NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Champion Minerals completes $30 million bought deal financing TORONTO, ONTARIO.

February 3, 2011.

Champion Minerals Inc.

(TSX:CHM, FSE:PO2) (the �Company� or �Champion�) is pleased to announce that it has completed its previously announced offering (the �Offering�) of 12,000,000 shares of the Company (the �Shares�) at a price of C$2.50 per Share for aggregate gross proceeds of C$30,000,000.

The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp.

and included Paradigm Capital Inc., Jennings Capital Inc., Haywood Securities Inc.

and RBC Capital Markets (collectively, the �Underwriters�).

The net proceeds of the financing will be used to fund the exploration and development of the Company�s Fermont Iron Property, as well as for general corporate purposes. The securities have not been registered under the U.S.

Securities Act of 1933 (the "1933 Act"), as amended, or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S.

persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from registration requirements.

This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States. About Champion Minerals Inc. Champion is a Canadian exploration Company focused on discovering and developing significant iron ore resources in eastern Canada, particularly in the provinces of Quebec and Newfoundland & Labrador. The Company�s projects include the Fermont Iron Property in northeastern Quebec, the Attikamagen Iron Property in northeastern Quebec and western Labrador, and the Powderhorn/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 (416) 866-2200. The 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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