CHM Champion Minerals Inc.

CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE: CHM)(FRANKFURT: P02) is pleased to announce that, in accordance with the terms of its agreement (the "Agreement") with The Sheridan Platinum Group Ltd. (the "Vendor"), Champion has closed the Agreement in escrow pending recording and registration of all applicable transfers. Under the terms of the Agreement, Champion is acquiring all of the Vendor's remaining 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. With completion of the acquisition of this additional 17.5%, Champion is increasing 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 has 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 into escrow and will be released from escrow forthwith after satisfactory completion of the recording and registration of all transfers of the property interests to increase Champion's recorded and registered interest in the properties to 82.5% at the provincial registration offices. All necessary securities regulatory approvals have been obtained. The shares are subject to a resale restriction for four months plus one day from closing. In connection with the Agreement, the Company paid a commission of $40,000 to an arm's length party.

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 Fermont Iron Property in northeastern Quebec, the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.

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 (416) 866-2200 Champion Minerals Inc. Jorge Estepa Vice-President (416) 866-2200