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Press release from Marketwire

Champion Minerals Refiles Interim Financial Statements

Thursday, February 23, 2012

Champion Minerals Refiles Interim Financial Statements14:01 EST Thursday, February 23, 2012TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) -CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) ("Champion" or the "Company") reports that it refiled its interim consolidated financial statements for the 6 months ended September 30, 2011 and 9 months ended December 31, 2011 and the associated CEO and CFO certificates. The Company restated the interim financial statements to effect the correction of an error in the calculation of non-controlling interest, which resulted in the following changes:Consolidated Statement of Financial Position as at September 30, 2011:As previously filedIncrease (decrease)As restated$$$Exploration and evaluation50,430,967(1,566,344)48,864,623Non-controlling interest6,834,215(1,566,344)5,267,871Consolidated Statement of Financial Position as at December 31, 2011:As previously filedIncrease (decrease)As restated$$$Exploration and evaluation59,906,929(3,495,543)56,411,386Non-controlling interest10,067,423(3,495,543)6,571,880The restatement did not affect the previously reported cash position or loss.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 a 49% interest in 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, proximal to four producing mines. Champion's team and advisory board includes mining and exploration professionals with substantial iron ore expertise, needed to effectively advance the Fire Lake North Project into production.Please visit Champion's website at www.championminerals.com.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) 866-2200www.championminerals.com