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Preliminary Feasibility Study of the West and East Pit Deposits

of the Fire Lake North Project Fermont Area, Québec, Canada

NI 43-101 TECHNICAL REPORT January 25th, 2013

André Allaire, Eng., M. Eng., Ph.D, BBA Inc.

Patrice Live, Eng., BBA Inc. Tracy Armstrong, P.Geo., P&E Mining Consultants Inc. Antoine Yassa, P.Geo., P&E Mining Consultants Inc.

Martial Major Eng., Rail Cantech Inc.

IN COOPERATION WITH:

DATE AND SIGNATURE PAGE

This report is effective as of the 25th day of January 2013.

The date of issue of the report is the 22nd day of February 2013.

February 22nd, 2013 André Allaire, Eng., M.Eng., Ph.D. Vice-President, Mining and Metals Markets BBA INC.

Date

February 22nd, 2013 Patrice Live, Eng. Manager of Mining BBA INC.

Date

February 22nd, 2013 Tracy Armstrong, P.Geo. Independent Geological Consultant P&E Mining Consultants Inc.

Date

February 22nd, 2013 Antoine R. Yassa, P.Geo. Independent Geological Consultant P&E Mining Consultants Inc.

Date

February 22nd, 2013 Martial Major, Eng. Vice-President, Engineering and Major Projects Rail Cantech Inc.

Date

CERTIFICATE OF QUALIFIED PERSON

André Allaire, Eng.

To Accompany the Report entitled:

“NI 43-101 Technical Report Preliminary Feasibility Study of the West and East Pit Deposits of the Fire Lake North Project”.

Effective Date: January 25th, 2013 Issue Date: February 22nd, 2013

I, André Allaire, Eng., M.Eng., Ph.D., do hereby certify that:

1) I am Director, Mining and Metals with BBA with an office at 630, Rene-Levesque West, Suite 1900, Montreal, Quebec, H3A 4V5;

2) I graduated from McGill University in Montréal with a B.Eng. in Metallurgy in 1982 and a Ph.D. in 1991;

3) I am a registered member of the Order of Engineers of Quebec (#38480);

4) I have worked as a process engineer continuously since my graduation from university;

5) I have read the definition of “qualified person” set out in the National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be an independent qualified person for the purposes of NI 43-101;

6) I am responsible for Chapters 1, 2, 3, 13, 17, 18, 19, 20, 21, 22, 24, 25, 26 and 27 of this Technical Report;

7) I have had no prior involvement with the properties that are the subject of the Technical Report;

8) I have visited the site on September 22nd, 2010;

9) I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report;

10) Neither I, nor any affiliated entity of mine, is at present under an agreement, arrangement or understanding or expects to become an insider, associate, affiliated entity or employee of Champion Iron Mines Ltd., or any associated or affiliated entities;

11) Neither I, nor any affiliated entity of mine, own directly or indirectly, nor expect to receive, any interest in the properties or securities of Champion Iron Mines Ltd., or any associated or affiliated companies;

12) Neither I, nor any affiliated entity of mine, have earned the majority of our income during the preceding three years from Champion Iron Mines Ltd., or any associated or affiliated companies;

13) I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1; and have prepared the report in conformity with the generally accepted Canadian Mining Industry practices and, as of the date of the certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to ensure the technical report is not misleading.

This 22nd day of February 2013.

{ORIGINAL SIGNED AND SEALED}

André Allaire, Eng., M.Eng., Ph.D Vice President, Mining and Metals Markets BBA Inc.


Patrice Live, Eng.




I, Patrice Live, Eng., do hereby certify that:

1) I am Manager of Mining with BBA with an office at 630, Rene-Levesque West, Suite 1900, Montreal, Quebec, H3A 4V5;

2) I graduated from Université Laval of Quebec, Canada with a B.Sc. in Mining in 1976;


4) I have worked as a mining engineer continuously since my graduation from university;


6) I am responsible for Chapters 15 and 16 of this Technical Report;


8) I have visited the site on September 20th, 2010;






This 22nd day of February 2013.


Patrice Live, Eng. Manager, Mining BBA Inc.

CERTIFICATE OF QUALIFIED PERSON TRACY J. ARMSTRONG, P.GEO. I, Tracy J. Armstrong, P.Geo., residing at 2007 Chemin Georgeville, res. 22, Magog, QC J1X 0M8, do hereby certify that:

1. I am an independent geological consultant contracted by P&E Mining Consultants Inc.

2. This certificate applies to the technical report titled “Preliminary Feasibility Study of the West and East pit deposits of the Fire Lake North project”, (the “Technical Report”) with an effective date of January 25th, 2013.

3. I am a graduate of Queen’s University at Kingston, Ontario with a B.Sc (HONS) in Geological Sciences (1982). I have worked as a geologist for a total of 27 years since obtaining my B.Sc. degree. I am a geological consultant currently licensed by the Order of Geologists of Québec (License No. 566), the Association of Professional Geoscientists of Ontario (License No. 1204) and the Association of Professional Engineers and Geoscientists of British Columbia (License 34027); I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101;

My relevant experience for the purpose of the Technical Report is: • Underground production geologist, Agnico-Eagle Laronde Mine 1988-1993 • Exploration geologist, Laronde Mine 1993-1995 • Exploration coordinator, Placer Dome 1995-1997 • Senior Exploration Geologist, Barrick Exploration 1997-1998 • Exploration Manager, McWatters Mining 1998-2003 • Chief Geologist Sigma Mine 2003 • Consulting Geologist 2003-present.

4. I visited the Oil Can Property on January 17 and 18, 2012.

5. I am responsible for authoring Sections 4 through 11, 23, and co-authoring Section 12.

6. I am independent of the Issuer applying the test in Section 1.5 of NI 43-101.

7. I have had prior involvement with the Fire Lake North Property as co-author on the 2009 and 2010 Technical

Reports and Preliminary Economic Assessment.

8. I have read NI 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance therewith.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective date: January 25th, 2013 Signing Date: February 22nd, 2013 {SIGNED AND SEALED} Tracy J. Armstrong, P.Geo.

CERTIFICATE OF QUALIFIED PERSON ANTOINE R. YASSA, P.GEO. I, Antoine R. Yassa, P.Geo. residing at 3602 Rang des Cavaliers Rouyn-Noranda, Qc. J0Z 1Y2, do hereby certify that:

1. I am an independent geological consultant contracted by P&E Mining Consultants Inc.

2. This certificate applies to the technical report titled “’Preliminary Feasibility Study of the West and East pit deposits of the Fire Lake North project”, (the “Technical Report”) with an effective date of January 25th, 2013 and a signing date of February 22nd, 2013.

