Champion Minerals to make Fire Lake resource estimate
Ticker Symbol: C:CHM

Champion Minerals to make Fire Lake resource estimate

Champion Minerals Inc (C:CHM)
Shares Issued 60,362,497
Last Close 8/3/2010 $0.86
Wednesday August 04 2010 - News Release

Mr. Thomas Larsen reports

CHAMPION MINERALS TO ISSUE UPDATED MINERAL RESOURCES ESTIMATES FOR THE FIRE LAKE NORTH CLAIM BLOCK

CHAMPION MINERALS INC. (TSX VENTURE: CHM)(FRANKFURT: P02) ("Champion" or the "Company") wishes to announce the new National Instrument ("NI") 43-101 Mineral Resources Estimates (the "Mineral Resources") for the Fire Lake North Property (the "Property") will be released prior to the end of September 2010, which will coincide with the start-up of the next drilling campaign on the Property.

The new Mineral Resources will integrate the 2010 winter drill campaign results which yielded intersections of 171 metres grading 36.2% Total Iron (drill hole FL10-21), 134 metres of 38.3% Total Iron (FL10-6), and 198 metres of 38.3% Total Iron (drill hole FL10-24) (refer to the Champion news releases dated May 4, 2010 and May 18, 2010). The 2010 winter drill campaign was centered on the East Limb and West Limb target areas which together with the Don Lake target, have already yielded Inferred Resources(i) of 288.2 million tonnes grading 27.5% Total Iron (refer to the Champion news release dated November 19, 2009).

Jeff Hussey, P. Geo., Champion's VP Exploration, stated, "Champion's Technical Team has completed the compilation, synthesis and geological modeling of the 2009-2010 drill hole database and has forwarded the model to P&E Mining Consultants (Brampton, Ontario), authors of the 2009 Mineral Resources Estimates at the Fire Lake North and Bellechasse Claim Blocks, to calculate the new Mineral Resources. We are of the opinion the widths and extent of the iron mineralization encountered in the 2010 winter drilling may have a significant impact on the new Mineral Resources. This iron oxide mineralization is composed of the Fermont-style of mineralization known as "Quartz Specularite''. The intersections contain a higher grade central portion that is generally above 40% and very coarse grained 3 to 5 millimetre crystals, and it is this mineralization being submitted for metallurgical testing. We look forward to the new estimates."

Mr. Hussey added, "Recent fieldwork identified a large quartz specularite outcrop in the Northeast Zone that will be mapped, sampled and used for a bulk sample location. The Northeast Zone shows promising upside. Champion will be drilling again at Fire Lake North and the campaign will consist of a staged 15,000 metre drill program, designed to delineate the Northeast Zone and upgrade currently defined Mineral Resources towards Measured and Indicated Resources(i) as we advance the Property through the Preliminary Economic Assessment stage towards Feasibility under the guidance of BBA Inc., an independent Canadian-based consulting engineering firm with international operations. Permitting is underway for the camp and drill hole set-ups."

Champion continues to explore the other Cluster 2 claim blocks, including the ongoing 7,000 m drill campaign on Harvey-Tuttle, with the objective of outlining several 200 to 500 million tonne lenses. The Fire Lake North iron formations continue on the adjacent Bellechasse Claim Block where Champion previously outlined Inferred Resources and when combined with the Fire Lake North estimate total 503.3 million tonnes grading 28.0% Total Iron in Inferred Resources(i), 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 km to the north.

(i) 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. Indicated Resources are part of a National Instrument 43-101 Mineral Resource for which the estimated quantity and grade of that part of a deposit for which the continuity of grade, together with the extent and shape, are so established that a reliable estimate of grade and tonnage can be made. Measured Resources are that part of a National Instrument 43-101 Mineral Resource for which the estimated quantity and grade of that part of a deposit for which the size, configuration and grade have been well established by observation and sampling of outcrops, drill holes, trenches and mine workings.

The Fermont Iron Property

Champion now has an 82.5% direct interest, with Fancamp Exploration Ltd. (TSX VENTURE: FNC) holding 17.5%, in the 385 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.

The technical information in this news release was prepared, revised and approved by Jeff Hussey, P. Geo., VP Exploration of the Company and Jean Lafleur, P. Geo., Director and Technical Advisor to the President and CEO of Champion. Both individuals are Qualified Persons under NI 43-101 standards.

2010 Canjex Publishing Ltd.