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Press release from Marketwire

Champion Minerals Intersects 401.5 m Grading 30.7% Total Iron at the Oil Can Project, Adjacent to Its Flagship Fire Lake North Project Near Fermont, Quebec

- First Three Drill Holes of 8,000 m Planned Program Intersect Magnetite-Hematite Iron Formation From 191 m to 402 m in Length. - Drill Hole OC11-02 Intersects 401.5 m Grading 30.7% Total Iron Including a 213.5 m Interval Grading 33.1% Total Iron

Thursday, October 20, 2011

Champion Minerals Intersects 401.5 m Grading 30.7% Total Iron at the Oil Can Project, Adjacent to Its Flagship Fire Lake North Project Near Fermont, Quebec07:30 EDT Thursday, October 20, 2011TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) -CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) ("Champion", or the "Company") is pleased to provide assay results from the first three drill holes completed on the Company's Oil Can Project, located immediately northeast of and contiguous with the Company's flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec. Table 1 provides a list of selected composite assay results from the first three drill holes. TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS (HOLES OC11-01 to OC11-03)HOLE-IDHOLE LENGTHAZIMUTHDIPFROMTOINTERVAL**GRADE***metresdegreesdegreesmetresmetresmetresTotal Fe%OC11-01396260-45185.42376.31190.8930.6OC11-02594310-45188.53590.03401.5030.7including246.86460.40213.5433.1OC11-03372250-4540.58264.60224.0228.1including76.58216.58140.0030.0* Selected Composite Assay Results are stated only for results recently received. The Selected Composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource.** Intervals are down-hole lengths and not true widths of the mineral zones.*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.The initial 5,000 m drill program of 800 m spaced holes at the Oil Can Project is nearing completion and has tested approximately five kilometres of a total six kilometre strike length of favourable magnetic and gravimetric responses on the property. The distribution of magnetic/gravimetric anomalies and broad intersections of iron formation indicate a complex deformation history resulting in structurally thickened zones of iron formation. Tom Larsen, Champion's President and CEO commented, "The long intersections from the initial drill holes at Oil Can are very promising and could lead to the delineation of a large tonnage of magnetite-hematite iron resources for potential "pellet-feed" and/or "sinter-feed" production. This prospective resource is located only seven kilometres from the proposed location of our Fire Lake North Mine and Concentrator Complex that is currently undergoing a Preliminary Economic Assessment study that will be followed by a Feasibility study planned for mid-2012. Champion remains focused on developing the Fire Lake North Project and continues to systematically delineate resources on nearby projects. Our iron ore resource base, which currently exceeds 2.2 billion tonnes, is expected to grow significantly in the coming months and will provide support for the large capital requirements needed to develop the Fire Lake North and other projects."Champion will continue to operate three drills at the Oil Can Project until pending drilling permits are received for Fire Lake North Feasibility definition-drilling at which time, the drill-rigs will be re-allocated accordingly. Champion expects to complete the entire 8,000 m proposed drill program at the Oil Can Project in Q4-2011. Upon completion of drilling and receipt of all assay results, a National Instrument 43-101 Mineral Resource Estimate will be completed for the Oil Can Project with results expected in early Q1-2012.The Fermont Iron HoldingsChampion's Fermont Holdings comprise seventeen properties, three of which - Fire Lake North, Bellechasse and Harvey-Tuttle - host combined NI 43-101 compliant, Measured and Indicated Mineral Resources estimated at 400 Million Tonnes grading 30.6% FeT and Inferred Mineral Resources estimated at 1.82 Billion Tonnes grading 25.4% FeT, at a 15% FeT cut-off(1). Seven of Champion's remaining fourteen properties contain combined historical Mineral Resource estimates(2) totalling 620 Million Tonnes grading 31% FeT.About Champion Minerals Inc. Champion Minerals is an iron ore exploration and development company with offices in Montreal and Toronto, focused on developing its significant iron ore resources in the provinces of Quebec and Newfoundland & Labrador. The Company's projects include: the Fermont Holdings in Quebec, jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest); and the Attikamagen Iron Property in Quebec and Labrador. Champion's Fermont Holdings, including the flagship Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to three producing mines. Champion's team and advisory board includes mining and exploration professionals with substantial iron ore expertise to effectively advance the Fire Lake North Project into production.(1) The current Mineral Resource estimates were calculated 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.(2) All historical Mineral Resource estimates outlined in this disclosure 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 Mineral resources. The technical information in this news release was reviewed and approved by Bruce Mitton, P.Geo. VP Exploration of the Company and a Qualified Person under NI 43-101 standards. Statements made in this news release that are "forward-looking statements" are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein. FOR FURTHER INFORMATION PLEASE CONTACT: Thomas G. LarsenChampion Minerals Inc.President and CEO(416) 866-2200ORJorge EstepaChampion Minerals Inc.Vice-President(416) 866-2200ORSalisha HoseinChampion Minerals Inc.Director, Investor Relations(416)