Champion Minerals Inc. announces $12 million bought deal financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 12 /CNW/ - Champion Minerals Inc. (TSXV:CHM) (the "Company" or "Champion") announced today that it has entered into an agreement with Canaccord Financial Ltd. and a syndicate of underwriters (collectively, the "Underwriters"), which have agreed to purchase, on a bought deal private placement basis, 10,600,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Issue Price"), for aggregate gross proceeds of C$12,190,000. Each Unit will consist of one common share and one half of one common share purchase warrant (the "Unit Warrant"). Each whole Unit Warrant shall be exercisable to acquire one common share of the Company at $1.50 per share until the date which is 24 months from the closing of the financing.

The Company has granted the Underwriters an over-allotment option to purchase additional Units to raise additional gross proceeds of up to $3,001,500, exercisable no later than 48 hours prior to the closing.

Closing of the offering is anticipated to occur on or before April 30, 2010 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The net proceeds of the financing will be used to fund the exploration and development of the Company's Fermont Iron Property, in particular the prospective Harvey Tuttle claim block with its 5km by 5km zone commonly referred to as the "Mammoth Zone", as well as for general corporate purposes.

The securities have not been and will not be 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.

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. 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 "forwardlooking" statements.

SOURCE CHAMPION MINERALS INC.

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

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CHAMPION MINERALS INC.

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