CHM Champion Minerals Inc.

CHAMPION MINERALS INC. (TSX VENTURE:CHM)(FRANKFURT:P02) ("Champion" or the
"Company") is pleased to announce the acquisition of 3 strategic mineral claims
located in the Company's O'Keefe-Purdy and Moire Lake Claims Blocks of the
Fermont Iron Property in the Fermont Iron Ore District of northeastern Quebec.
The acquisition includes two claims (the "O'Keefe Claims") in the
O'Keefe-Purdy-Audrea Lake Claim Block, and one claim (the "Moire Claim") in the
Moire Lake Claim block.


The O'Keefe Claims 

The O'Keefe claims cover the O'Keefe Lake Iron Occurrence (Ministere des
ressources naturelles et de la faune Quebec or the "MRNFQ" Deposit File
23B12-0003) discovered in 1957. The claims are centred on a tightly folded and
coarse-grained hematite, magnetite (5%) and quartz iron formation which hosts
historic mineral resources(1) of 35.3 million tonnes grading 36% Iron (MRNFQ
Assessment File GM31090, 1975). In 1975, the O'Keefe Lake Occurrence was part of
a larger claim package held by Canadian Javelin Limited who were active in the
area at that time. Canadian Javelin Limited completed metallurgical testing on a
combined sample from the O'Keefe property and other proximinal claims which
yielded a concentrate of 67.44% Iron and 3.44% Silica at a crushing size of -20
mesh (or under 0.84 millimetres) (MRNFQ Assessment File GM31090, 1975). The
O'Keefe Lake Iron Occurrence now forms part of the 182 claims / 94.3 km2
O'Keefe-Purdy-Audrea Lake Claim Block in Cluster 2 claim blocks, due north of
the Harvey-Tuttle Claim Block, where Champion is currently drilling to delineate
iron formation and iron mineral resources.


The Moire Claim

The Moire Claim encompasses the eastern extension of the Moire Lake Iron
Occurrence (MRNFQ Deposit File 23B14-0014) in Champion's Moire Lake Claim Block,
located 4 kilometres southwest of the mining town of Fermont. Explored in the
1950's, the Moire Lake Iron Occurrence hosts historic mineral resources1 of
101.6 million tonnes grading 30.8% Iron (GM13035, 1963). The iron formation is
essentially a massive, thick-banded quartz-magnetite rock, with approximately
one-quarter of the formation consisting of a magnetite and specular hematite
mixture, plus a 30 meter wide zone of specular hematite. The Moire Lake Claim
Block now consists of 25 claims totalling 11 km2.


The Agreement 

Under the terms of the acquisition agreement executed between Champion and an
arm's length individual (the "Vendor"), Champion is acquiring a 100% interest in
the Moire and O'Keefe Claims through the payment of $25,000 and the issuance of
125,000 Champion common shares to the Vendor. The issuance of the 125,000 common
shares is subject to regulatory approval and a resale restriction of four months
plus one day from closing. The Vendor retains a 1% NSR royalty.


The Fermont Iron Property 

Champion is also pleased to announce that in accordance with the terms of its
agreement (the "Agreement") with The Sheridan Platinum Group Ltd. (the
"Vendor"), Champion has completed its acquisition of all of the Vendor's
remaining 17.5% interest in the Joint Venture among Champion, the Vendor and
Fancamp Exploration Inc. ("Fancamp"). The Joint Venture covers 16 iron-rich
mineral concessions in the Fermont Iron Ore District of north-eastern Quebec.
With the completion of the acquisition of this additional 17.5%, Champion has
increased its ownership in the Joint Venture and its properties to 82.5%.
Fancamp retains the other 17.5% interest. The Vendor and Fancamp also retain a
3% royalty, which may be reduced to 2% by paying $3,000,000.


Under the terms of the Agreement, Champion issued 4,000,000 shares from treasury
and paid $1,000,000. Champion owes two further payments of $500,000 each,
payable July 12, 2011 and January 12, 2012, respectively. The share
certificates, funds, promissory notes and other closing documents have been
delivered to the Vendor following the recording and registration of transfers of
the property interests to increase Champion's interest in the properties to
82.5%. The shares are subject to a resale restriction for four months plus one
day from closing.


The 608 km2 Fermont Iron Property consisting of 16 strategic claim blocks
grouped into three clusters, termed Clusters 1, 2 and 3, which contain
historical mineral resources(i) of 578 million tonnes grading 30.4% Iron
(Paquet, 1963; MRNFQ Assessment File GM 13035). 


Champion recently issued National Instrument ("NI") 43-101 Mineral Resources
Estimates for the Fire Lake North Claim Block ("Fire Lake North") (refer to the
Champion news release dated August 18, 2010). At a 15% Total Iron cut-off grade,
there are 388 million tonnes grading 29% Total Iron in Inferred Mineral
Resources. Utilizing a mining cost of US$ 1.76 per tonne of ore and waste,
process cost of US $1.67 per tonne, process recovery of 82%, transport costs of
US$ 4.75 per tonne and G&A costs of US$ 0.75 per tonne, pit slopes of 48 degrees
 to accommodate a ramp and mine design, and a moving average price of Iron
concentrate of US$ 114.20 per tonne, the conceptual optimized pit-shell of
undiluted and in-situ Mineral Resources stand at 304 million tonnes grading 30%
Total Iron. This indicates approximately 80% of Inferred Mineral Resources
report within a conceptual open-pit at the same 15% Total Iron cut-off grade.
BBA Inc. (of Montreal) is currently proceeding with a Preliminary Assessment
Study on Fire Lake North slated for completion in October 2010. 


It is also estimated that between 320 million and 350 million tonnes of
additional Potential Mineralized Material1 is present for which no sampling data
is available to estimate grade. The Fire Lake North iron formations continue on
the contiguous Bellechasse Claim Block ("Bellechasse") where Champion had
previously outlined Inferred Mineral Resources of 215 million tonnes grading 29%
Total Iron. The combined Fire Lake North and Bellechasse estimates total 603
million tonnes grading 29% Total Iron Inferred Mineral Resources.


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


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. 


(1) All historical mineral resources and Potential Mineralized Material outlined
in the text 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 and Potential Mineralized Material as current NI 43-101 compliant
Mineral resources.

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