Champion Minerals issues Updated Inferred Resource estimate of 388 million tonnes grading 29% Total Iron for Fire Lake North

- Total Inferred Mineral Resource estimates for the Fire Lake North and
contiguous Bellechasse Claim Blocks now total 603 million tonnes grading
29% Total Iron in Inferred Mineral Resources

- Champion launches 15,000 m drill program at Fire Lake North designed to
upgrade Mineral Resources to Measured and Indicated Resources* category,
and to delineate the remaining potential, including the newly discovered
Northeast Zone

Toronto (Canada), August 18, 2010 - CHAMPION MINERALS INC. (TSX-V: CHM;
Frankfurt: P02) ('Champion' or the 'Company') is pleased to announce an
updated National Instrument ('NI') 43-101 Mineral Resources Estimate (the
'Mineral Resources') for the Fire Lake North Claim Block ('Fire Lake
North') from the Fermont Iron Property (the 'Property') in the Fermont Iron
Ore District of northern Quebec.

The current Mineral Resources combine the 2009 and 2010 winter drill
campaign results totaling 31 holes which yielded intersections of up to 171
m grading 36.2% Total Iron (drill hole FL10-21), 134 m of 38.3% Total Iron
(FL10-6), and 198 m of 38.3% Total Iron (drill hole FL10-24) (refer to the
Champion news releases dated May 4, 2010 and May 18, 2010) covering the
East Limb, West Limb and Don Lake target areas. The current Mineral
Resources were estimated by Eugene Puritch, P. Eng., of P&E Mining
Consultants Inc. ('P&E') (Brampton, Ontario), an independent Qualified
Person under NI 43-101 guidelines. The geological, mineral resource and pit
optimization modeling parameters were established by P&E with assistance
from Patrice Live, P. Eng. and André Allarie, P. Eng., both of BBA Inc.
(Montreal, Quebec), to complete a Preliminary Economic Assessment (Scoping
Study) for Fire Lake North.

At a 15% Total Iron cut-off grade, there are 388 million tonnes grading 29%
Total Iron in Inferred Mineral Resources* from Fire Lake North (all Mineral
Resources numbers in the text are rounded per NI 43-101 guidelines). The
Inferred Mineral Resource Estimates at varying cutoff grades are appended
(Table 1) with the geological and Mineral Resources modeling parameters and
the Quality Assurance and Quality Control ('QA/QC') program. The current
Mineral Resource estimate represents a 35% increase in tonnage from
previous Mineral Resource estimates at Fire Lake North that yielded
Inferred Mineral Resources* of 288.2 million tonnes grading 27.5% Total
Iron (refer to the Champion news release dated November 19, 2009).

It is estimated an exploration target of between 320 million and 350
million tonnes of additional Potential Mineralized Material* is present for
which no sampling data is available to estimate grade. The Mineralized
Material* includes the un-estimated iron formation between widely spaced
drill holes and the recently discovered iron formation of the Northeast
Zone. In addition, the conceptual optimized pit-shell of undiluted and
in-situ Mineral Resources at Fire Lake North utilized a mining cost of US$
1.76 per tonne of ore and waste, process cost of US$1.67 per tonne, process
recovery of 82%, transport costs of US$4.75 per tonne and G&A costs of
US$0.75 per tonne, pit slopes of 48 degrees to accommodate ramp and mine
design, and a moving average price of Iron concentrate of US$ 1.1420 per
dry metric tonne unit or US$ 114.20 per tonne, are 304 million tonnes
grading 30% Total Iron. The conceptual pit-shell indicates approximately
80% of Inferred Mineral Resources* report within a conceptual open-pit
(refer to Table 2) at the same 15% Total Iron cut-off grade.

The Fire Lake North iron formations continue on the contiguous Bellechasse
Claim Block ('Bellechasse') where Champion had previously outlined Inferred
Mineral Resources* of 215 million tonnes grading 29% Total Iron. The
combined Fire Lake North Bellechasse and estimates total 603 million tonnes
grading 29% Total Iron in Inferred Mineral Resources*, all in close
proximity to ArcelorMittal's road-rail infrastructure and Fire Lake Mine
(341 million tonnes grading 33.4% Iron) that supplies ore to the Mont
Wright Mine and Concentrator Complex located approximately 50 kilometers to
the north.

Thomas Larsen, Champion's President and CEO, stated: 'I am very pleased
with the expediency of Champion's technical group in outlining over 600
million tonnes at 29% Total Iron in NI 43-101 compliant Mineral Resources
over the past 18 months. From an exponential cost-reward valuation
perspective, the iron mineralization discovered far exceeds the cost of
exploration incurred. The current Mineral Resource estimate tonnage
represents a 35% increase from previous Mineral Resource estimates.
Furthermore, a significant estimated tonnage of additional mineralized
material remains to be drilled.'

Mr. Larsen added: 'We believe our current Mineral Resources are near the
threshold required for a potential economically viable operation and have
focused our efforts accordingly. BBA Inc is now in a position to complete
the scoping study for the latter part of October while Champion
aggressively initiates a 15,000 m staged drill program to upgrade the
current Inferred Mineral Resources to the Measured and Indicated
categories, and delineates the remaining potential, including the newly
discovered Northeast Zone.'

