Champion Iron Mines Limited (TSX:CHM,OTCQX:CPMNF,FWB:P02) announced an agreement for Northfield Metals Inc. to acquire a 65% interest in the Cluster 3 properties.

As quoted in the press release:

Under the terms of the Agreement, Northfield can earn a 65% interest in the Cluster 3 Property by expending C$ 6 million in staged exploration and development work expenditures on the Cluster 3 Property, making cash payments to Champion totalling C$ 1 million, and issuing Champion 2.5 million shares – all over a 4-year period.

Click here to read the Champion Iron Mines Limited (TSX:CHM) press release.