3. I am a graduate of Ottawa University at Ottawa, Ontario with a B.Sc (HONS) in Geological Sciences (1977)I am a geological consultant currently licensed by the Order of Geologists of Québec (License No 224) and by the Association of Professional Geoscientist of Ontario (License No 1890); I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101; My relevant experience for the purpose of the Technical Report is: • Minex Geologist (Val d’Or), 3D Modeling (Timmins), Placer Dome 1993-1995; • Database Manager, Senior Geologist, West Africa, PDX, 1996-1998; • Senior Geologist, Database Manager, McWatters Mine 1998-2000; • Database Manager, Gemcom modeling and Resources Evaluation (Kiena Mine) 2001-2003; • Database Manager and Resources Evaluation at Julietta Mine, Bema Gold Corp. 2003-2006; • Consulting Geologist 2006-present;

4. I visited the Bellechasse & Fire Lake area on September 30, 2009, the Fire Lake North property was visited

from June 30 to July 1, 2011 and the most recent visit to the property was from September 4 to 6, 2012.

5. I am responsible for authoring Sections 14, and co-authoring Section 12.

6. I am independent of the Issuer applying the test in Section 1.5 of NI 43-101.

7. I have had prior involvement with the Consolidated Fire Lake North Property as co-author on the 2009, 2010, 2011 and 2012 Technical Reports and Preliminary Economic Assessments on the Fire Lake North, Oil Can and Bellechasse Properties.

8. I have read NI 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance

therewith.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective date: January 25th, 2013 Signing Date: February 22nd, 2013 {SIGNED AND SEALED} Antoine R. Yassa, P.Geo. OGQ # 224 APGO # 1890


Martial Major, Eng.




I, Martial Major, Eng., do hereby certify that:

1) I am Vice-president, Engineering and Major Projects with Rail Cantech Inc with an office at 650 Lionel-Boulet Blvd, Varennes, QC, J3X 1P7;

2) I graduated from McGill University in Montréal with a B.Sc. Eng. in Applied Sciences in 1988;


4) I have worked in different capacities in the civil engineering, heavy industry and manufacturing sectors since my graduation from university and since 2006 in the railway industry; I have participated in the construction of major railway, road, municipal and industrial works along with conducting different infrastructure studies related to the railway industry;


6) I am responsible for Sections 18.1.20 and 24.3 of this Technical Report and ‘’Rail Cantech – Feasibility Study, Project No. 3524 for the Railway : Capex and Opex’’;


8) I have visited the site and part of the projected railway alignment on various occasions by ground and helicopter between September and December, 2012;






This 20th day of February 2013.


Martial Major, Eng. Vice-president, Engineering and Major Projects Rail Cantech Inc

Champion Iron Mines Limited NI 43-101 Technical Report

i January 2013

TABLE OF CONTENTS

EXECUTIVE SUMMARY ............................................................................................... 1-1 1.

Introduction .................................................................................................................... 1-1 1.1

Geology and Mineralization ............................................................................................ 1-1 1.2

Exploration and Drilling .................................................................................................. 1-2 1.3

Sample Preparation and Data Verification ..................................................................... 1-3 1.4

Mineral Processing and Metallurgical Testwork ............................................................. 1-4 1.5

Mineral Resources ......................................................................................................... 1-5 1.6

Mineral Reserves ........................................................................................................... 1-6 1.7

Mining Methods .............................................................................................................. 1-7 1.8

Recovery Methods and Processing Plant Design .......................................................... 1-9 1.9

Project Infrastructure ................................................................................................... 1-11 1.10

Market Studies and Contracts ...................................................................................... 1-12 1.11

Environment ................................................................................................................. 1-13 1.12

Capital Costs ................................................................................................................ 1-14 1.13

Operating Costs ........................................................................................................... 1-16 1.14

Economic Analysis ....................................................................................................... 1-17 1.15

Project Schedule .......................................................................................................... 1-21 1.16

Risks ............................................................................................................................ 1-21 1.17

Conclusions and Recommendations ............................................................................ 1-22 1.18

INTRODUCTION ............................................................................................................ 2-1 2.

Introduction .................................................................................................................... 2-1 2.1

Scope of Study ............................................................................................................... 2-1 2.2

Site Visits ....................................................................................................................... 2-2 2.3

Information Sources and Previous Technical Reports ................................................... 2-3 2.4

RELIANCE ON OTHER EXPERTS ............................................................................... 3-1 3.

NI 43-101 Responsibilities and Reliance ........................................................................ 3-1 3.1

PROPERTY DESCRIPTION AND LOCATION ............................................................. 4-1 4.

Location of Oil Can ......................................................................................................... 4-1 4.1

Fermont Iron Properties Agreement ............................................................................... 4-4 4.2


ii January 2013

Fermont Cluster 2 Project and the CFLN Property ........................................................ 4-5 4.2.1

Fire Lake North .............................................................................................................. 4-6 4.2.2

Oil Can ........................................................................................................................... 4-8 4.2.3

Bellechasse .................................................................................................................... 4-9 4.2.4

Midway ......................................................................................................................... 4-10 4.2.5

The Québec Mining Act and Claims ............................................................................. 4-11 4.3

Surface Rights and Permits.......................................................................................... 4-13 4.4

Environmental Considerations ..................................................................................... 4-14 4.5

ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND 5.PHYSIOGRAPHY .......................................................................................................... 5-1

Accessibility .................................................................................................................... 5-1 5.1

Climate ........................................................................................................................... 5-2 5.2

Local Resources and Infrastructure ............................................................................... 5-2 5.3

Physiography ................................................................................................................. 5-4 5.4

HISTORY ....................................................................................................................... 6-1 6.

