Champion Minerals Provides Remaining Assay Results from the 2011 Drilling Programs in the Fermont Iron Ore District, Quebec

NEWS RELEASE

Champion Minerals Provides Remaining Assay Results from the 2011 Drilling
Programs in the Fermont Iron Ore District, Quebec

Toronto (Canada), April 17, 2012 - CHAMPION MINERALS INC. (TSX: CHM; FSE:
P02) ('Champion', or the 'Company') is pleased to provide the remaining
unreported assay results from the 2011 drilling campaigns completed on the
Company's Oil Can, O'Keefe-Purdy, Bellechasse and Midway Projects located
in the Fermont Iron Ore District, Quebec.

Oil Can
Nineteen drill holes, totaling 8,435 metres, were completed on the Oil Can
Project between August 5th and December 11th, 2011. Results from 17 holes,
including OC11-01 to OC11-08, and OC11-10 to OC11-18, were previously
reported in Champion Press Releases dated October 20, 2011; December 13,
2011; and January 23, 2012.

Results from the two remaining holes, OC11-09 and OC11-19, drilled in the
North Zone and East Zone respectively, include notable intervals of
high-grade iron formation, as presented in Table 1.

Table 1: Select* Composite Assays - Oil Can Project

Hole-ID             Length (metres)      Azimut (degrees)    Dip (degrees)
North Zone
OC11-09              474,00              325                 -45
East Zone
OC11-19              311,00              250                 -45

Hole-ID             from(metres)   to(metres)   Interval**    Grade (total 
                                                              Fe %)***
North Zone
OC11-09                  108,75       355,50       246,75       26,89
includes                 126,00       214,20       88,20        31,54
East Zone
OC11-19                  144,00       298,16       154,16       31,23

* The Select Composites are not necessarily representative of the average
grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral
zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.

The Company expects to provide a National Instrument ('NI') 43-101 Mineral
Resource Estimate of the four amalgamated hematite and magnetite-rich zones
delineated on the Oil Can Project (North, Central, South, and East zones)
in Q2-2012.

O'Keefe-Purdy
The 2011 drilling program at the O'Keefe-Purdy ('OKP') Project included 23
diamond-drill holes (OP11-01 to OP11-22 inclusive; including OP11-12 and
OP11-12A) totaling 6,064 metres. Results for fifteen drill holes were
previously announced in Champion's Press Release of November 30, 2011.

Select composite assay results for the remaining unreported eight holes
completed at OKP are summarized in Table 2.

Table 2: Select* Composite Assays - O'Keefe-Purdy Project

Hole-ID              Length (metres)     Azimut(degrees)   Dip (degrees)
Nord-Ouest Occurrence
OP11-05                  351,30                 180           -45
OP11-11                  306,00                 130           -50
Nord-Ouest Occurrence (north extension)
OP11-19                  234,00                  10           -50
OP11-20                  279,00                 300           -51
Nord-Est Occurrence
OP11-07                   249,0                 360           -50
Lac Purdy
OP11-18                  247,50                 360           -45
OP11-21                  129,00                  45           -45
OP11-22                  493,50                 170           -51

Hole-ID     from(metres)   to(metres)   Interval**(metres)  Grade (total
                                                            Fe %)***
Nord-Ouest Occurrence
OP11-05          62,70          92,95          30,25          30,99
           and   195,00         306,40         111,40         28,37
OP11-11          108,85         157,00         48,15          21,62
Nord-Ouest Occurrence (north extension)
OP11-19        No Mineralization Intersected
OP11-20        No Mineralization Intersected
Nord-Est Occurrence
OP11-07          175,45         203,90         28,45         33,80
Lac Purdy
OP11-18          31,50        247,50         216,001          35,25
OP11-21        No Mineralization Intersected
OP11-22          25,00          259,40         234,40         31,77
           and   427,92         470,60         42,68          35,01

* The Selected Composites are not necessarily representative of the average
grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral
zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis
1 Drill hole OP11-18 drilled down-dip to bedding/banding and was stopped in
iron mineralization at 247 meters.

