Champion Iron Agrees to Sell Its Remaining Interest in the Attikamagen Project to Century Iron

Champion's consideration for the sale is 2,000,000 common shares of Century Iron and 1,000,000 warrants of Century Iron exercisable as follows: (i) on or before the first anniversary of the Closing Date (anticipated to be on or before November 29, 2013) at $0.75 per share; (ii) after the first anniversary of the Closing Date and on or before the second anniversary of the Closing Date at $1.00 per share; (iii) after the second anniversary of the Closing Date and on or before the third anniversary of the Closing Date at $1.50 per share; (iv) after the third anniversary of the Closing Date and on or before the fourth anniversary of the Closing Date at $2.00 per share; and (v) after the fourth anniversary of the Closing Date and on or before the fifth anniversary of the Closing Date at $2.50 per share. In addition, Champion will receive a 2% net smelter return royalty on iron and minerals produced from the Project. The transaction has been approved by the Board of Directors of Champion and Century Iron but is subject to the approval of the Toronto Stock Exchange.

http://www.marketwired.com/press-release/champion-iron-agrees-sell-its-remaining-interest-attikamagen-project-century-iron-tsx-chm-1837400.htm

Century Iron closed at $0.48 yesterday .

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Century reported that the Joyce Lake Project is estimated to contain Measured and Indicated Mineral Resources of 10.0 million tonnes grading 59.45% Total Iron plus an additional 5.6 million tonnes of Inferred Mineral Resources grading 55.78% Total Iron, at a cut-off grade of 50% Total Iron.

http://www.marketwired.com/press-release/initial-mineral-resource-estimate-announced-champions-jv-partner-attikamagen-projects-tsx-chm-1766038.htm