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.