Champion to drill test Mammoth zone of Harvey-Tuttle
Ticker Symbol: C:CHM

Champion to drill test Mammoth zone of Harvey-Tuttle

Champion Minerals Inc (C:CHM)
Shares Issued 24,123,535
Last Close 12/14/2009 $0.48
Tuesday December 15 2009 - News Release

Mr. Thomas Larsen reports

CHAMPION MINERALS ESTIMATES CONCEPTUAL TONNAGES AT HARVEY-TUTTLE, INCLUDING THE 25 KM2 IRON FORMATION OF THE "MAMMOTH" AND "MAMMOTH SW" ZONES, AND PLANS STAGED DRILLING CAMPAIGN

Champion Minerals Inc. plans a staged drilling campaign to test the Mammoth zone, a 25-square-kilometre magnetic signature representing an extensive sequence of folded and potentially thickened iron formation within the Harvey-Tuttle claim block, one of 16 claim blocks that make up the Fermont iron property, currently under option from Fancamp Exploration Ltd. and the Sheridan Platinum Group Ltd.

Prioritized targeting of iron formations on the property is progressing on schedule using Champion's 2008 airborne geophysical survey that has outlined numerous and significant airborne magnetic signatures of iron formations. The processing uses the zero-contour line of the second vertical derivative magnetic contour (the SVDMC), by calculating the anomaly's surface area and depth and estimating the total volume in cubic metres of the iron formations. The volumetrics are converted to conceptual tonnages by multiplying the volumetrics and a specific gravity (in tonnes per cubic metre) of the iron formation. The table outlines the volumetrics and conceptual tonnages for Harvey Tuttle for each of the five geographic sectors of the claim block, at vertical depths of minus 125 metres and minus 250 metres. The Harvey-Tuttle conceptual tonnages range from two billion tonnes to four billion tonnes which includes the 25-square-kilometre Mammoth zone.

Harvey-Tuttle                                        Specific    Conceptual
claim block            Area    Depth   Volumetrics    gravity     tonnage(1)
sectors                 (m2) (metres)          (m3)(tonnes/m3)      (tonnes)

Mammoth zone      4,851,110      125   606,388,725        3.3   700,378,977
                                 250 1,212,777,450        3.3 1,400,757,954
Mammoth zone SW   1,763,455      125   220,431,900        3.3   254,598,845
                                 250   440,863,800        3.3   509,197,689
Harvey Tuttle     1,840,499      125   230,062,319        3.3   265,721,978
East                             250   460,124,638        3.3   531,443,957
O'Keefe West      2,313,968      125   289,245,949        3.3   334,079,071
                                 250   578,491,898        3.3   668,158,142
O'Keefe East      3,116,885      125   389,610,681        3.3   450,000,337
                                 250   779,221,363        3.3   900,000,674
Total tonnes to minus 125 metres vertical depth -- 2,004,779,208
Total tonnes to minus 250 metres vertical depth -- 4,009,558,416

(1) Conceptual tonnage is derived by multiplying volumetrics, specific
gravity and 35 per cent (refer to the text for a detailed explanation).

The volumetrics and conceptual tonnages are helping define the potential of megairon formations, such as the Mammoth zone, enabling the company to focus its exploration efforts. Conceptual tonnages are not recognized mineral resources or mineral reserve categories. They are strictly conceptual in nature; being used by the company to identify priority mineralized targets. Conceptual tonnages are usually presented as a range of tonnes and grades. There has been insufficient exploration to define conceptual tonnages as current National Instrument 43-101-compliant mineral resources, and it is uncertain if further exploration will result in the conceptual tonnages being defined as mineral resources.

Abitibi Geophysics Inc. (of Val d'Or, Que.) recently processed the magnetic data to produce the volumetrics on Harvey-Tuttle's Mammoth zone, located in close proximity to the Bellechasse claim block. At Bellechasse, the estimated mineral resources in the Inferred category tonnage were approximately 65 per cent lower than the conceptual tonnages of the iron formation. The magnetic anomalies are interpreted (and were previously documented on the Bellechasse and Fire Lake North claim blocks) to host similar iron mineralization as the Consolidated Thompson Iron Mines (CTIM) Bloom Lake deposit (827 million tonnes grading 29.3 per cent iron) and Lamelee-Pepplar Lake project (935 million tonnes grading 29.7 per cent iron).

Champion is planning a major staged drill program divided into three campaigns:

1. Confirmation/validation drilling to determine the extent and grades of the iron formation from the first two priority targets, the Mammoth and Mammoth SW zones;
2. Infill drilling to convert all or part of the conceptual tonnage of the Mammoth and Mammoth SW zones into National Instrument 43-101-compliant mineral resources;
3. Testing of the three other priority targets, the Harvey Tuttle East, O'Keefe West and O'Keefe East zones. Details of the campaigns will be made available early in 2010.

Jeff Hussey, vice-president of exploration for Champion, stated: "Our plan since 2008 for the Fermont iron property was to outline the maximum high-quality iron resources by prioritizing the top three to five areas of the property that can be advanced toward feasibility. We are on track with Bellechasse and Fire Lake North claim blocks and are setting our sights on Harvey-Tuttle with its billion-tonne stand-alone potential. The Fermont area is known for its high-quality, coarse-grained iron ore and it is currently undergoing an economic boom with the startup of Consolidated Thompson Iron Mines Ltd.'s Bloom Lake mine. ArcelorMittal is the major producer in the camp and in June, 2008, they announced the company currently meets 46 per cent of iron ore needs with its own mines, and the plan is to reach 75 per cent to 85 per cent self-sufficiency by 2015, suggesting the Canadian mining subsidiary's contribution will likely be crucial to ArcelorMittal's overall growth strategy."

The Fermont iron property

Champion previously announced an initial mineral resources estimate (MRE) on the Bellechasse and Fire Lake North claim blocks under NI 43-101 guidelines (refer to Stockwatch news dated Nov. 19, 2009). The MRE totals 503.3 million tonnes grading 28.0 per cent iron in the inferred mineral resources category. Bellechasse hosts 215.1 million tonnes grading 28.7 per cent iron; whereas Fire Lake North hosts 288.2 million tonnes grading 27.5 per cent iron (all at a cut-off grade of 15 per cent iron). Inferred mineral resources are that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling gathered through appropriate techniques from drill holes and outcrops, and reasonably assumed, but not verified, geological and grade continuity. There has been insufficient exploration to define any of the resources as indicated or measured mineral resources and there is no guarantee that further exploration will upgrade the inferred mineral resources to indicated or measured mineral resources. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Champion has under option a land package of 384.6 square kilometres in 16 strategic claim blocks grouped into three clusters comprising the property. Champion had previously announced eight claim blocks with historical mineral resources of 694 million tonnes grading 30.4 per cent iron, but now after two of the eight claim blocks (Bellechasse and Fire Lake North) host a current MRE, there are six remaining claim blocks that host historical mineral resources of 578 million tonnes grading 30.4 per cent iron (Paquet, 1963, Ministere des ressources naturelles et de la faune Quebec Assessment File GM 13035). The mineral resources are strictly historical in nature and 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 upgrade or classify these historical mineral resources as current NI 43-101 compliant.

2009 Canjex Publishing Ltd.