Champion Minerals Inc. announced assay results from diamond-drill holes completed at its Fire Lake North Project since last reporting results on March 7, 2011.

The Company is currently completing over 18,000 metres of infill and extensional drilling at the Fire Lake North Project, following positive results published in the November 3,2010 Mineral Resource Estimate and Preliminary Economic Assessment Reports. Fire Lake North is one of the Company’s17 properties comprising the Fermont PropertyHoldings in northeastern Quebec.

At the proposed East Limb open pit area, hole FLN11-49 on section 2200N intersected 234.6 metres of specular-hematite iron formation, grading 33.8% Total Iron, beginning at a vertical depth of 230 m and extending to 425 m below surface. The hole is interpreted to have pierced at or near the closure of the iron formation horizon within the west-dipping, overturned synform. Four drill holes completed on section 2600N define the closure of the iron formation at vertical depths between 150-250m below surface and within the current optimized pit. These results could potentially increase current mineral resources while reducing strip ratios within the current designed pit. Results from hole FLN11-49 could potentially add to current mineral resources and also increase the depth of the designed pit. Drilling on in-fill section 2400N is in-progress to be followed by drilling north of section 2200N.

At the proposed West Limb open pit area, hole FL11-44B penetrated 35.8 m of specular-hematite iron formation, grading 31.6% Fe^T. This hole transected the lower limb of the east-dipping, overturned synform.

At the Don Lake area, approximately 5 kilometres north of the West Limb designed pit, drilling has encountered specular-hematite iron formation that defines a steeply overturned, northeast-dipping synform. The “upper” limb of the folded iron formation is locally over 60 m thick and contains a high-grade core over 35m thick, grading over 30% Fe^T.

The definition drilling at both the East Limb and West Limb designed pit areas has: 1) helped to corroborate the geological model of polyphase folded and structurally thickened iron formation; 2) confirmed the high-grade nature of the coarse-grained specular-hematite rich resource, and; 3) revealed the steeply overturned, synformal, bowl-shaped form of the iron formation: a geometry favourable to an increase in potential mineable resources and one that would also significantly reduce the strip ratios of the open pit designs that were used for the initial PEA study. The implied increase to the in-pit resources and reduction in strip ratios at Fire Lake North could significantly improve the project economics and mine life.

Champion continues to drill with four drill rigs on the Fire Lake North Project, including one drill at each of the East Limb and West Limb designed pit areas and two drills at the Don Lake occurrence. Drilling in the Don Lake area is designed to outline additional iron resources with the objective of establishing a third potential open pit. When all drilling is completed and assay results are available, Champion will update both its Inferred Mineral Resource Estimate, currently calculated at 388 Million Tonnes grading 28.9% Fe, and the PEA for the Project. This PEA update will also investigate the possibility of integrating the Inferred Mineral Resources at the Bellechasse Project, currently estimated at 215 MTgrading 28.7% Fe. The Bellechasse Project is located 5km northwest of the Fire Lake North Project.

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