DGAP-News: Champion Minerals drills 361.5 metres of iron mineralization at Fire Lake North

(firmenpresse) - DGAP-News: Champion Minerals Inc. / Key word(s): Miscellaneous
Champion Minerals drills 361.5 metres of iron mineralization at Fire
Lake North

18.10.2010 / 17:30

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NEWS RELEASE

Champion Minerals drills 361.5 metres of iron mineralization at Fire Lake
North

Toronto (Canada), October 18, 2010 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion' or the 'Company') is pleased to update shareholders on the
ongoing 15,000 m diamond drill campaign at the Company's Fire Lake North
Claim Block from the Fermont Iron Property in northeastern Quebec.
Currently there is one drill in operation and the Company plans on having
three drills in operation shortly.

The first hole extended drill hole FL10-21 on the East Limb Zone from 227.0
m to 442.2 m, adding 190.5 m of iron mineralization to the original 171.0 m
length grading 36.2% Total Iron. The total intersection of continuous iron
mineralization in hole FL10-21 is now 361.5 m. Assays are pending on the
recent extension of this drill hole.

Drill hole FL10-24 from the West Limb which initially intersected 197.8 m
grading 38.3% Total Iron including an interval of 43.6% Total Iron over
43.0 meters (refer to the Champion news release dated May 18, 2010) will
also be extended. This hole was collared and ended in higher grade
mineralization and will be extended and undercut in the upcoming drilling.
This area along with areas in the East Limb adjacent to holes FL10-01,
FL10-06, and FL10-08 will be drilled.

The drilling campaign aims to outline additional Inferred* Mineral
Resources from: (1) the Don Lake, East and West Limb Zones where Champion
recently reported Inferred* Mineral Resource Estimates of 388 million
tonnes grading 29% Total Iron at a 15% Total Iron cutoff that contains an


estimated 185 million tonnes grading 36% Total Iron at a 30% Total Iron
cutoff (refer to the Champion news release dated August 18, 2010), and (2)
the new Northeast Zone where a large surface outcrop of quartz-specularite
iron mineralization was recently mapped.

Tom Larsen, Champion's President and CEO, states 'With BBA's preliminary
economic assessment report expected before the end of October, the
additional iron mineralization intersected in hole FL10-21 bodes well for
increasing Mineral Resources at Fire Lake North notwithstanding what could
develop with further deepening of existing holes left in mineralization in
Q1 and Q2, 2010, as well as the potential of the newly discovered Northeast
Zone. We believe that Champion can reach its goal of 1 billion tonnes of
Mineral Resources at economic grades just in the surrounding Fire Lake
North area quickly.'

Jeff Hussey, P. Geo., Champion's VP Exploration adds 'The 15,000 m drill
program is aimed at outlining sufficient Mineral Resources on Fire Lake
North to proceed with a Feasibility Study for a centralized operation in
Champion's Cluster 2 area that also include the adjacent claim blocks such
as Bellechasse with 215 million tonnes of Inferred Mineral Resources
grading 28.7 % Total Iron, and the Harvey-Tuttle, O'Keefe-Purdy, Midway and
Oil Can Lake claim blocks, all within a reasonable distance from Fire Lake
North.'

* The Mineral Resources for Fire Lake North were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards
on Mineral Resources and Reserves, Definitions and Guidelines prepared by
the CIM Standing Committee on Reserve Definitions and adopted by CIM
Council December 11, 2005.

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.

For further information please contact Thomas G. Larsen, President and CEO,
and Jorge Estepa, Vice-President, at 1 (877) 448 2201 or (416) 866-2200.

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.


End of Corporate News


18.10.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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100958 18.10.2010Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
Datum: 18.10.2010 - 17:30 Uhr
Sprache: Deutsch
News-ID 277336
Anzahl Zeichen: 5349

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Kategorie:

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