CN Condor Resources Inc

Champion Iron Mines Limited (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion",
or the "Company") announces that further to the decision by the Canadian
National Railway Company ("CN") released on February 12, 2013, to suspend the
multi-user railway feasibility study, Champion reports that it considered the CN
proposal for an integrated rail line and terminal handling facility to service
the entire Quebec/Labrador iron ore range to be one of its three rail transport
options. 


Prior to joining the CN feasibility study process, Champion commissioned Rail
Cantech who successfully completed a feasibility study for a private rail line
from the Company's Consolidated Fire Lake North Project to the Pointe Noire
wharf at the Port of Sept-Iles where Champion has reserved sufficient loading
and storage capacity. Champion will now re-focus its efforts on a proposed rail
line southbound to Pointe Noire and reactivate discussions with relevant parties
that can assist the Company in the construction, financing and operation of this
more flexible and highly economic alternative. 


Tom Larsen, President and CEO of Champion commented, "While we are disappointed
with CN's decision not to proceed with their rail line feasibility study at this
time, we believe our Consolidated Fire Lake North project has the unique
advantage of containing large-scale, superior iron deposits and has now
progressed to the stage where it will attract major partners to bring the
project into production." Mr. Larsen added, "We are committed to advancing our
Consolidated Fire Lake North Project along with the necessary infrastructure and
welcome the participation of global investors that take a long-term view and can
bring the necessary expertise and resources to develop what we believe to be one
of Quebec's most attractive mine projects." 


With CN's termination of the feasibility study, CN is obligated to refund the
entire deposit Champion contributed towards the study costs and provide any
results and materials generated from the feasibility study.


About Champion Iron Mines Limited

Champion is an iron exploration and development company with offices in Montreal
and Toronto, and is focused on developing its significant iron resources in the
provinces of Quebec and Newfoundland & Labrador. Champion holds a 100% interest
in the Fermont Iron Holdings and a 44% interest in the Attikamagen Iron Project
located in both Quebec and Labrador. The Attikamagen Project is under option to
Labec Century Iron Ore Inc. ("Labec"), a subsidiary of Century Iron Mines
Corporation, under which Labec can earn up to a 60% interest.


Champion's Fermont Iron Holdings, including its flagship Consolidated Fire Lake
North Project, are located in Canada's major iron ore producing district, in
close proximity to five producing iron mines, existing transportation and power
infrastructure. Consolidated Fire Lake North is located immediately north of
ArcelorMittal's operating Fire Lake Mine and 60 km south of Cliffs Natural
Resources Inc.'s Bloom Lake Mine in northeastern Quebec. Champion's management
and advisory board includes mining and exploration professionals with the mine
development and operations experience to build, commission, and operate the
future Consolidated Fire Lake North mine.


For additional information on Champion, please visit our website at
www.championironmines.com. 


This news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements about
planned operations at the Company's projects, including its Consolidated Fire
Lake North Project. Forward-looking information is necessarily based upon a
number of estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other factors which may
cause the actual results and future events to differ materially from those
expressed or implied by such forward-looking information, including the risks
identified in the Company's annual information forms, management discussion and
analysis and other securities regulatory filings by the Company on SEDAR
(including under the heading "Risk Factors" therein). There can be no assurance
that such information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such forward-looking
information. Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information contained in this
press release is given as of the date hereof and is based upon the opinions and
estimates of the Company's management and information available to management as
at the date hereof. The Company disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Champion Iron Mines Limited
Thomas G. Larsen
President and CEO
(416) 866-2200


Champion Iron Mines Limited
Jorge Estepa
Vice President, Secretary and Treasurer
(416) 866-2200
www.championironmines.com

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