| | Published : April 03rd, 2008 | Acquires Option on Gullbridge Base Metals Property, Newfoundland |
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PRESS
RELEASE
CHM-TSX Venture Exchange
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Champion
Minerals Acquires Option on Gullbridge Base Metals Property,
Newfoundland
Toronto (Canada), April 3, 2008 - CHAMPION
MINERALS INC. ("Champion" or the "Company") (TSX-V:
CHM) is pleased to announce that the Company has executed
a letter of intent (the "LOI") with Copper Hill Resources Inc. ("Copper
Hill") to acquire an interest in the Gullbridge Base Metals Property
(the "Property"), in the Buchans Mining Camp, Newfoundland.
Pursuant to the LOI, Champion
has the option to earn a 51% interest in the� Property by paying Copper Hill C$
30,000 over a three year period, issuing common shares of the Company as
follows: i) 50,000 common shares within 15 days of signing a definitive
option agreement, ii) 100,000 common shares on the first year anniversary
of the option agreement, and ii) 150,000 common shares on the second year
anniversary of the option agreement; and completing C$800,000 in
exploration work on the Property over a 3 year period, whereby C$ 200,000
would be required in each of the first two years, and C$ 400,000 in
exploration work would be required for the third year. Champion will have
a further option to increase its interest to 75% by funding an additional
C$ 700,000 in
exploration and issuing an additional 150,000 common shares of the
Company within a further 2 year period. Champion would also have the
option to increase its interest to 85% by funding all necessary
expenditures to completion of a positive bankable feasibility study.
The Property covers 45 km2
overlying rocks of the base and precious metals prospective Roberts Arm
Formation in the Buchans Mining Camp of central Newfoundland. The Roberts
Arm Formation hosts World-Class massive sulphide deposits mined at
Buchans, some 50 km
southwest of the Property. A July 2007 Assessment File Report on the
Gullbridge Property titled "Geological Synthesis &
Interpretation of the Gullbridge Property" by Dr. J.H. Akkerman,
Ph.D., of Copper Hill (the "Report") contains a synthesis of
research of historic data and reports by companies and researchers on the
Gullbridge Property from 1953 to 2002 compiled from Newfoundland
government files and open file reports. The Report indicates that the
Property hosts several historic base metal occurrences including the past
producing Gullbridge Mine where ore reserves were reported in 1953 by
Gullbridge Mines Ltd. at 4.35 Mt grading 1.24% copper (Barager, 1953). From
1967 to 1972, Gullbridge Mines Ltd., processed some 3 million tonnes of
ore grading 1.1% copper (Upadhay et al., 1972) from stringer or
feeder-style mineralization. The ore milled from Gullbridge was reported
(Upadhay et al., 1972) to contain zinc, gold and silver credits, although
none of the metals were recovered. The Report states that remaining
historic mineral reserves at the Gullbridge were 1.6 million tonnes
grading 1.04% copper (Gullbridge Mines Ltd., 1971). The Report further
states that an additional 90,000 tonnes grading between 1% and 2% copper
also occurs at the Southwest Shaft showing. The reader is cautioned that
all references to reserves or resources are historic in nature, are
non-compliant to current National Instrument 43-101 reporting standards
and therefore cannot be relied upon.
The Report describes several
other significant mineral occurrences on the Property including the
Sturgeon River Prospect approximately 2 km norhwest of the
Gullbridge Mine. The Sturgeon River occurrence is believed to be a more
distal zinc and lead rich mineralization along strike of the copper
stringer mineralization at Gullbridge. Historic drill holes on the Property
have outlined a low grade zinc mineralized zone over 250 m long with grades
up to 1.5% zinc over 6.4
m.
The Property also adjoins
Champion's National Instrument 43-101 Qualifying Powderhorn Property
("Powderhorn") to the southeast where Champion is currently in
the second year of a 3 year option to earn a 70% interest. At Powderhorn,
7 diamond drill holes completed by the Company to-date have intersected
stringer-style copper mineralization similar to the Gullbridge Mine and
zinc-gold-silver mineralization similar to the Sturgeon River occurrence.
Re-interpretation of the
regional geological setting has been enhanced by a June 2007 government
airborne magnetic survey. The Company's new geological model suggests
that the extensive sedimentary rocks located between the stringer copper
mineralization at Gullbridge to the northwest and Powderhorn to the
southeast is part of a regional syncline or graben within the Roberts Arm
Formation. The prospective horizons for disseminated, stringer-style and
massive sulphide accumulations could potentially lay immediately beneath
the sedimentary rocks.
The new geological model for
the Gullbridge-Powderhorn area is remarkably similar to the prolific
Neves Corvo area of the Iberian Pyrite Belt (the "Belt") in
Portugal, a similar geological and metallogenic context. The large
massive sulphide deposits discovered at Neves Corvo lay beneath
sedimentary rocks in a graben/syncline within the Belt. The extremely
conductive nature of the overlying sedimentary rocks made the discovery
of massive sulphides at Neves Corvo by conventional electromagnetic
geophysical methods more difficult. Gravity surveying provided critical
data necessary to delineate the prospective horizons, eventually leading
to the discovery of World-Class base metal deposits.
Champion is planning to investigate
the new geological model for the Gullbridge-Powderhorn area by applying a
similar strategy that led to discoveries in the World-Class Neves Corvo
base metal deposits. Champion is planning a regional ground gravity
survey over the entire Property and the northwest portion of the
adjoining Powderhorn. The proposed survey will cover 57.5 km2
with stations on 200 m
centers that will be in-filled to 75 m to further delineate anomalous
areas. Concurrently, Champion will be working to compile and synthesize
existing mine and drill hole data, surface geology and structural data
for development of a 3-D geological model to compliment the
interpretation of the gravity survey results. Target areas identified
from the gravity and modeling results will likely be further delineated
by deep electromagnetic surveying in preparation for diamond drilling
later in 2008.�
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About
Champion Minerals Inc.
Champion is a junior
exploration Company focused on discovering and developing significant
metal resources in eastern Canada,
particularly in Newfoundland-Labrador and Quebec. The Company's projects include the Powderhorn and now Gullbridge
Base Metal Projects located in central Newfoundland,
and the Attikamagen Iron Property, located in
western Labrador/northeastern Quebec.
The technical content of this press release
has been reviewed by Mr. Alex S. Horvath, P. Eng., Executive
Vice-President Exploration for Champion, and a Qualified Person under the
guidelines of National Instrument 43-101.
CHM - TSX Venture Exchange
Shares Outstanding: 12,003,035
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For further information please contact:
Thomas G. Larsen, President and CEO or Jorge Estepa, Vice
President
(416) 866-2200 (tel) or (416) 361-1333 (fax)
Statements in this 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.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
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Eloro Resources Ltd.. | 55 Adelaide Street East | Suite 410 | Toronto
| M5C 1K6 | Canada
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Champion Minerals Inc.
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EXPLORATION STAGE |
CODE : CHM.V |
ISIN : CA15854B1004 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Champion Minerals is a iron and nickel exploration company based in Canada. Champion Minerals holds various exploration projects in Canada. Its main exploration properties are POWDERHORN LAKE, ATTIKAMAGEN LAKE IRON, FERMONT IRON, EAST INLET and BLACK DAN in Canada. Champion Minerals is listed in Canada and in Germany. Its market capitalisation is CA$ 109.8 millions as of today (US$ 109.5 millions, € 81.1 millions). Its stock quote reached its lowest recent point on October 17, 2008 at CA$ 0.16, and its highest recent level on February 04, 2011 at CA$ 3.30. Champion Minerals has 119 326 000 shares outstanding. |
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