Champion Minerals Inc.

Closes $3.0 Million Financing Toronto (Canada), October 8, 2010 � Champion Minerals Inc.

(�Champion� or the �Company�) (TSX: CHM; FSE: P02) is pleased to announce that it has completed its previously announced offering (the �Offering�) of $3.0 million in units (the �Units�) of the Company at a price of C$0.90 per Unit.

Each Unit consists of one common share and one common share purchase warrant (the �Unit Warrant�).

Each Unit Warrant entitles the subscriber to purchase one common share at a price of $1.20 for the first 24 months and $1.50 thereafter until 36 months after the closing date, when the Warrants expire.

The securities issued under or in connection with the Offering are subject to a four month hold period.

No broker, dealer or finder was involved in the Offering and, accordingly, no commissions or finder�s fees were paid in connection with these transactions. About Champion Minerals Inc.

Champion is a junior exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in northeastern Quebec and in Labrador and Newfoundland.

The Company�s projects include the Fermont Iron Property in northeastern Quebec, the Attikamagen Iron Property in western Labrador and northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects in central Newfoundland.

Please visit Champion�s website at www.championminerals.com.
For further information please contact Thomas G.

Larsen, President and CEO, and Jorge Estepa, Vice-President, at 1 (877) 448 2201 or (416) 866-2200. Statements made in this news release that are not historical facts are �forward-looking statements� and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these �forward-looking� statements.
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Champion Minerals | 20 Adelaide Street East | Suite 301 | Toronto | ON | M5C 2T6 | Canada