Regional Historical Exploration ...................................................................................... 6-1 6.1

Fire Lake North .............................................................................................................. 6-2 6.2

Historical Exploration...................................................................................................... 6-2 6.2.1

Recent Exploration by Champion ................................................................................... 6-2 6.2.2

Oil Can ........................................................................................................................... 6-6 6.3


Recent Exploration by Champion ................................................................................... 6-7 6.3.2

Bellechasse .................................................................................................................... 6-8 6.4


Recent Exploration by Champion ................................................................................. 6-10 6.4.2

Midway ......................................................................................................................... 6-10 6.5

Historical Exploration.................................................................................................... 6-10 6.5.1

Recent Exploration by Champion ................................................................................. 6-11 6.5.2

Historical Resource Estimates ..................................................................................... 6-11 6.6

Fire Lake North ............................................................................................................ 6-12 6.6.1

Oil Can ......................................................................................................................... 6-12 6.6.2

Bellechasse .................................................................................................................. 6-12 6.6.3


iii January 2013

Midway ......................................................................................................................... 6-13 6.6.4

Recent Resource Estimates ......................................................................................... 6-13 6.7

Fire Lake North ............................................................................................................ 6-13 6.7.1

Oil Can ......................................................................................................................... 6-14 6.7.2

Bellechasse .................................................................................................................. 6-14 6.7.3

Midway ......................................................................................................................... 6-14 6.7.4

GEOLOGICAL SETTING AND MINERALIZATION ...................................................... 7-1 7.

Regional Geology ........................................................................................................... 7-1 7.1

Fermont Iron Ore District (FIOD) Geology ..................................................................... 7-5 7.2

Stratigraphy .................................................................................................................... 7-9 7.3

Knob Lake Group ........................................................................................................... 7-9 7.3.1

Shabogamo Intrusive Suite .......................................................................................... 7-12 7.3.2

Regional Structural Geology ........................................................................................ 7-12 7.4

Fire Lake North Geology .............................................................................................. 7-13 7.5

Oil Can Geology ........................................................................................................... 7-16 7.6

Bellechasse Geology ................................................................................................... 7-19 7.7

Midway Geology ........................................................................................................... 7-21 7.8

Mineralization ............................................................................................................... 7-24 7.9

FIOD Mineralization...................................................................................................... 7-24 7.9.1

Fire Lake North Mineralization ..................................................................................... 7-25 7.9.2

Oil Can Mineralization .................................................................................................. 7-26 7.9.3

Bellechasse Mineralization ........................................................................................... 7-28 7.9.4

Midway Mineralization .................................................................................................. 7-29 7.9.5

DEPOSIT TYPES ........................................................................................................... 8-1 8.

Iron Formations .............................................................................................................. 8-1 8.1

Lake Superior-Type Iron Formations .............................................................................. 8-3 8.1.1

EXPLORATION ............................................................................................................. 9-1 9.

Fire Lake North Exploration............................................................................................ 9-1 9.1

Oil Can Exploration ........................................................................................................ 9-8 9.2

Bellchasse Exploration ................................................................................................... 9-8 9.3

Midway Exploration ........................................................................................................ 9-8 9.4

DRILLING .................................................................................................................... 10-1 10.


iv January 2013

2012 Fire Lake North Drilling Program ......................................................................... 10-1 10.1

2011 Oil Can Drilling Program ...................................................................................... 10-4 10.2

Bellechasse Drilling ...................................................................................................... 10-4 10.3

MIDWAY Drilling........................................................................................................... 10-4 10.4

Sampling Method and Approach .................................................................................. 10-4 10.5

SAMPLE PREPARATION, ANALYSES AND SECURITY .......................................... 11-1 11.

Sample Preparation and Assaying ............................................................................... 11-1 11.1

DATA VERIFICATION ................................................................................................. 12-1 12.

Site Visits and Independent Sampling .......................................................................... 12-1 12.1

Fire Lake North ............................................................................................................ 12-1 12.1.1

Oil Can ......................................................................................................................... 12-2 12.1.2

Bellechasse .................................................................................................................. 12-3 12.1.3

Quality Assurance and Quality Control (QA/QC) ......................................................... 12-5 12.2

Fire Lake North and Bellechasse QA/QC ..................................................................... 12-5 12.2.1

Oil Can QA/QC ............................................................................................................. 12-8 12.2.2

13. MINERAL PROCESSING ............................................................................................ 13-1

13.1 Introduction .................................................................................................................. 13-1

13.2 Overview of Pre-Feasibility Testwork ........................................................................... 13-2

13.3 Historical Testwork - PEA (2010) ................................................................................. 13-4

13.4 Marketing Sample ........................................................................................................ 13-4

13.5 Historical Testwork - PEA Update (2011) ..................................................................... 13-5

Head Assay .................................................................................................................. 13-5 13.5.1

Heavy Liquid Separation Testing ................................................................................. 13-5 13.5.2

Liberation Size Determination ...................................................................................... 13-7 13.5.3

SPI® Grindability Study ................................................................................................. 13-9 13.5.4

13.6 Testwork for the Preliminary Feasibility Study (2012) .................................................. 13-9

Bench Scale Grindability .............................................................................................. 13-9 13.6.1

SAG Power Index, SPI® Test ..................................................................................... 13-10 13.6.2

JK Drop Weight Tests ................................................................................................ 13-13 13.6.3

SAG Mill Comminution (SMC®) Tests ........................................................................ 13-14 13.6.4

Bond (Allis-Chalmers) Tests ....................................................................................... 13-15 13.6.5

Mill Throughput Analysis ............................................................................................ 13-16 13.6.6


v January 2013

Pilot Plant ................................................................................................................... 13-18 13.6.7

Grindability Calibration Against Pilot Plant ................................................................. 13-23 13.6.8

Liberation Size Determination .................................................................................... 13-23 13.6.9

Composite Head Grades ..................................................................................... 13-24 13.6.10

Heavy Liquid Separation ...................................................................................... 13-24 13.6.11

Grade-Recovery Curves ...................................................................................... 13-26 13.6.12

Wilfley Table Testing ............................................................................................ 13-32 13.6.13

COREM Confirmatory Testing ............................................................................. 13-34 13.6.14

Mill Recovery Assumptions .................................................................................. 13-37 13.6.15

Concentrate Assays and Particle Size Distribution .............................................. 13-37 13.6.16

13.7 Settling, Filtration and Rheology ................................................................................ 13-41

Vacuum Filtration ....................................................................................................... 13-41 13.7.1

Static Settling Tests.................................................................................................... 13-42 13.7.2

Rheology Testing ....................................................................................................... 13-43 13.7.3

13.8 Environmental Characterization ................................................................................. 13-44

ICP-OES / MS Trace Metal Analysis .......................................................................... 13-44 13.8.1

Acid / Base Accounting (ABA) Testing ....................................................................... 13-45 13.8.2

Net Acid Generation Testing ...................................................................................... 13-46 13.8.3

Toxicity Characteristic Leaching Procedure (TCLP) (EPA Method 1311) .................. 13-47 13.8.4

Synthetic PreciPitation Leaching Procedure (SPLP) (EPA Method 1312) ................. 13-47 13.8.5

Distilled Water Leach Extraction (Quebec CTEU-9) .................................................. 13-48 13.8.6

Liquid Effluent Analysis .............................................................................................. 13-48 13.8.7

Discussion on Environmental Testing Results ........................................................... 13-48 13.8.8

13.9 Fine Iron Recovery ..................................................................................................... 13-49

MINERAL RESOURCE ESTIMATES .......................................................................... 14-1 14.

