Cartier Iron Commissions Preliminary Economic Assessment Study of its Penguin Lake Project

CARTIER IRON CORP. (CNSX:CFE) ("Cartier Iron", or the "Company") is pleased to
announce that it has engaged BBA Inc. ("BBA") of Montreal to complete a
Preliminary Economic Assessment ("PEA") of the Penguin Lake Project ("Penguin
Lake"), which underlies part of the Round Lake claim group, one of Cartier
Iron's optioned Gagnon Holdings (Figure 1 -
http://media3.marketwire.com/docs/GagnonHoldings.pdf). 


The Penguin Lake deposit hosts an in-pit Inferred Resource1 of 531 million
tonnes grading 33% Total Iron at a 15% cut-off grade. The Company forecasts an
additional 700 to 900 million tonnes of exploration-target potential resources2,
of similar grade, to underlie the area north and northwest of the current
Inferred Resource. The modelled northern and north-western extensions of the
deposit have not yet been tested by drilling (see Cartier Iron's press release
dated December 19, 2013). 


John Langton, Cartier Iron's President, commented, "We are extremely pleased
that BBA have agreed to carry out this commission; their experience and
expertise with iron deposits in the Labrador Trough is unparalleled and they
have assigned some of their top personnel to this contract. We expect to have
the PEA in-hand by Q4 of this year."


Additional work planned for the near-term at Penguin Lake includes detailed
geological mapping, collection of a bulk sample and a diamond-drilling programme
aimed at advancing the project towards Pre-Feasibility.


Mr. Langton further stated, "The Company remains focused on advancing the
Penguin Lake Project judiciously, with careful allocation of available capital,
but also swiftly, in order to attract potential funding from the financial
sector, which currently seems to favour more advanced projects. This PEA study
is an important milestone for Cartier Iron as part of our strategic plan to move
this project to the feasibility stage." 


The Penguin Lake Project is being carried out on the Round Lake Property, part
of Cartier Iron's "Gagnon Holdings", which encompass 5 separate mineral
concessions covering 344 km2 in the Gagnon Terrane of the southern Labrador
Trough. The Gagnon Holdings are currently being explored pursuant to an option
agreement with Champion Iron Mines Limited (TSX:CHM) whereby Cartier Iron was
granted the right to earn a 65% interest in the iron-rich mineral concession
(see Cartier Iron's press release dated December 11, 2012).


About Cartier Iron Corporation 

Cartier Iron is an exploration and development Company focused on discovering
and developing significant iron ore resources in eastern Canada, particularly in
the provinces of Quebec. The Company's projects include the Gagnon Holdings in
the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the
Nunavik Region of northern Quebec. 


The technical information in this news release was prepared by John Langton, P.
Geo., President and a Director of the Company, and a Qualified Person under
National Instrument 43-101 standards.


The CNSX has not reviewed nor accepts responsibility for the adequacy or
accuracy of this release. Statements in this release that are not historical
facts are "forward-looking statements" and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
"forward-looking statements".


Please visit Cartier Iron's website at www.cartieriron.com. 

(1)The quantity and grade of the reported Mineral Resources within the Project
are categorized as Inferred Mineral Resources. Inferred Mineral Resources are
that part of a Mineral Resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity. The
estimate is based on limited information and sampling gathered through
appropriate techniques from drill core. There is no guarantee that further
exploration will upgrade the Inferred Mineral Resources to Indicated or Measured
Mineral Resources. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Inferred Mineral Resources may
be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.


(2)The "exploration-target potential resource" is not a Mineral Resource. There
is insufficient work completed to estimate the quantity and grade or quality of
the exploration target on the basis of geological evidence and sampling. There
is no guarantee that further exploration will define additional mineral
resources from any portion of the exploration target potential.


FOR FURTHER INFORMATION PLEASE CONTACT: 
John Langton
President & Director
[phone]


Jorge Estepa
Vice-President
[phone]