Champion Minerals Signs Agreement to Increase Its Interest in 16 Strategic Iron Mineral Concessions in Fermont, Quebec to 82.5%

   CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE: CHM)(FRANKFURT: P02) is pleased to announce that it has signed an agreement (the "Agreement") with The Sheridan Platinum Group Ltd. (the "Vendor") enabling Champion to acquire the Vendor's 17.5% interest in the Joint Venture among Champion, the Vendor and Fancamp Exploration Inc. ("Fancamp") covering 16 iron-rich mineral concessions in the Fermont Iron Ore District of north-eastern Quebec, situated approximately 250 km north of the St. Lawrence River port town of Port-Cartier and centered 60 km southwest of Fermont. Champion currently owns a 65% interest in the Joint Venture and, on completion of the acquisition of this additional 17.5%, Champion will increase its ownership 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 has agreed to issue 4,000,000 shares from treasury to the Vendor on closing and to pay $2,000,000 in cash ($1,000,000 of which is payable on closing plus two further payments of $500,000 each, payable 12 months and 18 months after closing). The Agreement is subject to regulatory approval and other conditions usual to transactions of this nature. The shares will be subject to a resale restriction for four months plus one day from closing.

Mr. Thomas Larsen, President and CEO of Champion stated, "Champion is now strategically poised to become one of the major players in this region's iron sector. Champion plans to continue to aggressively explore and develop the Fermont Property which has excellent potential to host significant iron resources. I would also like to acknowledge John Patrick Sheridan Sr. for his guidance and support which has been instrumental in Champion's progress."

About Champion Minerals

Champion is a junior exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in Labrador and Newfoundland, and northeastern Quebec. The Company's projects include the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland, the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, and the Fermont Iron Property in northeastern Quebec.

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 & CEO [phone] [phone] (FAX) Champion Minerals Inc. Jorge Estepa Vice-President [phone] [phone] (FAX) www.championminerals.com