Champion Minerals Inc.
TSX VENTURE : CHM
FRANKFURT : P02

Champion Minerals Inc.

September 15, 2009 11:39 ET

Champion Engages P&E Mining Consultants Inc. and Initiates Mineral Resource Estimations on the Fermont Iron Property, Northeastern Quebec

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2009) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM)(FRANKFURT:P02) is pleased to announce that it has engaged P & E Mining Consultants Inc. to initiate and complete a National Instrument 43-101 ("NI 43-101") Technical Report on Mineral Resource Estimates following the 2009 drilling program on the nearly contiguous Bellechasse and Fire Lake North Claim Blocks ("Bellechase") and "Fire Lake North") of the Fermont Iron Property.

Brampton (Ontario) based P&E Mining Consultants Inc. ("P&E"), is a well established geological and mine engineering firm specializing in the areas of NI 43-101 geological reports, mineral resource estimate technical reports, preliminary economic analysis and pre-feasibility studies. In addition, they are affiliated with major Toronto-based consulting firms for the purposes of joint venturing with them in completion of definitive feasibility studies. Their experience covers precious and base metals, uranium, nickel, molybdenum, cobalt, PGM's and iron for both underground and open pit deposits using the latest software packages. P&E staff and their 16 associates have experience in geological interpretation, 3-D geologic modeling, technical report writing, resource and reserve estimates, property evaluations, mine design, production scheduling, operating capital cost estimates and metallurgical engineering. P&E has worked on more than 85 projects worldwide.

Mr. Thomas Larsen, President and CEO of Champion stated, "We are pleased to be associated with Eugene Puritch, P.Eng. and Dr. Wayne Ewert, P.Geo and their team at P&E Mining Consultants Inc. The commissioning of the mineral resource estimates report is the first of several the Company intends on producing in the coming year as we continue to drill for iron resources in both the Fermont and the Schefferville areas. This NI 43-101 report evaluates the significant iron ore potential from Bellechasse and Fire Lake North Projects, part of 16 claim blocks totaling nearly 300km2 assembled over the last 18 months in the Fermont Iron Ore District. Further exploration and drilling will continue to validate the historic work and potentially delineate and/or increase the historical mineral resources into current NI 43-101 Mineral Resources. We continue to evaluate the large magnetic anomalies present within the 16 claim blocks at Fermont of this prized land holding in "iron ore" country."

The Fermont Iron Property

The Fermont Iron Ore District ("FIOD") is essentially composed of metamorphosed Labrador Trough rocks including the Sokoman iron formations that host all known iron ore mineralization and deposits in northeastern Quebec and Labrador. It is interpreted and documented that the magnetic anomalies on Champion's Fermont Iron Property host similar iron mineralization to the Consolidated Thompson Iron Mines ("CTIM") Bloom Lake Deposit (827 million tonnes grading 29.3% Iron).

Bellechasse already hosts historic resources of 91.4 million tonnes grading 30% Iron(i); and Fire Lake North hosts historic resources of 40.6 million tonnes grading 32% Iron(i) (refer to the table below). Both Bellechasse and Fire Lake north are located 20 km northeast of CTIM's combined Lamellee - Pepplar Lake projects with current mineral resources of 935 million tonnes grading 29.7% Iron), and 45 km to the south of the Bloom Lake Deposit (refer to the CTIM website at www.consolidatedthompson.com).

The 2009 drill campaigns at Bellechasse and Fire Lake North outlined a series of magnetite and quartz-specularite-magnetite iron formations with similar iron grades to the producing mines in the area (refer to the Champion news releases dated April 30, 2009, and May 27, 2009). The drilling also confirmed that magnetic responses from the airborne survey flown in 2008 are linked to iron formations along a 15km long corridor, Bellechasse - Fire Lake Iron Corridor, one of several target corridors within the 16 projects or claim blocks of the Fermont Iron Property held under option by Champion.

At Bellechasse, drilling intersected 28.3% Iron over 61.0 m (BC09-01), 30.6% Iron over 76.0 m (BC09-02), 29.0% Iron over 121.8 m (BC09-07) and 26.2% over 118.1 m (BC09-08) in the 11 hole / 2,618 m drill program that tested a 3km segment of the 4km long iron formation where previous work outlined historical resources.