14.1 P&E 2012 Mineral Resource Estimate Update Fire Lake North ................................... 14-1

14.1.1 Introduction .................................................................................................................. 14-1

14.1.2 Reliance On Other Experts .......................................................................................... 14-1

14.1.3 Data Validation ............................................................................................................. 14-2

14.1.4 Fire Lake North Geological Model ................................................................................ 14-2

14.1.5 Rock Types and Rock Codes ....................................................................................... 14-4

14.1.6 Assay Statistics ............................................................................................................ 14-5


vi January 2013

14.1.7 Composites .................................................................................................................. 14-6

14.1.8 Grade Capping ............................................................................................................. 14-7

14.1.9 Bulk Density ................................................................................................................. 14-7

14.1.10 Semi-Variography .................................................................................................. 14-8

14.1.11 Block Modeling ....................................................................................................... 14-9

14.1.12 Resource Classification ....................................................................................... 14-11

14.1.13 Fire Lake North Mineral Resource Estimate ........................................................ 14-11

14.1.14 Model Validation .................................................................................................. 14-14

14.2 P&E 2012 Initial Mineral Resource Estimate Oil Can ................................................. 14-16

14.2.1 Introduction ................................................................................................................ 14-16

14.2.2 Reliance on Other Experts ......................................................................................... 14-16

14.2.3 Data Validation ........................................................................................................... 14-17

14.2.4 Oil Can Geological Model........................................................................................... 14-17

14.2.5 Oil Can Rock Types, Rock Codes and Bulk Densities ............................................... 14-19

14.2.6 Oil Can Assay Statistics ............................................................................................. 14-22

14.2.7 Oil Can Composites ................................................................................................... 14-24

14.2.8 Oil Can Variography ................................................................................................... 14-25

14.2.9 Oil Can Grade Capping .............................................................................................. 14-25

14.2.10 Oil Can Model Grade Estimation Parameters ...................................................... 14-25

14.2.11 Oil Can Block Modeling ........................................................................................ 14-26

14.2.12 Oil Can Grade Estimation .................................................................................... 14-29

14.2.13 Oil Can Mineral Resource Estimate ..................................................................... 14-29

14.2.14 Oil Can Model Validation ..................................................................................... 14-30

14.3 Bellechasse 2009 Mineral Resource Estimate ........................................................... 14-32

14.3.1 Bellechasse Geological Model ................................................................................... 14-32

14.3.2 Bellechasse Rock Types, Rock Codes and Specific Gravity ..................................... 14-33

14.3.3 Bellechasse Assay Statistics ...................................................................................... 14-34

14.3.4 Bellechasse Assay Composites ................................................................................. 14-37

14.3.5 Bellechasse Variography ........................................................................................... 14-39

14.3.6 Bellechasse Block Model and Grade Estimation Parameters .................................... 14-42

14.3.7 Bellechasse Block Modeling....................................................................................... 14-44

14.3.8 Bellechasse Estimation .............................................................................................. 14-46

14.3.9 Bellechasse Mineral Resource Estimate .................................................................... 14-47


vii January 2013

14.3.10 Bellechasse Validation ......................................................................................... 14-47

MINERAL RESERVE ESTIMATE ................................................................................ 15-1 15.

Resource Block Model ................................................................................................. 15-1 15.1

Model Coordinate System ............................................................................................ 15-3 15.1.1

Model Densities ............................................................................................................ 15-5 15.1.2

Model Recoveries......................................................................................................... 15-5 15.1.3

Model Surfaces ............................................................................................................ 15-6 15.1.4

Pit Optimization ............................................................................................................ 15-9 15.2

Pit Optimization Parameters ......................................................................................... 15-9 15.2.1

Cut-Off Grade Calculation .......................................................................................... 15-14 15.2.2

Pit Optimization Results ............................................................................................. 15-15 15.2.3

Engineered Pit Design ............................................................................................... 15-17 15.3

Pit Design Parameters ............................................................................................... 15-17 15.3.1

Engineered Pit Design Results................................................................................... 15-19 15.3.2

Mineral Reserve Estimate .......................................................................................... 15-31 15.4

MINING METHOD ........................................................................................................ 16-1 16.

Mine Production Schedule and Methodology ............................................................... 16-1 16.1

Optimized Mine Phases ............................................................................................... 16-2 16.1.1

Mine Production Schedule ........................................................................................... 16-2 16.1.2

Waste Rock Pile Design ............................................................................................. 16-22 16.2

Mine Equipment and Operations ................................................................................ 16-24 16.3

Operating Time Assumptions ..................................................................................... 16-24 16.3.1

Equipment Availability and Utilization ......................................................................... 16-26 16.3.2

Loading Parameters ................................................................................................... 16-27 16.3.3

Hauling Parameters.................................................................................................... 16-30 16.3.4

Drilling and Blasting.................................................................................................... 16-33 16.3.5

Mining Equipment Fleet.............................................................................................. 16-35 16.3.6

Mine Manpower Requirements .................................................................................. 16-39 16.4

RECOVERY METHODS .............................................................................................. 17-1 17.

17.1 Process Overview ........................................................................................................ 17-1

17.2 Process Design ............................................................................................................ 17-2

General Process Flows ................................................................................................ 17-2 17.2.1


viii January 2013

17.3 General Process Design Basis ..................................................................................... 17-3

17.4 Process Flowsheet and Mass and Water Balance ....................................................... 17-8

17.5 Ore Crushing, Conveying and Storage ...................................................................... 17-12

17.6 Grinding and Screening.............................................................................................. 17-13

17.7 Primary Grinding Mill Sizing ....................................................................................... 17-15

17.8 Gravity Spirals Circuit ................................................................................................. 17-16

17.9 Concentrate Conveying and Loadout ......................................................................... 17-17

17.10 Tailings Dewatering and Handling.............................................................................. 17-17

17.11 General Concentrator Plant Services ......................................................................... 17-18

Compressed Air ................................................................................................... 17-19 17.11.1

Fresh Water ......................................................................................................... 17-19 17.11.2

Process Water ..................................................................................................... 17-19 17.11.3

Fire Protection ...................................................................................................... 17-20 17.11.4

Steam ................................................................................................................... 17-20 17.11.5

17.12 Major Process Equipment List .................................................................................... 17-20

17.13 Process Changes for East Pit .................................................................................... 17-21

PROJECT INFRASTRUCTURE .................................................................................. 18-1 18.

