Champion Minerals completes $30 million bought deal financing

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OR FOR DISSEMINATION IN THE UNITED STATES

Champion Minerals completes $30 million bought deal financing

TORONTO, ONTARIO. February 3, 2011. Champion Minerals Inc. (TSX:CHM,
FSE:PO2) (the 'Company' or 'Champion') is pleased to announce that it has
completed its previously announced offering (the 'Offering') of 12,000,000
shares of the Company (the 'Shares') at a price of C$2.50 per Share for
aggregate gross proceeds of C$30,000,000. The Offering was completed by a
syndicate of underwriters led by Canaccord Genuity Corp. and included
Paradigm Capital Inc., Jennings Capital Inc., Haywood Securities Inc. and
RBC Capital Markets (collectively, the 'Underwriters').

The net proceeds of the financing will be used to fund the exploration and
development of the Company's Fermont Iron Property, as well as for general
corporate purposes.

The securities have not been registered under the U.S. Securities Act of
1933 (the '1933 Act'), as amended, or under any state securities laws, and
may not be offered or sold, directly or indirectly, or delivered within the
United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the 1933 Act) absent registration or an
applicable exemption from registration requirements. This news release does
not constitute an offer to sell or a solicitation to buy such securities in
the United States.

About Champion Minerals Inc.
Champion is a Canadian exploration Company focused on discovering and
developing significant iron ore resources in eastern Canada, particularly
in the provinces of Quebec and Newfoundland & Labrador.
The Company's projects include the Fermont Iron Property in northeastern
Quebec, the Attikamagen Iron Property in northeastern Quebec and western
Labrador, and the Powderhorn/Gullbridge Base Metal
Projects in central Newfoundland. Please visit Champion's website at
www.championminerals.com.

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

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.


End of Corporate News

Unternehmen: Champion Minerals Inc. - ISIN: CA1585321013