Indirectly and directly, Century Iron along with Labec Century Iron Ore, will own a 100% interest in the project following completion of the transaction.
Labec Century will develop the project along with its joint venture partner WISCO Canada Attikamagen Resources Development & Investment (WISCO Attikamagen).
Champion president and chief executive officer Thomas Larsen said the agreement will allow Champion to focus on its Fire Lake North project and other properties in the southern part of the Labrador Trough.
"Consolidating Century’s interest in the Project will better enable it to move forward toward production at Joyce Lake and other parts of the Attikamagen Lake Project, which will generate a royalty stream for Champion," Larsen added.
Approved by the Board of Directors of Champion and Century Iron has, the transaction is subject to the approval of the Toronto Stock Exchange.