General FLN Site Plan Description .............................................................................. 18-1 18.1

Access to FLN Site ....................................................................................................... 18-5 18.1.1

Site Preparation ........................................................................................................... 18-5 18.1.2

FLN Site Road Work .................................................................................................... 18-6 18.1.3

FLN Mine Roads .......................................................................................................... 18-7 18.1.4

FLN Electrical Supply and Distribution ......................................................................... 18-7 18.1.5

Primary Crusher Building ............................................................................................. 18-9 18.1.6

Crushed Ore Stockpile ................................................................................................. 18-9 18.1.7

Process Plant Building ................................................................................................. 18-9 18.1.8

Concentrate Load-Out Facilities ................................................................................. 18-10 18.1.9

Tailings Management Facility ............................................................................... 18-10 18.1.10

Mine Service Area ................................................................................................ 18-11 18.1.11

Fuel Storage Facility ............................................................................................ 18-13 18.1.12

Construction Camp .............................................................................................. 18-13 18.1.13

Construction Facilities .......................................................................................... 18-14 18.1.14


ix January 2013

Permanent Camp ................................................................................................. 18-14 18.1.15

Raw Water Sources ............................................................................................. 18-14 18.1.16

Site Utilities .......................................................................................................... 18-15 18.1.17

Site Access Security ............................................................................................ 18-16 18.1.18

FLN Communications Infrastructure .................................................................... 18-16 18.1.19

Rail Transportation System .................................................................................. 18-17 18.1.20

Pointe-Noire Stockyard Infrastructure .................................................................. 18-21 18.1.21

Port Infrastructure ................................................................................................ 18-23 18.1.22

MARKET STUDIES AND CONTRACTS ..................................................................... 19-1 19.

Market Study and Long Term Pricing ........................................................................... 19-1 19.1

Off-Take and Agreements ............................................................................................ 19-2 19.2

Agreement with Port of Sept-Îles .................................................................................. 19-3 19.3

Railway Transportation Negotiation Status .................................................................. 19-4 19.4

Electric Power Supply Status ....................................................................................... 19-5 19.5

20. ENVIRONMENTAL STUDIES, LEGAL FRAMEWORK, AND RELATIONS WITH STAKEHOLDERS ........................................................................................................ 20-1

20.1 Environmental Baseline Studies ................................................................................... 20-1

20.1.1 Fire Lake North Property .............................................................................................. 20-1

20.1.2 Proposed Railway and Concentrate Storage Area in Pointe-Noire(Sept-Îles) ............. 20-8

20.1.3 Ore and Waste Rock and Tailings Environmental Characterization .......................... 20-12

20.2 Jurisdictions and Applicable Laws and Regulations ................................................... 20-17

20.2.1 Québec Procedure Relating to the Environmental Assessment of the Project .......... 20-17

20.2.2 Federal Procedure ..................................................................................................... 20-22

20.2.3 Canada-Québec Agreement on Environmental Assessment Cooperation (2010) ..... 20-26

20.2.4 Environmental Permitting ........................................................................................... 20-27

20.2.5 Rehabilitation and Mine Closure Plan ........................................................................ 20-38

20.3 Relations with Stakeholders ....................................................................................... 20-44

20.3.1 Innu First Nation ......................................................................................................... 20-44

20.3.2 Non-Aboriginal Communities and Governmental Authorities ..................................... 20-46

CAPITAL AND OPERATING COSTS ......................................................................... 21-1 21.

Basis of Estimate ......................................................................................................... 21-3 21.1

21.1.1 Type and Class of Cost Estimate ................................................................................. 21-4


x January 2013

21.1.2 Date, Currency and Exchange Rate............................................................................. 21-5

21.1.3 Labour Rates and Labour Productivity Factors ............................................................ 21-5

21.1.4 Productivity ................................................................................................................... 21-8

21.1.5 Direct Costs .................................................................................................................. 21-9

21.1.6 Indirect Costs ............................................................................................................. 21-12

21.1.7 Contingency ............................................................................................................... 21-13

Capital Costs .............................................................................................................. 21-14 21.2

21.2.1 Mining Capital Costs .................................................................................................. 21-16

21.2.2 Concentrator and Site Capital Costs .......................................................................... 21-16

21.2.3 Port Capital Costs ...................................................................................................... 21-17

21.2.4 Rail Capital Costs ....................................................................................................... 21-17

21.2.5 Rehabilitation and Closure Costs ............................................................................... 21-17

21.2.6 Hydro-Québec ............................................................................................................ 21-18

Operating Costs ......................................................................................................... 21-18 21.3

21.3.1 Mine Operating Costs................................................................................................. 21-20

21.3.2 Equipment Operating Costs ....................................................................................... 21-20

21.3.3 Blasting ...................................................................................................................... 21-21

21.3.4 Labour ........................................................................................................................ 21-21

21.3.5 Process Operating Costs ........................................................................................... 21-23

21.3.6 General & Administrative Costs ................................................................................. 21-26

21.3.7 Environmental Operating Costs ................................................................................. 21-28

21.3.8 Rail Operating Costs .................................................................................................. 21-29

21.3.9 Port Operating Costs .................................................................................................. 21-29

ECONOMIC ANALYSIS .............................................................................................. 22-1 22.

Taxation ....................................................................................................................... 22-5 22.1

Sensitivity Analysis ....................................................................................................... 22-9 22.2

Risk Analysis and Management ................................................................................. 22-14 22.3

ADJACENT PROPERTIES .......................................................................................... 23-1 23.

OTHER RELEVANT DATA AND INFORMATION ...................................................... 24-1 24.

Project Implementation and Execution Plan ................................................................. 24-1 24.1

Site Surveys ................................................................................................................. 24-8 24.2

Railway Study .............................................................................................................. 24-9 24.3


xi January 2013

Fine Iron Recovery ..................................................................................................... 24-11 24.4

Tailings Disposal Strategy .......................................................................................... 24-12 24.5

INTERPRETATION AND CONCLUSION .................................................................... 25-1 25.

