Champion Minerals Completes $30 Million Bought Deal Public Financing (ccnm)

TORONTO, 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.