Fancamp Exploration Limited announced that Champion Minerals Inc has provided assay results from the first three drill holes completed on the Company's 17.5% owned Oil Can property located immediately northeast of and contiguous with the flagship Fire Lake North Project in the Fermont Iron Ore District, Quebec.

Drill hole OC11-01 intersected 190.89 meters grading 30.6% total iron. Drill hole OC11-02 intersected 401.50 meters grading 30.7% FeT including 213.54 meters grading 33.1 percent FeT. Drill hole OC11-03 intersected 224.02 meters grading 28.1% FeT including 140.0 meters grading 30.0% FeT.

The initial 5,000 m drill program of 800 meter spaced holes at the Oil Can Property is nearing completion and has tested approximately 5 kilometers of a total 6 kilometer strike length of favorable magnetic and gravimetric responses on the property. The distribution of magnetic and gravimetric anomalies and broad intersections of iron formation indicate a complex deformation history resulting in structurally thickened zones of iron formation.

Mr Tom Larsen President and CEO of Champion said that "The long intersections from the initial drill holes at Oil Can are very promising and could lead to the delineation of a large tonnage of magnetite hematite iron resources for potential pellet feed and or sinter feed production. This prospective resource is located only 7 kilometers from the proposed location of our Fire Lake North Mine and Concentrator Complex that is currently undergoing a Preliminary Economic Assessment study that will be followed by a Feasibility study planned for mid 2012.”

He said that Champion remains focused on developing the Fire Lake North Project and continues to systematically delineate resources on nearby projects. Our iron ore resource base which currently exceeds 2.2 billion tonnes is expected to grow significantly in the coming months and will provide support for the large capital requirements needed to develop the Fire Lake North and other projects.