CHM Champion Minerals Inc.

CHAMPION MINERALS INC. (TSX VENTURE: CHM)(FRANKFURT: P02) ("Champion" or the "Company") is pleased to announce the discovery of a multi-kilometric hematite-magnetite iron formation on the Fire Lake North Claim Block ("Fire Lake North") from the Company's 385 km2 Fermont Iron Property (the "Property") in the Fermont Iron Ore District of northern Quebec.

The iron formation, now termed Northeast Iron Formation, was recently discovered during the ongoing regional exploration campaign within the Cluster 2 claim blocks of Casse Lake, Hope Lake, Hope Lake SW, Midway, Oil Can Lake and O'Keefe-Purdy-Audrea. The iron formation is the third to be found on the Property. The other two iron formations, the East Limb and West Limb, have already yielded significant iron mineralization over a combined 15 km trend, and includes current Inferred Resources(i) of 288.2 million tonnes grading 27.5% Total Iron (refer to the Champion news release dated November 19, 2009).

The Northeast Iron Formation is essentially composed of specular hematite, magnetite and quartz, and is defined by a series of stacked and concentric magnetic linears over a 5 km combined strike length. Samples were taken for Total Iron assays from the 150 m by 100 m discovery outcrop located 2 km northeast of the East Limb. Three short historic diamond drill holes were drilled on the outer limits of the Northeast Iron Formation: two holes drilled on section in the northwestern extremity and a third hole located 1 km to the southeast. One of the two holes to the northwest yielded 21.3 m grading 28.6% Iron (drill hole 21A-17) (MRNFQ Assessment Files). All 3 drill holes were drilled less than 70 m in length, and they did not test the core of the prolific magnetic responses.

Tom Larsen, President and CEO of Champion, stated "The addition of the Northeast Iron Formation enhances the blue sky potential at Fire Lake North as well as the other cluster 2 claim blocks. Champion continues to explore the other Cluster 2 claim blocks, including the ongoing 7,000 m drill campaign on Harvey-Tuttle, with the objective of outlining several 200 to 500 million tonne lenses. The Fire Lake North iron formations continue on the adjacent Bellechasse Claim Block where Champion previously outlined Inferred Resources and when combined with the Fire Lake North estimate total 503.3 million tonnes grading 28.0% Total Iron at this time in Inferred Resources(i), all in close proximity to ArcelorMittal's road-rail infrastructure and the Fire Lake Mine (341 million tonnes grading 33.4% Iron) that supplies ore to the Mont Wright Mine and Concentrator Complex located approximately 50 km to the north."

Mr. Larsen also added "Champion will be releasing new compliant mineral resource estimates shortly in both Indicated and Inferred categories at Fire Lake North, and with the new discovery could enhance Fire Lake North to be fast tracked under BBA Inc., guidance from the preliminary assessment towards feasibility in the near term."

(i) Inferred Mineral Resources are that part of a National Instrument ("NI") Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling gathered through appropriate techniques from drill holes and outcrops, and reasonably assumed, but not verified, geological and grade continuity. There is no guarantee that further exploration will upgrade the Inferred Mineral Resources to Indicated or Measured Mineral Resources.

The Fermont Iron Property

Champion now has an 82.5% direct interest, with Fancamp Exploration Ltd. (TSX VENTURE: FNC) holding 17.5%, in the 384.6 km2 Property consisting of 16 strategic claim blocks grouped into three clusters, termed Clusters 1, 2 and 3. Champion 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 current Mineral Resources, there are 6 remaining claim blocks that host historical Mineral Resources of 578 million tonnes grading 30.4% Iron (Paquet, 1963; MRNFQ 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.

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 Jeff Hussey, P. Geo., VP Exploration of the Company and Jean Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of Champion. Both individuals are Qualified Persons 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.

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 (416) 866-2200 (416) 361-1333 (FAX) Champion Minerals Inc. Jorge Estepa Vice-President (416) 866-2200 (416) 361-1333 (FAX) www.championminerals.com