N@N

TORONTO, ONTARIO--(Marketwire - Jan. 6, 2010) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM)(FRANKFURT:P02) announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 1,800,000 Flow-Through Units ("F-T Units") of Champion at a price of $0.60 per F-T Unit for total proceeds of up to $1,080,000.

Each F-T Unit will consist of one common share (the "Common Shares") to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one half of one common share purchase warrant (the "F-T Unit Warrants"). Each whole F-T Unit Warrant will have a term of 18 months from the Private Placement closing date and will entitle the holder to purchase one Common Share at a price of $0.90 per share.

The Company recently completed a placement of 4,594,780 flow-through units at a price of $0.55 per flow-through unit for proceeds of $2,527,129 (corrected amount from the December 31, 2009 reported amount of 4,562,053 units for proceeds of $2,509,129). Further to its announcement dated December 29, 2009, the Company is working towards the completion of 3,800,000 non-flow-through units at a price of $0.50 per unit for proceeds of $1,900,000, scheduled to close January 11, 2010, and has decided not to proceed with a further tranche of flow-through units at a price of $0.55 per flow-through unit.

Further to its December 29, 2009 press release, the Company is also working towards the completion of an additional non-brokered private placement of up to 3,500,000 common shares at a price of $0.48 per common share for total proceeds of up to $1,680,000.

The Private Placements are subject to regulatory approval. All securities issued pursuant to the Private Placement will be subject to the applicable statutory, exchange and regulatory hold period.

The net proceeds of the Private Placement will be used for working capital and to finance the continued exploration programs at the Fermont Iron Property in northeastern Quebec.

About Champion Minerals Inc.

Champion is an exploration Company focused on discovering and developing significant metal resources in eastern Canada, particularly in the provinces of Quebec and Newfoundland and Labrador. The Company's projects include the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.

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.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.