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NEWS RELEASE

Champion Minerals Releases Updated Preliminary Economic Assessment Study for Fire Lake North Project and Initiates Feasibility Study

• Based on a 25 year financial analysis, Fire Lake North Base Case has a Net Present Value of $4 billion at a discounted cash flow rate of 8%
• The Internal Rate of Return for the project is 41.5% and the payback period is 2.3 years
• Annual production rate of 10 million tonnes of concentrate for the first 5 years
• Average annual production of 8.7 million tonnes of iron concentrate grading 65% total iron
• In Pit resources are sufficient for a 40 year mine life
• Study recommends investigating the option to double the production rate based on the 922 million Tonne “In Pit” resources

Toronto (Canada), November 21, 2011 – Champion Minerals Inc. (“Champion” or the “Company”) (TSX: CHM; FSE: P02) is pleased to announce the results of its updated Preliminary Economic Assessment (“PEA”) study on the Fire Lake North Project that was performed by BBA Inc. (“BBA”). Concentrator production would average 8.7 million tonnes of concentrate per year (“Mtpa”) grading 65% iron for the first 25 of the 40 year mine life; however, the first five years of the financial model will average nearly 10 Mtpa of concentrate production.

The 2011 PEA study produced a Net Present Value of $4 billion at a discounted cash flow rate of 8% with an Internal Rate of Return (“IRR”) of 41.5% and a capital payback period of 2.3 years. The US$ exchange rate is assumed to be at par value with the Canadian dollar. Table 1 provides the Net Present Values calculated at various discounted cash flow rates for the Base Case production scenario.

The financial analysis in the PEA study used a price of $115 per tonne of iron concentrate ($/tonne is FOB Sept-Iles), the mine life in the study is 40 years and the capital payback period is 2.3 years.

The PEA was completed by Dr. André Allaire, Eng., M.Eng., Ph.D., and Mr. Stéphane Normandin Eng., from BBA, an international, multi-disciplinary, engineering firm with expertise in mining and metallurgy, based in Montreal, (Quebec). BBA’s National Instrument (“NI”) 43-101 Technical Report will be posted by Champion on SEDAR

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