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Press release from Marketwire

Champion Minerals Completes $30 Million Bought Deal Public Financing

Monday, March 12, 2012

Champion Minerals Completes $30 Million Bought Deal Public Financing09:25 EDT Monday, March 12, 2012TORONTO, ONTARIO--(Marketwire - March 12, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Champion Minerals Inc. (TSX:CHM)(FRANKFURT:P02) (the "Company" or "Champion") is pleased to announce that it has completed its previously announced bought-deal public offering (the "Offering") of 15,000,000 common shares of the Company (the "Offered Shares") at a price of C$2.00 per common share for aggregate gross proceeds of C$30,000,000 through a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc., Stifel Nicolaus Canada Inc., Canaccord Genuity Corp. and Fraser Mackenzie Limited (collectively, the "Underwriters"). The Offering was qualified in Canada by short-form prospectus filed in all provinces except Quebec. Pursuant to an over-allotment option granted by the Company to the Underwriters, the Underwriters have the right to purchase up to an additional 2,250,000 common shares on the same terms as the Offering, exercisable in whole or in part, at any time prior to April 10, 2012. The Company intends to use the proceeds of the financing to fund the exploration and development of certain projects in the Company's Fermont Iron Property, in particular further drilling and a feasibility study on its flagship Fire Lake North project and work on its Oil Can and Moire Lake projects as well as for general corporate purposes. The Company's flagship Fire Lake North project is situated at the southern end of the Labrador Trough adjacent (to the north) of ArcelorMittal's operating Fire Lake Mine and 60 km to the south of Cliffs Natural Resources Inc.'s Bloom Lake Mine in northeastern Quebec. "We are very pleased to have completed this financing to enable Champion to expedite development of a feasibility study on its Fire Lake North project and to advance its Oil Can and Moire Lake projects based on milestones and on schedule," said Tom Larsen, President and Chief Executive Officer of Champion. "Champion recognizes and appreciates the confidence and support shown by Macquarie Capital Markets and the other syndicate members - Paradigm Capital, Stifel Nicolaus, Canaccord Genuity and Fraser Mackenzie." The Offered Shares 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. Following closing, Champion has 104,526,209 common shares issued and outstanding. 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.This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the use of proceeds from the Offering, strategic plans, spending commitments, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions, including that Champion's Fire Lake North project is its only material property, that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include but are not limited to the risks identified in Champion's short form prospectus dated March 1, 2012 under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.This press release has been prepared by Champion Minerals Inc. and no regulatory authority has approved or disapproved the information contained herein.FOR FURTHER INFORMATION PLEASE CONTACT: Thomas G. LarsenChampion Minerals Inc.President and CEO(416) 866-2200(416) 361-1333 (FAX)ORJorge EstepaChampion Minerals Inc.Vice-President(416) 866-2200(416) 361-1333 (FAX)www.championminerals.com