At Fire Lake North in the Don Lake area), 5 holes / 1,135.6m tested 5 parallel northwest-trending magnetic anomalies over a 2.1km strike length. A moderately inclined and northeast dipping U-shaped synform was identified consisting of 25m to 85m wide north and south limbs of lean quartz-specularite-magnetite iron formation yielding assays in the range of 15% to 24% Iron over an average core length or true width intervals of approximately 24m. In the Half Mile Lake area, 2 holes / 390m tested the northern 400m segment of the northwest-southeast striking 4.5km long Half Mile Lake magnetic anomaly. Steeply northeast-dipping lean quartz-specularite-magnetite iron formations were intersected in the range of 12% to 29% Iron over an average core length or true width intervals of approximately 15.5m. The southwest portion of Fire Lake North contains the historic resources along the 6.5km long north-trending Fire Lake magnetic anomaly located 2km west of the Half Mile Lake anomaly which remains an excellent target since it sits adjacent to Arcelor Mittal's Fire Lake Mine (341 million tonnes @ 33.4% Iron).

Champion controls under option from Fancamp Exploration Ltd., and Sheridan Platinum Group Ltd., a land package of approximately 300km2 in 16 strategic claim blocks in 3 clusters from which 8 claim blocks host historic mineral resources of 694.4 million tonnes grading 30.4% Iron(i) (refer to Champion news release dated September 1, 2009 and May 27, 2008), as outlined in the following table:



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HISTORICAL MINERAL
CLAIM BLOCK RESOURCE(i)
------------------------------
SIZE TONNES GRADE
(km2) (in millions) (% Iron)
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CLUSTER 1
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Moire Lake 13.3 101 30.8
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CLUSTER 2
----------------------------------------------------------------------------
O'Keefe-Purdy-Audrea Lakes 37.6 25 35.5
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Harvey-Tuttle Lakes 49.8 n/a n/a
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Bellechasse-Midway 6.9 91.4 30.0
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Midway Southeast 8.0 n/a n/a
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Oil Can Lake 9.0 n/a n/a
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Fire Lake North
(includes Don Lake) 21.2 25 32.0
----------------------------------------------------------------------------
Hope Lake 6.9 n/a n/a
----------------------------------------------------------------------------
Hope Lake Southwest 3.2 n/a n/a
----------------------------------------------------------------------------
Lamellee Lake(1) 15.4 n/a n/a
----------------------------------------------------------------------------
CLUSTER 3
----------------------------------------------------------------------------
Casse Lake 13.5 n/a n/a
----------------------------------------------------------------------------
Audrey-Ernie Lakes 28.1 23 33.2
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Big Three Lakes 4.8 25 34.0
----------------------------------------------------------------------------
Aubertin-Tougard Lakes 28.1 n/a n/a
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Silicate-Brutus Lakes 28.6 304 29.4
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Penguin Lake 20.7 100 30.0
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TOTALS 297.6 694.4 30.4
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(i) The mineral resource estimates quoted in the news release are strictly
historical in nature, 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 classify the
historical mineral resource estimates as current mineral resources.

(1) Lamellee Lake: First right of refusal to option this property from
Fancamp Exploration Ltd. and The Sheridan Platinum Group Ltd.


Prioritized targeting for upcoming drilling campaigns on the Fermont Iron Property is progressing using airborne magnetic signatures and magnetic inversion techniques, on projects with historic mineral resources, and structural thickening potential. Champion is using the magnetic inversion techniques to estimate shapes, lengths, dips and volumes of iron formations to produce conceptual potential tonnage estimates of iron formations in explored and unexplored areas of the Fermont Property.

The purpose is to evaluate the Fermont Property magnetic anomalies and estimate potential tonnages (but not grades) of iron formations that are known to be associated with iron mineralization that are similar to existing and developing iron mines in the area, such as Arcelor Mittal Mt. Wright and Consolidated Thompson Bloom Lake Operations.

About Champion Minerals Inc.

Champion is an exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in the Provinces of Labrador and Newfoundland, and Quebec. The Company's projects include the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.

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

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements", and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.

Contact Information

  • Champion Minerals Inc.
    Thomas G. Larsen
    President and CEO
    (416) 866-2200
    or
    Champion Minerals Inc.
    Jorge Estepa
    Vice-President
    (416) 866-2200
    www.championminerals.com