Champion Minerals Completes Earn-In to Acquire 65% Undivided Interest in Fermont Property; Receives $1,251,250 Through the Exerc

  CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE: CHM)(FRANKFURT: P02) is pleased to announce that with the completion of $6 million in work expenditures, the payment of $400,000 and the issuance of 1,500,000 common shares of Champion, divided equally between Fancamp Exploration Ltd. and The Sheridan Platinum Group Ltd. (the "Vendors"), it has completed the required work commitment, aggregate cash payments of $1 million and the share issuance of 2.9 million common shares of the Company, pursuant to the Fermont Option and Joint Venture Agreement dated as of August 31, 2009 (the "Agreement"). Subject to the Vendor's review of the notice and documentation, the Company will be deemed to have earned an undivided 65% right, title and interest in and to all of the claim blocks of the Fermont Iron Property covered by the Agreement.

With Champion completing its earn-in, a 65%-35% joint venture will be formed between Champion and the Vendors. Pursuant to the Agreement, the Vendors retain 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.

Warrant Exercise

Champion is also pleased to announce 1,787,500 common shares were issued by the Company pursuant to the exercise of a series of $0.70 warrants with a June 5, 2010 expiry date. The Company received proceeds of $1,251,250 in connection with the warrant exercise and the proceeds will be used by Champion for working capital and to finance continued exploration programs on the Company's properties.

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.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts: Champion Minerals Inc. Thomas G. Larsen President and CEO [phone] [phone] (FAX) Champion Minerals Inc. Jorge Estepa Vice-President [phone] [phone] (FAX) www.championminerals.com