* Inferred Resources are part of a National Instrument 43-101 Mineral
Resource for which the estimated quantity and grade of a deposit, or a part
thereof, that is determined on the basis of limited sampling, but for which
there is sufficient geological information and a reasonable understanding
of the continuity and distribution of metal values to outline a deposit of
potential economic merit. There is no guarantee that further exploration
will upgrade the Inferred Resources to Indicated and/or Measured Resources.
Mineralized Material is not recognized Mineral Resources categories and
there is no guarantee that any future exploration will ever convert any of
this material to compliant NI 43-101 Mineral Resources.

The Fermont Iron Property

Champion has an 82.5% direct interest, with Fancamp Exploration Ltd.
(TSX-V: FNC) holding 17.5%, in the 608 km2 Fermont 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.

Fully funded, having raised over $C 20 million since November 2009,
Champion is aggressively exploring the Fermont Iron Property, including the
ongoing 7,000 m drill campaign on Harvey-Tuttle, with the objective of
outlining several 200 to 500 million tonnes lenses. The Fermont Iron
Property hosts more than 200 kilometres of iron formation with potential to
host Mineral Resources.

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 Alexander Horvath, P. Eng., Executive VP Exploration of the
Company, Jean Lafleur, P. Geo., Director and Technical Advisor to the
President and CEO of Champion, and Eugene Puritch, P. Eng., of P&E Mining
Consultants. All individuals are Qualified Persons under NI 43-101
standards with Mr. Puritch being independent of the issuer.

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.
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.

Table 1: Inferred Mineral Resources* at 5% incremental Total Iron cutoff
grades from 10% to 30%.

Cut-off
grades Tonnes(1) Total Iron grade Ca2O MgO
10% 425,232,000 27.5 0.41 0.37
15% 387,733,000 28.9 0.39 0.35
20% 327,349,000 31.0 0.38 0.32
25% 252,089,000 33.6 0.35 0.28
30% 184,702,000 35.9 0.24 0.23
(1) Numbers are rounded according to NI 43-101 guidelines.

Table 2: Pit Optimized Mineral Resources at 5% incremental Iron cutoff
grades from 15% to 30%.

Cut-off
grades Tonnes(1) Total Iron grade Ca2O MgO
10% 324,800,000 29.3 0.34 0.32
15% 303,732,000 30.4 0.33 0.30
20% 274,787,000 31.8 0.33 0.29
25% 222,095,000 33.9 0.31 0.27
30% 166,645,000 36.1 0.24 0.23
(1) Numbers are rounded according to NI 43-101 guidelines.

Geological and Mineral Resource Modeling Parameters

* The current Mineral Resource estimates were completed using Inverse
Distance Squared ('ID2') interpolation of four-meter assay composites
within modelled mineralization domains defined by geology and assay values.
* The assay values were capped at 58% Total Iron prior to compositing and
the area of influence for high grade composites above 45% Total Iron were
restricted to 50% of the 300 meter search and interpolation range used to
estimate resources.
* The current Mineral Resources were evaluated only from recent NI 43-101
compliant drill hole assay results. The mineralized areas were interpreted
from transverse sections defined by drill hole traces combined with
geophysical data.
* The 15% Iron cut-off grade was derived from a 4 year moving average price
of Iron concentrate price at US$ 1.142 per dry metric tonne unit (or US$
114.20 per tonne), based on the ArcelorMittal Mines Canada October 2009
European deliveries of concentrate (Freight on Board or FOB Port-Cartier,
Quebec) price set at US$1.0242 per Iron unit or US$ 102.42 per tonne
(www.arcelormittal.com); processing of US$ 1.67 per tonne of ore;
concentrate transport of US$ 4.75 per tonne of ore; G&A of US$ 0.75 per
tonne of ore; and a process recovery of 85%.
* A bulk density of 3.30 tonnes per cubic metre was used to calculate
tonnages from the volumetric estimates of the resource grade block model.
Initial density test results on a limited number of samples indicate the
density could be higher; however, additional testing would be required to
validate any increase in the current assigned density.
* Any discrepancies in the estimate numbers are due to rounding effects;
rounding followed the recommendations in NI 43-101.
* 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.

Quality Assurance and Quality Control

All drill core logging and sample preparation was conducted by qualified
Company personnel under NI 43-101 guidelines at the Company's core logging
facilities in Labrador City, Newfoundland. The NQ-sized drill core was
split and one-half retained in the core tray as a reference sample while
the other half core samples were individually bagged, tagged, and sealed
within large sealed nylon bags and shipped by commercial ground transport
for sample preparation and analysis to ALS Laboratory Group facilities in
Val d'Or (Quebec) and North Vancouver (British Columbia). Certified
reference standards and blank samples were inserted regularly for Quality
Assurance and Quality Control ('QA/QC') purposes, and QA/QC work and
results was supervised and processed by Alex S. Horvath of A. S. Horvath
Engineering Inc. (Ottawa, Ontario), and reviewed and approved by Tracy
Armstrong, P. Geo., of P&E Mining Consultants Inc.

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




18.08.2010 14:29 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at www.dgap-medientreff.de and www.dgap.de

Unternehmen: Champion Minerals Inc. - ISIN: CA1585321013