MONTRÉAL, July 15,
2024 /CNW/ - (Sydney, July 16,
2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX:
CIAFF) ("Champion" or the "Company") announces a gradual return of
its workforce to its Bloom Lake mine ("Bloom Lake") following a
preventive evacuation and temporary shut down of operations on
July 12, 2024 (Montréal time), in
response to nearby forest fires.
With the forest fires subsiding and following the
evacuation pre-alert being lifted for the town of Fermont, located near the Company's Bloom Lake
mine, Champion initiated a progressive return of its workforce.
While the forest fires remain active north of Bloom Lake, recent
events did not affect the Company's and third parties'
infrastructure, which should enable a gradual ramp-up of production
and rail shipments from Bloom Lake to Sept-Îles. The timing and
resumption of full operational activities remain subject to the
availability of railway services.
The Company continues to collaborate with local
authorities and the railway operator to expedite a return to normal
operations, while prioritizing the safety of its employees and the
community. Champion salutes the work of its dedicated employees and
partners, who ensured the effective deployment of emergency
measures in response to recent events.
The Company expects to provide additional
information as the situation evolves.
About Champion Iron Limited
Champion, through its wholly-owned subsidiary
Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining
Complex, located on the south end of the Labrador Trough,
approximately 13 km north of Fermont, Québec. Bloom Lake is an open-pit
operation with two concentrators that primarily source energy from
renewable hydroelectric power. The two concentrators have a
combined nameplate capacity of 15 Mtpa and produce low contaminant
high-grade 66.2% Fe iron ore concentrate with a proven ability to
produce a 67.5% Fe direct reduction quality iron ore concentrate.
Benefiting from one of the highest purity resources globally, the
Company is investing to upgrade half of the Bloom Lake mine
capacity to a direct reduction quality pellet feed iron ore with up
to 69% Fe. Bloom Lake's high-grade and low contaminant iron ore
products have attracted a premium to the Platts IODEX 62% Fe iron
ore benchmark. The Company ships iron ore concentrate from Bloom
Lake by rail, to a ship loading port in Sept-Îles, Québec, and has
delivered its iron ore concentrate globally, including in
China, Japan, the Middle
East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion
owns a portfolio of exploration and development projects in the
Labrador Trough, including the Kamistiatusset Project, located a
few kilometres south-east of Bloom Lake, and the Cluster II
portfolio of properties, located within 60 km south of Bloom
Lake.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain information
and statements that may constitute "forward-looking information"
under applicable securities laws. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "continues",
"forecasts", "projects", "predicts", "intends", "anticipates",
"aims", "targets" or "believes", or variations of, or the negatives
of, such words and phrases, or state that certain actions, events
or results "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved. Inherent in forward-looking statements
are risks, uncertainties and other factors beyond the Company's
ability to predict or control.
Specific Forward-Looking Statements
All statements other than statements of
historical facts included in this press release that address future
events, developments or performance that Champion expects to occur
are forward-looking statements. Forward-looking statements include,
among other things, the gradual return of the Company's workforce
to Bloom Lake, the Company's expectations regarding the forest
fires, their evaluation, their magnitude and potential impact on
the communities and Champion's workforce, infrastructure and
operations and mitigation thereof, the response measures and their
effectiveness, the related collaboration with the government and
communities, the development of the forest fires generally and the
gradual ramp-up of production and rail shipment.
Risks
Although Champion believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such forward-looking statements involve
known and unknown risks, uncertainties and other factors, most of
which are beyond the control of the Company, which may cause the
Company's actual results, performance or achievements to differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause the actual results to differ
materially from those expressed in forward-looking statements
include, without limitation, the factors discussed in the section
entitled "Risk Factors" of the Company's Annual Report, Annual
Information Form and MD&A for the financial year ended
March 31, 2024, which are available
on SEDAR+ at www.sedarplus.ca, the ASX
at www.asx.com.au and the Company's website
at www.championiron.com. 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.
Additional Updates
All of Champion's forward-looking information
contained in this press release is given as of the date hereof or
such other date or dates specified in the forward-looking
statements and is based upon the opinions and estimates of
Champion's management and information available to management as at
the date hereof. Champion disclaims any intention or obligation to
update or revise any of the forward-looking information, whether as
a result of new information, future events or otherwise, except as
required by law. If the Company does update one or more
forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those or other
forward-looking statements. Champion cautions that the foregoing
list of risks and uncertainties is not exhaustive. Readers should
carefully consider the above factors as well as the uncertainties
they represent and the risks they entail.
For additional information on Champion Iron
Limited, please visit our website at: www.championiron.com.
This press release has been authorized for
release to the market by the CEO of Champion Iron Limited,
David Cataford.
SOURCE Champion Iron Limited