CHM Champion Minerals Inc.

CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX
VENTURE:CHM)(FRANKFURT:P02) announces the signing of two separate amendment
agreements in connection with definitive option and joint venture agreements
between Champion and Labec Century Iron Ore Inc. ("LCIOI"), with respect to
Champion's wholly-owned Attikamagen Property; and Champion and Copper Hill
Resources Inc. ("Copper Hill"), with respect to Copper Hill's wholly-owned
Gullbridge and Powderhorn Properties. 


Amended Attikamagen Option and Joint Venture Agreement

Under the terms of the Attikamagen option and joint venture agreement
("Attikamagen Agreement") dated May 12, 2008 (as amended July 9, 2009), LCIOI
was granted the right to earn up to a 60% interest in the Attikamagen Property
by expending up to C$12.5 million in exploration and development work
expenditures on the Attikamagen Property over a five year period. The terms of
the Attikamagen Agreement were detailed in the Company's news release dated May
13, 2008. 


Pursuant to the amendment agreement ("Amended Attikamagen 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 C$12.5 million exploration
expenditures required to be funded by LCIOI to earn up to a 60% interest has
been increased by $500,000. Accordingly, LCIOI can earn an initial 51% interest
in the Attikamagen Property by funding aggregate exploration and development
expenditures of C$7.5 million on or before March 26, 2012, in two remaining
yearly increments of C$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 C$2.5 million on or before March 26, 2013, and to
60% by expending an additional C$3 million on or before March 26, 2014. After
LCIOI completes its earn-in, LCIOI and Champion will form a joint venture
reflective of their proportionate ownership interests in the Attikamagen
Property. 


Amended Gullbridge and Powderhorn Option and Joint Venture Agreements

Under the terms of the Powderhorn option and joint venture agreement
("Powderhorn Agreement") dated June 11, 2006 (as amended May 5, 2008), Champion
was granted the right to earn a 70% interest in the Powderhorn Property. Under
the terms of the Gullbridge option and joint venture agreement ("Gullbridge
Agreement") dated April 30, 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 one year, with the exception of the immediate issuance of 75,000
shares of Champion to Copper Hill (representing one half of the share payment
obligation due April 30, 2010, now deferred, pursuant to the Gullbridge
Agreement), and Champion's maintenance of all the mining claims comprising the
Powderhorn and Gullbridge Properties in good standing during the one year
deferral period.


About Champion Minerals Inc. 

Champion is an exploration Company focused on discovering and developing
significant metal resources in eastern Canada, particularly in the provinces of
Quebec and Newfoundland & Labrador. The Company's projects include the
Attikamagen Iron Property in northeastern Quebec and western Labrador, the
Fermont Iron Property in northeastern Quebec, and the Powderhorn/Gullbridge Base
Metal Projects in central Newfoundland. Please visit Champion's website at
www.championminerals.com. 


The statements made in this news 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.

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