Ann: Completion of Champion merger and Change of , page-2

re: Ann: Completion of Champion merger and Ch... MERGER IS A DONE DEAL AND NAME CHANGE IS ON THE WING

Sydney - Wednesday - April 2: (RWE Australian Business News) - It could be a case of now you see it and now you don't.

In a complete restructure MAMBA MINERALS (MAB) is merging with CHAMPION IRON MINES (TSX:CHM, FSE:PO2) and changing its name.

Mamba and the Canada-based Champion have completed the merger by means of a plan of arrangement with effect from March 31.

As part of the merger, Mamba Minerals has changed its name to Champion Iron Limited.

It is expected that the company will trade under the new name on the ASX with effect from Thursday April 3, under the code CIA, reported Niall Lenahan, director and company secretary.

Champion's common shares will be delisted from the TSX.

Michael O'Keeffe has been appointed as executive chairman and Thomas Larsen as the chief executive officer of New Champion.

Commenting on the arrangement, Mr Larsen said: "The closing today of our business combination with Mamba represents the beginning of an exciting new chapter in the development of the Consolidated Fire Lake North Project.

"Michael O'Keeffe brings significant experience and expertise in developing bulk commodity projects and iron ore projects.

"I look forward to working with Michael and his team to deliver significant value and potential to our combined shareholders."

Mr O'Keeffe added that "our combined team is committed to realising the significant potential of New Champion's projects.

"We combined the business because collectively, with the strengthened balance sheet and the extended management, New Champion is in a better position to build shareholder value as we position our flagship Consolidated Fire Lake North project for production.

"Our main project is in close proximity to major mining and industrial groups and the wider region is already well-developed in terms of rail and port infrastructure."

SHARE PRICE MOVEMENTS

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Shares of Mamba Minerals are on hold at 56c. Rolling high for the year is 98c and low 27c. The company has 70.5 million shares on issue with a market cap of $39.5 million.

Under the arrangement, Champion shareholders are entitled to receive 0.7333333 ordinary shares of New Champion for each Champion common share held.

Concurrent with the closing of the arrangement, New Champion closed a $10m equity financing at A50c per New Champion ordinary share.

This financing strengthens New Champion's balance sheet and provides financial flexibility for its development plans.

The net proceeds provide New Champion with working capital and will be applied to fund a bankable feasibility study on its Consolidated Fire Lake North Project, where additional infill drilling is ongoing.

Its main project is in close proximity to major mining and industrial groups and the wider region is already well-developed in terms of rail and port infrastructure.

BACKGROUND

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New Champion is an iron exploration and development company with offices in Montreal, Toronto and Australia, and is focused on developing its significant iron resources in the Labrador Trough in the province of Quebec.

It holds a 100pc interest in the Fermont Iron Holdings, including its flagship Consolidated Fire Lake North Project, located in Canada's major iron ore producing district, in close proximity to producing iron mines, existing transportation and power infrastructure.

Consolidated Fire Lake North is immediately north of Arcelor Mittal's operating Fire Lake Mine and 60km south of Cliffs Natural Resources Inc's Bloom Lake Mine in northeastern Quebec.

New 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.

New Champion also holds an option to earn into 100pc of the Snelgrove Lake Project, a highly prospective iron ore project in the Labrador Trough in Newfoundland and Labrador.

The Snelgrove Lake Project has excellent access to infrastructure, with potential for both a hematite and multi-billion tonne magnetite project.