Champion Minerals Announces Remaining Assay Results from the 2011 Drilling Program Completed at the Moire Lake Project (ccnm)

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) -CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) ("Champion" or the "Company") is pleased to provide the remaining assay results from the 2011 Moire Lake diamond-drilling program. The Moire Lake Project, which comprises Cluster 1 of Champion's Fermont Iron Holdings in north-eastern Quebec, is immediately east of ArcelorMittal's Mont Wright Mine property, and is 8 kilometres south of existing rail transport infrastructure.

Twenty-one drill holes totalling 9,347 metres (m) were completed at Moire Lake in 2011. The initial drill holes tested a newly interpreted geological model that indicated significant upside potential to the Historic Mineral Resource Estimate(1) for the Lac Moire Occurrence (102 MT grading 31% Total Iron ("FeT")). Favourable results from this original 5,000 m drilling program encouraged Champion to increase the drill program metreage.

The last drill hole completed at Moire Lake - LM11-021 - intersected 336.4 m of magnetite-hematite rich iron formation (IF) grading 27.7% FeT that included an interval of 248.1 m grading 31.6% FeT. Hole LM11-021 was drilled to cross-cut the IF intersection of 503.4 m grading 31.2% FeT encountered in drill hole LM11-012 (see Champion's press release dated October 6, 2011). Holes LM11-012 and LM11-021 were collared over the southeastern part of the historic Lac Moire Occurrence(2), and demonstrate that the IF around the southern fold closure is substantially thickened.

Table 1 provides a list of highlight composite assay results for drill holes LM11-017 through LM11-021, inclusive.

Drill hole LM11-017 intersected two IF intervals: the first of 156.7 m grading 32.7% FeT and the second, 80 m further down-hole, of 82.5 m grading 27.7% FeT. The hole was drilled on-section and down-dip of holes LM11-002 and LM11-015, which intersected 119.3 m grading 26.6% FeT and 217.4 m grading 25.3% FeT, respectively (see Champion press releases dated May 14 and October 6, 2011). These drill holes were completed on the most northerly section historically drilled at the Lac Moire Occurrence and extend the mineralized zone several hundred metres down-dip from the historic interpretation (see Figure 1).

Drill holes LM11-18 to LM11-20, inclusive, intersected iron mineralization on progressive 150 m to 200 m step-outs along strike, thereby extending the IF mineralization 500 m to the northwest around the northern fold closure and up to the western property boundary. The mineralization is interpreted to continue onto the neighbouring ArcelorMittal Mont Wright Mine property (see Figure 2).

Drilling of the 4 kilometre, "Northeast Trend" magnetic anomaly underlying the eastern part of the Moire Lake Project, has been deferred until 2012 as the Company focuses on the Feasibility and Development of its flagship Fire Lake North Project.

Tom Larsen, Champion's President and CEO commented, "The 2011 Moire Lake drilling program has proven to be another highly successful campaign for Champion. We are confident that our drill results will produce a substantial increase in resources above the Historical Resource Estimate reported for the Lac Moire Occurrence. We also see additional upside resource potential for the Project from the Northeast Trend anomaly, although this prospective zone remains to be drilled."

Champion has commissioned P&E Mining Consultants Inc. to complete a National Instrument 43-101 compliant Mineral Resource Estimate for the Moire Lake Project with results expected in early 2012.

Mr. Larsen further stated, "Our current interpretation suggests the bowl-shaped geometry of the Lac Moire Occurrence extends onto ArcelorMittal's neighbouring Mont Wright property with preliminary modelling suggesting that Champion has likely identified sufficient resources to potentially develop the project on a stand-alone basis."

The Fermont Iron Holdings

Champion's Fermont Holdings comprise seventeen properties, three of which - Fire Lake North, Bellechasse and Harvey-Tuttle - host combined, NI 43-101 compliant, Measured and Indicated Mineral Resources estimated at 400 Million Tonnes grading 30.6% FeT, and Inferred Mineral Resources estimated at 1.82 Billion Tonnes grading 25.4% FeT, at a 15% FeT cut-off4.

About Champion Minerals Inc.