CHAMPION IRON MINES LIMITED (TSX:CHM)(OTCQX:CPMNF)(FRANKFURT:P02) ("Champion",
or the "Company") is pleased to provide results from remaining 2012 drill holes
completed in the West Deposit area of the Consolidated Fire Lake North ("CFLN")
Project which were not available for the recently announced Mineral Resource
Estimate ("MRE") Update and Preliminary Feasibility Study ("PFS") (see press
releases dated January 9th and February 6th, 2013).


Drill hole FW12-58, located west of Lac Hippocampe at the north end of the West
Deposit, intersected 161.6 m of high grade specular hematite iron formation
grading 34.3% Total Iron ("FeT") at the north-western limits of the currently
defined in-pit optimized resource. The resource remains open down-dip to the
west and along strike to the north and will potentially add to all categories of
resources while expanding the West Deposit pit shell.


Champion recently announced an updated MRE with combined In-pit Optimized
Measured and Indicated Resources in the West and East Deposits totalling 691.3
Million tonnes ("Mt") grading 31.5% total Iron ("FeT") with additional Inferred
Resources totalling 479.8 Mt grading 30.4% FeT at a 15% FeT cut-off grade.


Champion's recently completed PFS included 464.6 Mt grading 32.4% FeT of Proven
and Probable Reserves sufficient to produce an average of 9.3 Mt of iron
concentrate annually for an estimated 19.6 year mine life. The PFS engineered
pits recovered 67% of the combined Measured and Indicated Resources within the
optimized resource pit shell and did not include any portion of the 479.8 Mt of
Inferred Resource within the engineered pits excepting 45.8 Mt treated as
"waste".


The In-pit Optimized Resource model suggests a much larger tonnage of iron
formation ("IF") that is expected to be exploited if sufficient current In-pit
Optimized Inferred Resources could be converted to Reserves following the
planned 2013 drill program.


Tom Larsen, Champion's President and CEO stated, "The results from the remaining
holes completed in our 2012 drilling program provide us with added confidence
that we can delineate sufficient additional reserves at the CFLN Project's West
and East Deposits to produce 20 Mt of iron concentrate annually from 2
concentrator lines over a minimum of 20 years, for inclusion in our Feasibility
Study later this year. These and additional results from our trenching program
that were received subsequent to the current MRE and PFS move us closer to
achieving our Reserve target goal."


At the cut-off date for the current MRE, assay results were not received for
holes FW12-57, 58, 59 and 59B, although the logged geological units in these
holes were used to assist with interpretation and modeling of the IF.
Additionally, the drilling of holes FW12-60, 61, 62 and 62B had not yet been
completed. Table 1 provides highlights of composited assay results for the
remaining drill holes completed in 2012 and not included in the current MRE and
PFS.




              Table 1 - Highlights of Composited Assay Results              
            West Deposit Area 2012 DDH's FW12-56 to 62B inclusive           
                                                                            
----------------------------------------------------------------------------
Hole           Azimuth       Dip   Length     From       To  Interval  Grade
----------------------------------------------------------------------------
               degrees   degrees   meters   meters   meters    meters   FeT%
----------------------------------------------------------------------------
FW12-56            120     -55.5      452   144.00   167.92     23.92   36.4
----------------------------------------------------------------------------
and                                         269.70   329.96     60.26   28.9
----------------------------------------------------------------------------
FW12-57            270       -58      435   321.00   405.00     84.00   33.6
----------------------------------------------------------------------------
FW12-58            100       -65      720   415.94   438.61     22.67   37.3
----------------------------------------------------------------------------
and                                         548.52   710.13    161.61   34.3
----------------------------------------------------------------------------
FW12-59B(i)        090       -88      206   167.98   188.52     20.54   34.4
----------------------------------------------------------------------------
FW12-60            090       -87      260    80.30    89.06      8.76   36.5
----------------------------------------------------------------------------
and                                         101.84   118.70     16.86   34.2
----------------------------------------------------------------------------
and                                         188.36   197.80      9.44   26.4
----------------------------------------------------------------------------
and                                         208.00   226.65     18.65   25.1
----------------------------------------------------------------------------
FW12-61            090       -87      255     78.1    98.09     19.99   34.2
----------------------------------------------------------------------------
FW12-62            100       -86      150    185.1    217.5     32.40   31.3
----------------------------------------------------------------------------
and                                          73.96    93.75     19.79   37.3
----------------------------------------------------------------------------
FW12-62B           100     -86.5      263    68.97    88.53     19.56   36.2
----------------------------------------------------------------------------
and                                         181.08      225     43.92   31.8
----------------------------------------------------------------------------
(i) Hole FW12-59 was abandoned at 30m due to technical difficulties. The    
 composite reported for hole FW12-59B is calculated from the weighted length
 average of the assays for 18.68m of the 20.54m reported interval. Assays   
 for seven samples each 20-30cm in length totalling 1.86m remain pending for
 this interval. The seven samples were collected for geo-mechanical testing 
 prior to assaying. The composite grade will be re-calculated when the      
 remaining assays are available but are not expected to significantly impact
 the reported composite grade.                                              



Hole FW12-57 intersected 84.0 m grading 33.6% FeT in the central and deeper
portion of the deposit. 


Drill holes FW12-59 to FW12-62B, inclusive were drilled on 100 m spaced sections
from a barge on the northern portion of Lac Hippocampe. The results are expected
to upgrade a portion of the current Inferred Resources, located beneath the lake
at the north end of the West Deposit, to Measured and Indicated categories. An
additional 1,000 m of drilling will be conducted from the ice shortly over the
southern portion of Lac Hippocampe to upgrade current Inferred Resources to
Measured and Indicated categories.


In addition to the remaining 2012 drill results that became available after the
announcement of the current MRE, Champion also completed and received results
for an extensive surface trenching and channel sampling program over the East
Deposit. An additional 506 channel sample assays are available to potentially
upgrade a portion of current shallow Inferred Resources in the East Deposit to
Measured and Indicated categories. Additional trenching is currently being
planned for the 2013 summer field season to further define and upgrade
near-surface resources underlying the north-western limit of the East Deposit
planned pit.


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
Arcelor Mittal'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.


The technical information in this news release was approved by Mr. Bruce Mitton
P. Geo., VP Exploration and Mr. Jean-Luc Chouinard, ing. VP Project Development
for Champion Iron Mines, who are Qualified Persons under NI 43-101 standards. 


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 Champion's annual information forms, management discussion and
analysis and other securities regulatory filings by Champion 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
Champion's management and information available to management as at the date
hereof. Champion 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
(416) 866-2200
www.championironmines.com
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