Champion Iron Mines to Receive an Initial $11,000,000

TORONTO, ONTARIO--(Marketwired - July 17, 2013) - CHAMPION IRON MINES LIMITED (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion", or the "Company") announces that Revenu Québec has confirmed to the Company that it will advance $11,000,000 against the claims for the refundable tax credit on exploration expenditures of $13,502,212 for the years ended March 31, 2011 and 2012, pending the completion of the audit of the claims scheduled for late August 2013. The Company expects to receive the initial funds within 10 days.

As reported in the Company's audited financial statements for the year ended March 31, 2013, the Company has filed for years ended March 31, 2011 and 2012, and will file for the year ended March 31, 2013, Quebec Corporation Income Tax Returns with Revenu Québec claiming a refundable tax credit on exploration expenditures and Quebec Mining Duties Returns with Ressources naturelles et Faune Québec claiming a credit on duties refundable for losses for a total of $24,535,089. These claims are subject to audit by Revenu Québec and Ressources naturelles et Faune Québec.

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 Québec 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 Québec 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. Labec has requested a transfer of a further 4% to increase Labec's holding to 60% under its option agreement with Champion and to further increase Labec's interest and dilute Champion's interest pursuant to ongoing exploration programs. Champion is undertaking its due diligence investigations with respect to the requests.

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 Arcelor Mittal's operating Fire Lake Mine and 60 km south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Québec. 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 wwhttp://www.marketwire.com/press-release/champion-iron-mines-to-receive-an-initial-11000000-tsx-chm-1811857.htmw.championironmines.com.