Champion and Fancamp Update the Previously Announced Acquisition by Champion of Fancamp's Joint Venture Interest in the Fermont Properties

TORONTO, ONTARIO -- (Marketwire) -- 05/11/12 -- CHAMPION MINERALS INC. (TSX: CHM)(FRANKFURT: P02) ("Champion") and FANCAMP EXPLORATION LTD. (TSX VENTURE: FNC) ("Fancamp") announce an update to the structure of the proposed acquisition by Champion of Fancamp's joint venture interest in the Fermont Properties previously announced on May 9, 2012. Fancamp will pay $2.0 million for the permanent waiver by Champion of its right to buy-down one-third (representing a 0.5% royalty interest) of Fancamp's 50% interest in the 3% royalty on the iron production from the Fermont Properties and Champion will subscribe for 8.0 million common shares of Fancamp at a price of $0.25 per share by way of private placement. The previously announced transactions are now anticipated to close on or about May 15, 2012.

The TSX and the TSX Venture have each conditionally accepted the transactions, subject to satisfaction of their respective conditions.

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 and Labrador. The Company's projects include: the Fermont Projects in Quebec; and the Attikamagen Iron Property in Quebec and Labrador. Champion's Fermont Projects, including the flagship Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to three producing mines. Champion's team and advisory board includes mining and exploration professionals with substantial iron ore expertise to effectively advance the Fire Lake North Project into production.

Please visit Champion's website at www.championminerals.com. For further information about Champion, please contact Thomas G. Larsen, President and CEO, and Jorge Estepa, Vice-President, at (416) 866-2200.

About Fancamp Exploration Ltd.

Fancamp Exploration Ltd. is a Canadian exploration company with an exceptional inventory of resource projects in various stages of development, acquired usually by staking, with the Company adding value through exploration and includes the following commodities; hematite magnetite iron formations, titaniferous magnetite and hematite, nickel/copper/PGM, chromite, VMS and gold.

Please visit Fancamp's website at www.fancampexplorationltd.ca. For further information about Fancamp, please contact Peter H. Smith, Ph.D., P.Eng., President, at 514-481-3172 or Michael D'Amico, Bay Street Connect Investor Relations, at 647-500-6023 (michael@baystreetconnect.com).

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. This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the Acquisition, Private Placement, Royalty Waiver and other aspects of the letter of intent. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the companies' annual information forms, management discussion and analysis and other securities regulatory filings by the companies on SEDAR (including under the heading "Risk Factors" therein). There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management of the companies and information available to management as at the date hereof. Each of the companies disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

This press release has been prepared jointly by Champion Minerals Inc. and Fancamp Exploration Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Contacts:

For further information about Champion:

Champion Minerals Inc.

Thomas G. Larsen

President and CEO

(416) 866-2200


Champion Minerals Inc.

Jorge Estepa

Vice-President

(416) 866-2200
www.championminerals.com


For further information about Fancamp:

Fancamp Exploration Ltd.

Peter H. Smith, Ph.D., P.Eng.

President

(514) 481-3172
www.fancampexplorationltd.ca


Bay Street Connect

Michael D'Amico

Investor Relations

(647) 500-6023
michael@baystreetconnect.com