09:49 AM EST - Champion Iron Limited : provided an update of developments on its flagship Consolidated Fire Lake North project located in the Fermont Iron Ore District of Québec. Champion, through its wholly-owned subsidiary Champion Iron Mines Limited, has repurchased from Fancamp Exploration Ltd. a 1.5% net smelter royalty interest, representing half of a total 3% NSR on production from the Fermont property holdings, including Champion's flagship CFLN project. Under the terms of the original Option/Joint Venture agreement from which Champion acquired its interest in the Fermont property holdings, a 3% NSR was payable 50% to each of The Sheridan Platinum Group Ltd. and Fancamp with a provision for repurchasing 1% of the total 3% NSR for $3.0 million, subsequently amended to repurchase 0.5% of the total 3% NSR for $1.5 million. Champion Iron Limited
shares T.CIA are trading unchanged at $0.10.
