Champion Minerals

TORONTO, ONTARIO and BEIJING, CHINA--(Marketwire - Dec. 19, 2011) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Century Iron Mines Corporation ("Century Iron" or the "Company") (TSX:FER) and WISCO International Resources Development & Investment Limited ("WISCO Resources")  are pleased to announce that they have executed the definitive joint  venture agreements that will govern the joint ventures to be formed  between the Company and WISCO Resources for the exploration and  development of the Company's Attikamagen and Sunny Lake projects (the "Joint Venture Agreements").  Formation of the joint ventures under the Joint Venture Agreements and  initial fundings will be subject to various conditions precedent which  Century anticipates will be satisfied over the next two to four months.  Execution of the joint venture agreement for the Duncan Lake project  remains subject to completion of WISCO Resources' internal processes. In  aggregate, WISCO Resources will invest a total of $120 million in  exchange for a 40% interest in each of the three projects.

Mr. Sandy Chim, President and CEO of Century Iron, stated  that "The execution of these first initial joint venture agreements  marks another milestone in a process that was initiated in January 2011.  The past twelve months has seen Century initiate its relationship with  WISCO Resources as its strategic partner, raise over $100 million in  equity financing, list on the Toronto Stock Exchange and now conclude  these initial two joint venture agreements as part of an additional $120  million in joint venture funding for Century's projects. We look  forward to continuing the exploration of the Duncan Lake, Attikamagen  and Sunny Lake projects with WISCO Resources as our key strategic  partner under the joint ventures."

About the Company

Century Iron Mines Corporation (TSX:FER) is Canada's largest  holder of iron ore land claims, with interests in several properties in  the Provinces of Quebec and Newfoundland and Labrador. Century's mission  is to enhance shareholder value through the development of iron ore  projects in Canada and to become a major Canadian iron ore producer.  Century has promising iron ore assets and is firmly entrenched in  western Quebec and in the prolific iron ore-producing region of the  Labrador Trough in eastern Quebec and western Labrador. The Company has  two key strategic partners in WISCO International Resources Development  & Investment Limited and Minmetals Exploration & Development  (Luxembourg) Limited S.àr.l., both state-owned Chinese companies with  the financial and technical resources to assist the Company with funding  and technical expertise for the exploration and development of its iron  ore projects.

The Company has interests in the following mineral exploration projects located in Quebec and Newfoundland and Labrador:

• The Duncan Lake Project of which the Company currently  has a 51% interest with an option to increase to a 65% interest under an  option and joint venture agreement with Augyva Mining Resources Inc.;
• The Attikamagen Project of which the Company  currently has an option to acquire up to a 60% interest under an option  and joint venture agreement with Champion Minerals Inc. (TSX:CHM);
• The Sunny Lake Project (100% owned by Century Iron) and;
• The Astray, Grenville, Menihek and Schefferville  projects recently acquired from Altius Minerals Corp. (TSX:ALS) (100%  owned by Century Iron).

The Company's objective is to enhance shareholder value  through the development of iron ore projects in Canada and to become a  Canadian iron ore producer. Century Iron's website is: www.centuryiron.com.

About WISCO Resources

WISCO Resources holds an approximate 25% interest in Century  Iron. WISCO Resources is one of the major subsidiaries of Wuhan Iron  & Steel (Group) Corporation ("WISCO Group"),  headquartered in Wuhan in the province of Hubei in the People's Republic  of China. WISCO Group is 286th in the list of Forbes Global 500 and is  the third largest steel producer in China. The WISCO Group is one of the  "big three" Chinese state-owned integrated iron and steel groups. In  2010, the WISCO Group had an annual output of 36 million tonnes of  steel. The WISCO Group's portfolio of business activities includes  mining, coking, sintering, iron making, steel making, rolling and  associated utilities.

Forward Looking Information

This press release contains forward-looking statements and  information that are based on the beliefs of management and reflect the  Company's current expectations. When used in this press release, the  words "estimate", "project", "belief", "anticipate", "intend", "expect",  "plan", "predict", "may" or "should" and the negative of these words or  such variations thereon or comparable terminology are intended to  identify forward-looking statements and information. The forward-looking  statements and information in this press release includes information  relating to the execution of the joint venture agreement for the Duncan  Lake project, the formation of the joint ventures pursuant to the  definitive joint venture agreements for the exploration and development  of the Attikamagen and Sunny Lake projects, including the satisfaction  of the condition precedents for formation of these joint ventures, and  the aggregate amount to be invested by WISCO Canada. The forward-looking  information is based on certain assumptions, which could change  materially in the future, including the assumptions that the Duncan Lake  joint venture agreement will be executed, the conditions precedent to  the formation of the joint ventures under the definitive joint venture  agreements will be satisfied, any required regulatory approvals will be  obtained and WISCO Canada will invest the full amounts contemplated, and  the time frames for these matters. Such statements and information  reflect the current view of the Company with respect to risks and  uncertainties that may cause actual results to differ materially from  those contemplated in those forward-looking statements and information.  By their nature, forward-looking statements involve known and unknown  risks, uncertainties and other factors which may cause our actual  results, performance or achievements, or other future events, to be  materially different from any future results, performance or  achievements expressed or implied by such forward-looking statements.  Such factors include, among others, the risk that the parties may not be  able to enter into definitive joint venture agreements as contemplated  or on materially different terms or that regulatory approvals may not be  obtained. The Company cautions that the foregoing list of material  factors is not exhaustive. When relying on the Company's forward-looking  statements and information to make decisions, investors and others  should carefully consider the foregoing factors and other uncertainties  and potential events. The Company has assumed a certain progression,  which may not be realized. It has also assumed that the material factors  referred to above will not cause such forward-looking statements and  information to differ materially from actual results or events. However,  the list of these factors is not exhaustive and is subject to change  and there can be no assurance that such assumptions will reflect the  actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS  RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF  THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH  DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING  INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER  DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE  THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE  WITH APPLICABLE LAWS.