Thursday, 09 Feb 2012
Champion Minerals Inc reports that, pursuant to the Attikamagen Option and Joint Venture Agreement entered into with Labec Century Iron Ore Inc a subsidiary of Century Iron Mines Corporation, Champion has signed and delivered to Labec Century transfers conveying a 51% interest in the Attikamagen Iron Property to Labec Century. After review, Champion has confirmed that Labec Century has fulfilled its obligation to fund USD 7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property required to earn the Initial Interest.
Labec Century has the option to increase its interest to 56% by funding a further USD 2,500,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2013 and to further increase its interest to 60% by funding an additional USD 3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12th 2014. Subject to Labec Century completing its applicable options, Labec Century and Champion will form a joint venture reflective of their proportionate ownership interests in the Attikamagen Iron Property.
Mr Thomas G Larsen president and CEO of Champion said that "Champion is very pleased that Century Iron Mines Corporation, through its subsidiary, Labec Century, is progressing exploration of the Attikamagen Iron Property and that it has attracted WISCO International Resources Development & Investment Limited as a very strong minority partner in the Attikamagen Iron Property. To Champion, WISCO's recent agreement to fund Labec Century with USD 40,000,000 for a 40% interest in Labec Century speaks loudly about the potential in the Attikamagen Iron Property."
Champion Minerals Inc reports that, pursuant to the Attikamagen Option and Joint Venture Agreement entered into with Labec Century Iron Ore Inc a subsidiary of Century Iron Mines Corporation, Champion has signed and delivered to Labec Century transfers conveying a 51% interest in the Attikamagen Iron Property to Labec Century. After review, Champion has confirmed that Labec Century has fulfilled its obligation to fund USD 7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property required to earn the Initial Interest.
Labec Century has the option to increase its interest to 56% by funding a further USD 2,500,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2013 and to further increase its interest to 60% by funding an additional USD 3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12th 2014. Subject to Labec Century completing its applicable options, Labec Century and Champion will form a joint venture reflective of their proportionate ownership interests in the Attikamagen Iron Property.
Mr Thomas G Larsen president and CEO of Champion said that "Champion is very pleased that Century Iron Mines Corporation, through its subsidiary, Labec Century, is progressing exploration of the Attikamagen Iron Property and that it has attracted WISCO International Resources Development & Investment Limited as a very strong minority partner in the Attikamagen Iron Property. To Champion, WISCO's recent agreement to fund Labec Century with USD 40,000,000 for a 40% interest in Labec Century speaks loudly about the potential in the Attikamagen Iron Property."
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