operating assumptions and economics.

This study is the culmination of two years of exploration and development during which Champion's project team has demonstrated the unique profile and viability of the FLN Project. However, the Company will continue to assess its options and key elements of the FLN Project, particularly rail transportation alternatives to further enhance the mine plan, operating parameters, and capital and operating cost estimates. The results of this work and the ongoing Canadian National Railway ('CN')/La Caisse de d-p-t et placement du Quebec ('Caisse') North Shore rail feasibility study are expected to be included in a FLN Project feasibility study in July 2013.