Geology and Mineral Resources .................................................................................. 25-1 25.1

Mineral Reserves ......................................................................................................... 25-2 25.2

Metallurgy and Ore Processing .................................................................................... 25-3 25.3

Environmental Permitting ............................................................................................. 25-5 25.4

Financial Analysis......................................................................................................... 25-5 25.5

Risk Analysis ................................................................................................................ 25-6 25.6

Conclusion ................................................................................................................... 25-7 25.7

INTERPRETATION AND CONCLUSION .................................................................... 25-1 25.

Geology and Mineral Resources .................................................................................. 25-1 25.1

Mineral Reserves ......................................................................................................... 25-2 25.2

Metallurgy and Ore Processing .................................................................................... 25-3 25.3

Environmental Permitting ............................................................................................. 25-5 25.4

Financial Analysis......................................................................................................... 25-5 25.5

Risk Analysis ................................................................................................................ 25-6 25.6

Conclusion ................................................................................................................... 25-7 25.7

RECOMMENDATIONS ................................................................................................ 26-1 26.

Project Advancement - Feasibility Study ...................................................................... 26-1 26.1

Integration of Data into the Mine Block Model .............................................................. 26-3 26.2

27. REFERENCES ............................................................................................................. 27-1

TABLE OF FIGURES

Figure 1-1: Tonnes of Ore, Waste and Overburden Mined, Head Grade, and Recoveries over LOM ................................. 1-9 Figure 4-1: Location Map of the Fermont Project Area - Source: From MRB, (2012) .......................................................... 4-1 Figure 4-2: Location Map of Champion’s Fermont Holdings; Cluster 1, Cluster 2 & Cluster 3 - Source: MRB (2013) ......... 4-3 Figure 4-3: Location Map of Fermont Cluster 2 and the Consolidated Fire Lake North Property - Source: MRB (2012) ..... 4-4 Figure 4-4: Fire Lake North Claim Map (Source: MRB, (2012)) ........................................................................................... 4-7 Figure 4-5: Oil Can Claim Map - Source: MRB (2012) ......................................................................................................... 4-8 Figure 4-6: Bellechasse Claim Map- (Source: Langton and Pacheco, (2012c) .................................................................... 4-9 Figure 4-7: Midway Claim Map - Source: Langton and Pacheco., (2012d) ........................................................................ 4-10 Figure 5-1: Location and Access Map of Fermont Project Area - Source: MRB (2012) ....................................................... 5-3


xii January 2013

Figure 7-1: Location Map of Labrador Trough ...................................................................................................................... 7-2 Figure 7-2: Litho-tectonic Subdivisions of the Central Labrador Trough Source: From Williams and Schmidt (2004) ......... 7-3 Figure 7-3: Simplified Regional Geology Map of the Southern Portion of the Labrador Trough Showing the Position of the

Biotite Isograd and Iron Formations - Source: From P&E et al., (2012) .............................................................................. 7-4 Figure 7-4: Regional Geology Map of the FIOD - Source: From Gross (1968) .................................................................... 7-7 Figure 7-5: Equivalent Rock Successions in the Central and Southern Domains of the Labrador Trough - Source: From

Gross (1968) ........................................................................................................................................................................ 7-8 Figure 7-6: Fire Lake North Geology Map - Source: MRB (2012) ...................................................................................... 7-14 Figure 7-7: Magnetic Second Vertical Derivative Geophysical Map of Fire Lake North Source: MRB (2012) .................... 7-15 Figure 7-8: Oil Can Geology Map - Source: MRB (2012) ................................................................................................... 7-17 Figure 7-9: Magnetic Second Vertical Derivative Geophysical Map of Oil Can Showing 2011 Drillhole Locations - Source:

MRB (2012) ........................................................................................................................................................................ 7-18 Figure 7-10: Bellechasse Geology Map - Source: From Langton and Pacheco, (2012c)................................................... 7-19 Figure 7-11: Magnetic Vertical Derivative Geophysical Map of Bellechasse Source: From Langton and Pacheco, (2012c) . 7-

20 Figure 7-12: Geology Map of Midway - Source: From Langton and Pacheco, (2012d) ..................................................... 7-22 Figure 7-13: Magnetic Vertical Gradient Geophysical Map of Midway Source: From Langton and Pacheco, (2012d) ...... 7-23 Figure 8-1: Tectonic Environment for the Deposition of Iron Formation - Source: Gross (1996) .......................................... 8-3 Figure 9-1: 2012 Trenching Program at Fire Lake North ...................................................................................................... 9-2 Figure 10-1: 2012 Drill Holes at Fire Lake North Source: MRB (2012) .............................................................................. 10-3 Figure 12-1: P&E Site Visit Verification Samples for Fire Lake North - September 2012 ................................................... 12-2 Figure 12-2: P&E Site Visit Verification Samples for Oil Can ............................................................................................. 12-3 Figure 12-3: Bellechasse and Fire Lake North 2009 Site Visit Results .............................................................................. 12-4 Figure 13-1: East and West Pit SPI Data Compared to Other Iron Ore Mine SPI Data Source: SGS, 2012 .................... 13-11 Figure 13-2: Positioning of SPI Values in the East Pit Starter and Ultimate Shells .......................................................... 13-12 Figure 13-3: SPI Values of Pilot Plant Samples Compared to Overall SPI Distributions of West and East Pit Ore ......... 13-13 Figure 13-4: Throughput Analysis for West and East Pits ................................................................................................ 13-17 Figure 13-5: Schematic Pilot Plant Flowsheet (runs C-1 and S-1 to S-6) Source: SGS Report 13360-005 (August 31, 2012).

......................................................................................................................................................................................... 13-20 Figure 13-6: Positioning of HLS Recoveries in the East Pit ............................................................................................. 13-26 Figure 13-7: West Pit Head Grade vs. Weight Recovery ................................................................................................. 13-28 Figure 13-8: East Pit Head Grade vs. Weight Recovery .................................................................................................. 13-29 Figure 13-9: West Pit SiO2+Al2O3 Levels vs. Fe Concentrate Grade (100% Passing 20 Mesh) ...................................... 13-30 Figure 13-10: East Pit SiO2+Al2O3 Levels vs. Fe Concentrate Grade (100% Passing 20 Mesh) ..................................... 13-31 Figure 13-11: East Pit SiO2+Al2O3 Levels vs. Fe Concentrate Grade(100% passing 28 Mesh) ...................................... 13-32 Figure 13-12: Comparison of HLS Weight Recovery Curves for West Pit Material at 100% passing 20 mesh ............... 13-36 Figure 13-13: Comparison of HLS Weight Recovery Curves for East Pit material at 100% passing 20 mesh ................ 13-36 Figure 13-14: Particle Size Distributions for Pilot Plant Final Concentrate (Taken from SGS Report 13360-006 – Pilot Plant

