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Champion Minerals hits over 34% iron at O'Keefe-Purdy in Quebec

Champion Minerals hits over 34% iron at O'Keefe-Purdy in Quebec

Champion Minerals (TSE:CHM) said Wednesday it intersected over 34 percent iron at its O'Keefe-Purdy project in Quebec.

Today's results are from 15 of the 23 holes, totaling 5,901 metres, drilled on the property. Assays remain for another eight drill holes.

Significant assays from the program intersected 124.0 metres grading 34.13 percent iron, including 109.0 metres grading 37.04 percent iron, in OP11-06 on the Nord-ouest occurrence.

OP11-08, also on the Nord-ouest occurrence, intersected 155.56 metres at 29.65 percent iron, including 34.45 metres grading 31.84 percent iron, and including 87.4 metres at 37.12 percent iron.

Champion Minerals' president and CEO Tom Larsen said: "We've only scratched the surface of what is required to identify the full resource potential at our expansive O'Keefe-Purdy Project.

"Of particular interest however, is the similarity of the coarser grained mineralization we've encountered to our Fire Lake North Project.

"With over 900 million tonnes of in-pit resources at Fire Lake North and suggested potential to produce over 16 million tonnes of high quality sinter feed concentrate annually for over 20 years, our decision to divert our exploration efforts from O'Keefe-Purdy and other projects and fast-track Fire Lake North to feasibility was necessary.

"Clearly the O'Keefe-Purdy Project has significant resource potential with characteristically favourable qualities to further enhance the Company's future growth potential. We will complete the remaining required drilling at O'Keefe-Purdy at our earliest opportunity in 2012."

Assays from the Nord-est occurrence include OP11-01, which intersected 115.3 metres grading 31.73 percent iron, and OP11-04, which hit 89.77 metres at 33.03 percent iron. OP11-15 on the central area intersected 62.2 metres at 23.95% iron, including 22.91 metres at 32.71 percent iron.

Covering about 95.3 square kilometres, the O'Keefe-Purdy property is located about 20 kilometres northwest of Champion's flagship Fire Lake North project in the Fermont Iron Ore district of Quebec.

It is also one of 17 properties that make up Champion's Fermont Holdings, in which it holds an 82.5 percent interest, with Fancamp Exploration (CVE:FNC) holding the remaining 17.5 percent.

Champion said that three other properties in its Fermont Holdings - Fire Lake North, Bellechasse, and Harvey-Tuttle - host a combined NI 43-101 compliant resource estimate of 400 million tonnes grading 30.6 percent iron in the measured and indicated category, and 1.82 billion tonnes grading 25.4 percent iron in the inferred category.

In Toronto, Champion shares rose 6.67 percent to $1.28, as of 11:42 am EDT.

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