Champion earns into 65% of Fermont with Fancamp
Ticker Symbol: C:CHM C:FNC

Champion earns into 65% of Fermont with Fancamp

Champion Minerals Inc (C:CHM)
Shares Issued 54,707,497
Last Close 6/7/2010 $0.84
Tuesday June 08 2010 - News Release

Also Fancamp Exploration Ltd (C:FNC) News Release

Mr. Thomas Larsen of Champion reports

CHAMPION MINERALS COMPLETES EARN-IN TO ACQUIRE 65% UNDIVIDED INTEREST IN FERMONT PROPERTY; RECEIVES $1,251,250 THROUGH THE EXERCISE OF WARRANTS

Champion Minerals Inc., with the completion of $6-million in work expenditures, the payment of $400,000 and the issuance of 1.5 million common shares of Champion, divided equally between Fancamp Exploration Ltd. and the Sheridan Platinum Group Ltd., has completed the required work commitment, cash payments of $1-million and the share issuance of 2.9 million common shares of the company, pursuant to the Fermont option and joint venture agreement dated as of Aug. 31, 2009. Subject to the Vendor's review of the notice and documentation, the Company will be deemed to have earned an undivided 65% right, title and interest in and to all of the claim blocks of the Fermont Iron Property covered by the Agreement.

With Champion completing its earn-in, a 65%-35% joint venture will be formed between Champion and the Vendors. Pursuant to the Agreement, the Vendors retain a 3% Net Smelter Returns royalty, one third of which may be purchased by Champion for C$3 million. The Agreement also includes a right of first refusal on the Lamelee Lake Claim Block.

Warrant Exercise

Champion is also pleased to announce 1,787,500 common shares were issued by the Company pursuant to the exercise of a series of $0.70 warrants with a June 5, 2010 expiry date. The Company received proceeds of $1,251,250 in connection with the warrant exercise and the proceeds will be used by Champion for working capital and to finance continued exploration programs on the Company's properties.

2010 Canjex Publishing Ltd.