Report) ............................................................................................................................................................................. 13-38


xiii January 2013

Figure 13-15: Material Balance of Fine Iron Recovery Testwork ..................................................................................... 13-52 Figure 14-1: West Area Constrained Sample Length Distribution ...................................................................................... 14-6 Figure 14-2: East Area Constrained Sample Length Distribution ....................................................................................... 14-7 Figure 14-3: Bulk Density Regression Analysis ................................................................................................................. 14-8 Figure 14-4: Bulk Density Regression Analysis ............................................................................................................... 14-19 Figure 14-5: Drill Hole Plan of the Oil Can IF ................................................................................................................... 14-22 Figure 14-6: Histogram for Oil Can FeT % Raw Assays .................................................................................................. 14-23 Figure 14-7: Histogram for Oil Can FeT% Composites ..................................................................................................... 14-24 Figure 14-8: 3D View of Oil Can IF Zone Blocks .............................................................................................................. 14-28 Figure 14-9: Oil Can Optimized Pit Shell .......................................................................................................................... 14-32 Figure 14-10: Histogram and Summary Statistics for Bellechasse Fe % (sol) Assays ..................................................... 14-35 Figure 14-11: Normal Probability Plot for Bellechasse Fe % (sol) Assays ....................................................................... 14-35 Figure 14-12: Bellechasse Summary Statistics for 4.0 m Composites > 0% Fe (sol) ....................................................... 14-38 Figure 14-13: Normal Probability Plot for Bellechasse 4.0 m Composites > 0% Fe (sol) ................................................. 14-38 Figure 14-14: Linear (Down Hole) Experimental Semi-Variogram for Bellechasse Fe % (sol) Assays ............................ 14-39 Figure 14-15: Linear (Down Hole) Experimental Semi-Variogram for Bellechasse 4.0 m Fe% (sol) Composites ............ 14-40 Figure 14-16: Isotropic Experimental Semi-Variogram for Bellechasse 4.0 m Fe % (sol) Composites ............................ 14-41 Figure 14-17: Directional Semi-Variogram (Azimuth 135°) For Bellechasse 4.0 m Fe% (sol) Composite Values ............ 14-42 Figure 14-18: 3D Rendered Top View (Facing North) of the Bellechasse Estimation Domains ....................................... 14-45 Figure 14-19: Bellechasse Nearest Neighbour Validation Test ........................................................................................ 14-49 Figure 14-20: Bellechasse Conditional Bias Test ............................................................................................................. 14-49 Figure 15-1: Fire Lake North East Pit Sample Model Blocks ............................................................................................. 15-3 Figure 15-2: Fire Lake North West Pit Sample Model Blocks ............................................................................................ 15-4 Figure 15-3: Sample Model Block Size .............................................................................................................................. 15-4 Figure 15-4: Fire Lake North West Pit Overburden (OB) Thicknesses............................................................................... 15-7 Figure 15-5: Fire Lake North East Pit Overburden (OB) Thicknesses................................................................................ 15-8 Figure 15-6: Fire Lake North West Pit Slope Sectors....................................................................................................... 15-12 Figure 15-7: Fire Lake North East Pit Slope Sectors ....................................................................................................... 15-13 Figure 15-8: Fire Lake North Pit Engineered Pit Designs – 2D View ............................................................................... 15-20 Figure 15-9: Fire Lake North West Engineered Pit Design – 3D View ............................................................................. 15-21 Figure 15-10: Fire Lake North East Engineered Pit Design – 3D View ............................................................................ 15-22 Figure 15-11: FLNW Pit Section View N 5 808 500 m ..................................................................................................... 15-23 Figure 15-12: FLNW Pit Section View N 5 809 250 m ..................................................................................................... 15-24 Figure 15-13: FLNW Pit Section View N 5 810 000 m ..................................................................................................... 15-25 Figure 15-14: FLNW Pit Section View E 612 250 m ........................................................................................................ 15-26 Figure 15-15: FLNE Pit Section View N 1000 m .............................................................................................................. 15-27 Figure 15-16: FLNE Pit Section View N 1500 m .............................................................................................................. 15-28 Figure 15-17: FLNE Pit Section View N 2260 m .............................................................................................................. 15-29 Figure 15-18: FLNE Pit Section View E 1000 m .............................................................................................................. 15-30


xiv January 2013

Figure 16-1: Combined Yearly Mine Plan .......................................................................................................................... 16-6 Figure 16-2: Mine Plan -1 (First Half) (FLNW) ................................................................................................................... 16-6 Figure 16-3: Mine Plan Year -1 (Second Half) (FLNW) ...................................................................................................... 16-7 Figure 16-4: Mine Plan Year 1 (First Half) (FLNW) ............................................................................................................ 16-7 Figure 16-5: Mine Plan Year 1 (Second Half) (FLNW) ....................................................................................................... 16-8 Figure 16-6: Mine Plan Year 2 (First Half) (FLNW) ............................................................................................................ 16-8 Figure 16-7: Mine Plan Year 2 (Second Half) (FLNW) ....................................................................................................... 16-9 Figure 16-8: Mine Plan Year 3 (FLNW) .............................................................................................................................. 16-9 Figure 16-9: Mine Plan Year 4 (FLNW) ............................................................................................................................ 16-10 Figure 16-10: Mine Plan Year 5 (FLNW) .......................................................................................................................... 16-10 Figure 16-11: Mine Plan Year 6 (FLNW) .......................................................................................................................... 16-11 Figure 16-12: Mine Plan Year 7 (FLNW) .......................................................................................................................... 16-11 Figure 16-13: Mine Plan Year 8 (FLNW) .......................................................................................................................... 16-12 Figure 16-14: Mine Plan Year 9 (FLNW) .......................................................................................................................... 16-12 Figure 16-15: Mine Plan Year 9 (FLNE) ........................................................................................................................... 16-13 Figure 16-16: Mine Plan Year 10 (FLNW) ........................................................................................................................ 16-13 Figure 16-17: Mine Plan Year 10 (FLNE) ......................................................................................................................... 16-14 Figure 16-18: Mine Plan Year 11 (FLNW) ........................................................................................................................ 16-14 Figure 16-19: Mine Plan Year 11 (FLNE) ......................................................................................................................... 16-15 Figure 16-20: Mine Plan Year 12 (FLNW) ........................................................................................................................ 16-15 Figure 16-21: Mine Plan Year 12 (FLNE) ......................................................................................................................... 16-16 Figure 16-22: Mine Plan Year 13 (FLNE) ......................................................................................................................... 16-16 Figure 16-23: Mine Plan Year 14 (FLNE) ......................................................................................................................... 16-17 Figure 16-24: Mine Plan Year 15 (FLNE) ......................................................................................................................... 16-17 Figure 16-25: Mine Plan Year 16 (FLNW) ........................................................................................................................ 16-18 Figure 16-26: Mine Plan Year 16 (FLNE) ......................................................................................................................... 16-18 Figure 16-27: Mine Plan Year 17 (FLNW) ........................................................................................................................ 16-19 Figure 16-28: Mine Plan Year 17 (FLNE) ......................................................................................................................... 16-19 Figure 16-29: Mine Plan Year 18 (FLNW) ........................................................................................................................ 16-20 Figure 16-30: Mine Plan Year 19 (FLNW) ........................................................................................................................ 16-20 Figure 16-31: Mine Plan Year 20 (FLNW) ........................................................................................................................ 16-21 Figure 16-32: Waste Rock Pile Layout ............................................................................................................................. 16-23 Figure 16-33: Cycle Time by Material Type ..................................................................................................................... 16-32 Figure 16-34: Haul Truck Fleet over LOM ........................................................................................................................ 16-36 Figure 17-1: Simplified Process Block Flow Diagram......................................................................................................... 17-2 Figure 17-2: General Fire Lake North Process Flowsheet ................................................................................................. 17-9 Figure 17-3: General Process Plant Water Balance ........................................................................................................ 17-11 Figure 18-1:FLN Site Plan .................................................................................................................................................. 18-3 Figure 18-2:FLN Plant Site ................................................................................................................................................. 18-4


