Metalnewsnet 31 Mar:

Champion Minerals Inc announced the signing of 2 separate amendment agreements in connection with definitive option and JV agreements between Champion and Labec Century Iron Ore Inc with respect to Champion's wholly owned Attikamagen Property and Champion and Copper Hill Resources Inc with respect to Copper Hill's wholly owned Gullbridge and Powderhorn Properties.

1. Amended Attikamagen Option and JV Agreement;

Under the terms of the Attikamagen option and JV agreement dated May 12th 2008, LCIOI was granted the right to earn up to 60% interest in the Attikamagen Property by expending up to CAD 12.5 million in exploration and development work expenditures on the Attikamagen Property over 5 year period. The terms of the Attikamagen Agreement were detailed in the Company's news release dated May 13th 2008.

Pursuant to the amendment agreement the dates in the Attikamagen Agreement by which remaining payments are permitted to be made by LCIOI have been extended by one year and the CAD 12.5 million exploration expenditures required to be funded by LCIOI to earn up to 60% interest has been increased by USD 500,000. Accordingly, LCIOI can earn an initial 51% interest in the Attikamagen Property by funding aggregate exploration and development expenditures of CAD 7.5 million on or before March 26th 2012, in 2 remaining yearly increments of CAD 2.5 million per year in staged expenditures. Pursuant to the Amended Attikamagen Agreement and after earning the initial 51% interest, LCIOI will have the option to increase its interest in the Attikamagen Property to 56% by expending a further CAD 2.5 million on or before March 26th 2013 and to 60% by expending an additional CAD 3 million on or before March 26th 2014. After LCIOI completes its earn in, LCIOI and Champion will form a JV reflective of their proportionate ownership interests in the Attikamagen Property.

2. Amended Gullbridge and Powderhorn Option and JV Agreements;

Under the terms of the Powderhorn option and JV agreement dated June 11th 2006, Champion was granted the right to earn 70% interest in the Powderhorn Property. Under the terms of the Gullbridge option and JV agreement dated April 30th 2008, Champion was granted the right to earn up to an 85% interest in the Gullbridge Property.

Pursuant to the amendment agreement between Champion and Copper Hill, the commitments due under the Powderhorn and Gullbridge Agreements are deferred for a period of 1 year, with the exception of the immediate issuance of 75,000 shares of Champion to Copper Hill and Champion's maintenance of all the mining claims comprising the Powderhorn and Gullbridge Properties in good standing during the 1 year deferral period.

(From steelguru)