The OKP Project's 215 claims cover approximately 19 kilometres of
cumulative strike length of magnetic anomaly which is interpreted to define
tightly folded specularite, specular hematite and magnetite iron formation.
The drilling program was focused mainly on the areas around the three (3)
chronicled mineral showings on the project; namely Lac O'Keefe Nord-Est
(COGITE # 23B/12-006), Lac O'Keefe Nord-Ouest (COGITE # 23B/12-0003) and
Lac Purdy (COGITE # 23B/12-0008) (see http://sigeom.mrnf.gouv.qc.ca/ for
COGITE references). No drilling was completed in the eastern part of the
property.

Champion will defer a Mineral Resource Estimate for the OKP Project until
additional suggested drilling more thoroughly establishes the full extent
of iron mineralization underlying the property.

Bellechasse
The 2011 Bellechasse drilling program included two in-fill drill holes,
totaling 872 metres, that evaluated an interpreted fold closure at the
south-eastern limit of the outlined iron resource on the property. Results
are presented in Table 3.

Table 3: Select* Composite Assays - Bellechasse Project

Hole-ID          Length (metres)       Azimut(degrees)       Dip (degrees)
BC11-01              454,00              240                 -50
BC11-02              418,00              210                 -45

Hole-ID     From(metres)   To(metres)   Interval**       Grade (total
                                         (metres)        Fe %)***
BC11-01           145,10     454,00     313,00           27,60
including         176,00     313,00     137,00           33,20
BC11-02           189,80     394,70     204,90           27,83
including         232,00     394,70     162,70           30,73

* Selected Composite Assay Results are stated only for results recently
received. The Selected Composites are not necessarily representative of the
average grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral
zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS
Chemex Laboratories using the 'High Grade/Ores Method' and XRF analysis.

Previous drilling by Champion on the Bellechasse Project defined an NI
43-101 Inferred Mineral Resource of 215 million tonnes grading 29% Total
Iron (see Champion Press Release, November 19, 2009).

The high-grade iron formation intersected in the recent drilling
substantiates the current interpretation with no material impact to the
current Mineral Resource Estimate. As a result, Champion will defer any
up-date to the current Mineral Resource Estimate for the Bellechasse
Project.

The current Mineral Resource estimates were calculated using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions.

Mineral resources, which are not mineral reserves, do not have demonstrated
economic viability. The mineral resource estimate may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.

The quantity and grade of estimated Inferred Resource reported herein are
uncertain and there has been insufficient exploration to categorize them as
an Indicated or Measured Resource. It is uncertain if further exploration
will result in reclassification of Inferred Mineral Resources to the
Indicated or Measured Mineral Resource categories.

Midway
The 2011 diamond-drilling program, the first ground-based exploration
carried out by Champion on the Midway Project, comprised four holes
totaling 1,096 metres. The best result was intersected in drill hole
MW11-02 and includes a 136.0 metre interval (89.0-225.0 m) grading 29.0%
Total Iron. Other select composite assays for Midway will be made available
on Champion's website.

The Fermont Iron Holdings

Champion's Fermont Holdings comprise seventeen properties, four of which -
Fire Lake North, Bellechasse, Harvey-Tuttle and Moire Lake - host combined
estimates of current Measured and Indicated Iron Mineral Resources
totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling
2.2 Billion Tonnes.

About Champion Minerals Inc.

Champion Minerals is an iron ore exploration and development company with
offices in Montreal and Toronto, and is focused on developing its
significant iron ore resources in the provinces of Quebec and Newfoundland
& Labrador. The Company's projects include: the Fermont Holdings in Quebec,
jointly held by Champion (82.5% interest) and Fancamp Exploration Ltd.
(17.5% interest); and a 49% interest in the Attikamagen Iron Property in
Quebec and Labrador. Champion's Fermont Holdings, including the flagship
Fire Lake North Project, are located in Canada's major iron ore producing
district, proximal to three producing mines. Champion's team and advisory
board includes mining and exploration professionals with the mine
operations experience to build and commission the Fire Lake North Project
and bring it into production.

The technical information in this news release was reviewed and approved by
Bruce Mitton, P. Geo., Vice-President Exploration of the Company, who is a
Qualified Person under NI 43-101 standards.

For further information please contact Thomas G. Larsen, President and CEO,
Jorge Estepa, Vice-President at (416) 866-2200.

Please visit Champion's website at www.championminerals.com

Statements made in this news release that are 'forward-looking statements'
are not historical facts. Readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results may vary materially from those stated herein.


End of Corporate News

Unternehmen: Champion Minerals Inc. - ISIN: CA1585321013