xv January 2013

Figure 18-3: Rail Transportation Network interconnecting FLN and Pointe-Noire ............................................................ 18-20 Figure 18-4: Pointe-Noire Terminal Site Plan ................................................................................................................... 18-22 Figure 18-5: Port of Sept-Îles Multi-User Ship Loading Facility ........................................................................................ 18-24 Figure 18-6: Multi-User Ship Loading Facility and Pointe-Noire Terminal ........................................................................ 18-25 Figure 20-1: Steps of the Environmental Impact Assessment Procedure ........................................................................ 20-20 Figure 22-1: Sensitivity Analysis Graph for NPV .............................................................................................................. 22-12 Figure 22-2: Sensitivity Analysis Graph for IRR ............................................................................................................... 22-13 Figure 24-1: Rooms Required for Construction Camp and Permanent Camp ................................................................... 24-4 Figure 24-2: FLN Project Schedule Summary .................................................................................................................... 24-7

LIST OF TABLES Table 1-1: West Pit and East Pit HLS Results at 100% Passing 20, 24 and 28 Mesh ......................................................... 1-5 Table 1-2: Fire Lake North Resource Estimate at 15% FeT Cut-Off ..................................................................................... 1-6 Table 1-3: Champion Fire Lake North PFS Mineral Reserves ............................................................................................. 1-7 Table 1-4: General Process Design Basis Values ............................................................................................................. 1-10 Table 1-5: Concentrate Production and Nominal and Design Production Rates ................................................................ 1-10 Table 1-6: Total Capital Costs Summary ........................................................................................................................... 1-15 Table 1-7: Pre-Production and Sustaining Captial ............................................................................................................. 1-16 Table 1-8: Operating Costs ................................................................................................................................................ 1-17 Table 1-9: Pre-Tax Financial Analysis Results ................................................................................................................... 1-19 Table 1-10: After-Tax Financial Analysis Results ............................................................................................................... 1-19 Table 1-11: Sensitivity Analysis Table (Before Tax) ........................................................................................................... 1-20 Table 1-12: Key Project Milestones ................................................................................................................................... 1-21 Table 3-1: Responsibilities and Qualified Persons for NI 43-101 Chapters.......................................................................... 3-3 Table 4-1: South of 52° Latitude ........................................................................................................................................ 4-12 Table 4-2: North of 52° Latitude ......................................................................................................................................... 4-12 Table 6-1: Fire Lake North Resource Estimate at 15% FeT Cut-Off .................................................................................. 6-13 Table 9-1: Summary of Fire Lake North Trench Program: July-Sept 2012 .......................................................................... 9-3 Table 10-1: Drill Hole Coordinates for the 2012 Fire Lake North Drill Program .................................................................. 10-1 Table 13-1: Initial Series of Heavy Liquid Separation Testwork (20 mesh) – PEA Update ................................................ 13-6 Table 13-2: Heavy Liquid Separation Results at Various Mesh Sizes – PEA Update ........................................................ 13-8 Table 13-3: Data Required for Various Grinding Circuit Throughput Analysis Techniques ............................................. 13-10 Table 13-4: West and East Pit SPI Results ...................................................................................................................... 13-10 Table 13-5: JK Drop Weight Test (DWT) Results ............................................................................................................ 13-14 Table 13-6: West and East Pit SMC Results .................................................................................................................... 13-15 Table 13-7: Bond CWI, RWI and BWI Test Results ......................................................................................................... 13-16 Table 13-8: Summary of Trial Runs for FLN Pilot Plant ................................................................................................... 13-21


xvi January 2013

Table 13-9: Comparison of Pilot Plant Trial Runs S-5 and S-7 ........................................................................................ 13-22 Table 13-10: Validation of Models Versus Pilot Plant Data .............................................................................................. 13-23 Table 13-11: West and East Pit Head Assays ................................................................................................................. 13-24 Table 13-12: West Pit and East Pit HLS Results at 100% Passing 20, 24 and 28 Mesh ................................................. 13-25 Table 13-13: Wilfley Table Testwork Results ................................................................................................................... 13-33 Table 13-14: Confirmatory HLS Testing Results (100% passing 20 mesh) ..................................................................... 13-35 Table 13-15: Laboratory and Design Recovery and Grades ............................................................................................ 13-37 Table 13-16: Final Concentrate Particle Size Distribution for Pilot Plant Runs S-5 & S-7 ................................................ 13-38 Table 13-17: Concentrate Assay, Heavy Liquid Separation Tests, West Pit (SGS) ......................................................... 13-39 Table 13-18: Concentrate Assay, Heavy Liquid Separation Tests, East Pit (SGS) .......................................................... 13-40 Table

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