CHM Champion Minerals Inc.

CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX
VENTURE:CHM)(FRANKFURT:P02) is pleased to announce it has engaged BBA Inc.
("BBA") to commence a Preliminary Assessment Study of the Bellechasse and Fire
Lake North Iron Prospects ("Bellechasse" and "Fire Lake North") from the Fermont
Iron Property. The Preliminary Assessment Study is expected to be completed by
Q4-2010. BBA is an independent Canadian consulting engineering firm operating
internationally. Its team is composed of highly-qualified experts in several
engineering disciplines including mining, metallurgical processes and
construction management. BBA has produced a preliminary assessment work and
feasibility studies, and detailed engineering at Consolidated Thompson Iron
Mines ("CLM") Bloom Lake Mine located 40km north of Bellechasse and Fire Lake
North. 


On November 19, 2009, Champion announced the results of a National instrument
("NI") 43-101 Technical Report on Mineral Resources from Bellechasse and Fire
Lake North carried out by P&E Mining Consultants Inc. ("P&E"). P&E estimated a
combined 503.3 million tonnes grading 28.0% Iron in the Inferred Mineral
Resources(i) category divided as follows: 215.1 million tonnes grading 28.7%
Iron at Bellechasse and 288.2 million tonnes grading 27.5% Iron at Fire Lake
North. 


Mr. Thomas Larsen, President and CEO of Champion stated, "With Champion recently
completing more than 7,000m of a 15,000m planned drill program, we are taking
the Fermont Iron Property to the next level with BBA initiating the Preliminary
Assessment Study at Bellechasse and Fire Lake North, and we eventually
anticipate initiating similar studies for the Harvey-Tuttle Claim Block. We
believe Harvey-Tuttle has the potential to ultimately host resources in excess
of 1 billion tonnes of iron for which an economic evaluation could eventually
justify a standalone type operation."


Mr. Steeve Fiset, President and CEO of BBA Inc stated, "BBA is pleased that
Champion Minerals has retained our services recognizing our firm's expertise in
the iron ore industry. BBA's team will assist Champion in developing its
Preliminary Assessment Study using its experience in developing large projects
and its knowledge of the regional conditions in the largest iron ore camp in
Canada."


The Fermont Iron Property 

Champion has under option a land package of 384.6 km2 in 16 strategic claim
blocks grouped into 3 clusters comprising the Property. Champion had previously
announced 8 claim blocks with historical Mineral Resources of 694 million tonnes
grading 30.4% Iron, but now after 2 of the 8 claim blocks (Bellechasse and Fire
Lake North) host a current MRE, there are 6 remaining claim blocks that host
historical Mineral Resources of 578 million tonnes grading 30.4% Iron (Paquet,
1963; Ministere des ressources naturelles et de la faune Quebec Assessment File
GM 13035). The Mineral Resources are strictly historical in nature and are
non-compliant to NI 43-101 Mineral Resources and Mineral Reserves standards, and
should therefore not be relied upon. A Qualified Person has not done sufficient
work to upgrade or classify these historical Mineral Resources as current NI
43-101 compliant. 


The Company is currently in the second year of an option agreement (the
"Agreement") with Fancamp Exploration Ltd. (TSX VENTURE:FNC) and the Sheridan
Platinum Group Ltd. (the "Vendors") on the Property. Pursuant to the Agreement,
Champion can earn a 65% interest in all 16 claim blocks within the Property by
expending C$6 million in staged exploration and development work expenditures,
making cash payments totalling C$1 million, and issuing 2.9 million shares, all
over a 4-year period, with the Vendors retaining a 3% Net Smelter Returns
royalty, one third of which may be purchased by Champion for C$3 million. The
Agreement also includes a right of first refusal on the Lamelee Lake Claim
Block. Once Champion has completed its earn-in, a 65-35 joint venture would be
formed between Champion and the Vendors. 


About Champion Minerals 

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 technical information in this news release was prepared by Jean Lafleur, P.
Geo., Director and Technical Advisor to the President and CEO of Champion, and
is a Qualified Person under NI 43-101 standards. 


(i) 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 holes and
outcrops. There has been insufficient exploration to define any of the resources
as Indicated or Measured Mineral Resources and 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.


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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