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Champion Minerals Files Updated Preliminary Economic Assessment Study for its Fire Lake North Project

Champion Minerals Inc.(TSX:CHM)(FRANKFURT:P02)

is pleased to announce the filing on SEDAR of its updated National Instrument 43-101 technical report for the Preliminary Economic Assessment ("PEA") study on the Fire Lake North Project.

As reported previously by the Company on November 21, 2011, some highlights of the PEA study include the following:

Based on a 25 year financial analysis of one production line at the concentrator, the 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.

For the first 5 years of production, 10 million tonnes of concentrate will be produced annually from 23 million tonnes of Run of Mine at a head grade of 34.2% total iron and a strip ratio of 2.46:1, yielding a weight recovery of 43.2%.

Average annual production of 8.7 million tonnes of iron concentrate for the first 25 years grading 65% total iron with "In Pit" resources sufficient for a 40 year mine life.

The PEA study recommends investigating the option to double the production rate based on the 922 million tonnes of "In Pit" resources1.

About Champion Minerals Inc.

Champion Minerals is an iron ore exploration and development company with offices in Montreal and Toronto, focused on developing its significant iron ore resources in the provinces of Quebec and Newfoundland & Labrador. The Company's iron projects include: the Fermont Holdings (714 km2) in Quebec, jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd. (17.5% interest); and the Attikamagen Iron Property (310 km2) in Quebec and Labrador.

Last: 1.45Range: 3.30-0.72Market Cap: 127 million

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