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.
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