Champion Minerals Inc.
TSX VENTURE : CHM

Champion Minerals Inc.

May 14, 2008 18:15 ET

Champion Minerals Closes Option on Gullbridge Base Metals Property, Newfoundland

TORONTO, ONTARIO--(Marketwire - May 14, 2008) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM) is pleased to announce that the Company has executed a definitive option and joint venture agreement (the "Agreement") with Copper Hill Resources Inc. ("Copper Hill") to acquire an interest in the Gullbridge Base Metals Property (the "Property"), in the Buchans Mining Camp, Newfoundland, as previously announced on April 3, 2008.

Pursuant to the Agreement, Champion has the option to earn a 51% interest in the Property by paying Copper Hill C$ 30,000 over a three year period, issuing common shares of the Company as follows: i) 50,000 common shares within 15 days of the execution of the definitive option agreement, ii) 100,000 common shares on the first year anniversary of the option agreement, and ii) 150,000 common shares on the second year anniversary of the option agreement; and completing C$800,000 in exploration work on the Property over a 3 year period, whereby C$ 200,000 would be required in each of the first two years, and C$ 400,000 in exploration work would be required for the third year. Champion will have a further option to increase its interest to 75% by funding an additional C$ 700,000 in exploration and issuing an additional 150,000 common shares of the Company within a further 2 year period. Champion would also have the option to increase its interest to 85% by funding all necessary expenditures to completion of a positive bankable feasibility study.

All securities issued pursuant to the Agreement will be subject to a four month hold from date of issue. The Agreement is subject to the approval of the TSX Venture Exchange Inc.

About Champion Minerals Inc.

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

Statements in this 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Champion Minerals Inc.
    Thomas G. Larsen
    President & CEO
    (416) 866-2200
    (416) 361-1333 (FAX)
    or
    Champion Minerals Inc.
    Jorge Estepa
    Vice-President and Secretary-Treasurer
    (416) 866-2200
    (416) 361-1333 (FAX)
    Website: www.championminerals.com