Champion Minerals Reported New Agreement With Labec Century Iron Ore Inc.

Champion Minerals Inc. (TSX:CHM,OTCQX:CPMNF,FWB:P02)announced it has entered into an agreement with Labec Century Iron Ore Inc. transferring an additional 5% interest in the Attikamagen Iron Property.

As quoted in the press release:

In February, 2012, Champion conveyed the initial 51% interest in the Attikamagen Iron Property to Labec Century.

In addition to the $7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property funded by Labec Century required to earn the Initial Interest, Labec Century has increased its interest to 56% by funding a further $2,500,000 in exploration and development work on the Attikamagen Iron Property, well in advance of the May 12, 2013 deadline. Labec Century has the option to further increase its interest to 60% by funding an additional $3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2014.

Click here to read the Champion Minerals Inc. (TSX:CHM) press release.