October 24, 2008
NEWS RELEASE
Channel Announces Change in Board of Directors, Provides Update
Vancouver, BC - Channel Resources Ltd. ("Channel" or the "Company", TSX.V:CHU) reports that the Honourable D. Ross Fitzpatrick has retired from the Board of Directors of the Company, effective immediately.
Channel appreciates Mr. Fitzpatrick's contributions to the Company over the past 30 years and wishes him well in his future endeavours.
Corporate Update
The Company continues work to enhance the value in its project portfolio and has reviewed numerous candidates for potential acquisition. Broad negative economic conditions and risk-aversion in the financial markets continue to make this process challenging. However, management is considering a number of options to capitalize on current conditions to rebuild the Company's market value.
Channel continues to monitor political events in Ecuador as the country works to finalize its new mining law, and hopes to capitalize on its existing assets there, including a strategic exploration alliance with Azimut Exploration Inc. and the Mozo Gold Project, where the Company has outlined a 256,000 ounce gold Inferred Resource (3.5 million tonnes grading 2.3 g/t gold). In Burkina Faso, the Company has outlined a discrete geophysical anomaly associated with strong geochemistry anomalies at the Tanlouka Gold Project and intends to continue exploration, including a drill program, as market conditions improve.
The above information has been prepared under the supervision of Colin H. McAleenan, P.Geo, who is the Company's "Qualified Person" under the definition of NI 43-101.
For further information, contact:
Colin McAleenan, President and CEO
Cyrus Ameli, CFO & VP Corporate Affairs
Telephone 604.684.7098
info@channelresources.ca
Forward Looking Statements:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release
- Associated File: http://www.channelresources.ca/i/pdf/NR%102408.pdf
- 25 KB in size, approx. 6 seconds to download at 56.6Kbps
Copyright � 2008 CHANNEL RESOURCES LTD. (CHU) All rights reserved. For more information visit our website at
http://www.channelresources.ca/ or send email to
info@channelresources.ca ..
|
Channel Resources Ltd.
|
|
EXPLORATION STAGE |
CODE : CHU.V |
ISIN : CA15916P1053 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Channel Res. is a gold exploration company based in Canada. Channel Res. holds various exploration projects in Burkina Faso, in Canada and in Ecuador. Its main exploration properties are FOX CREEK and WEST BIENVILLE in Canada, TANLOUKA and NAOUBE in Burkina Faso and EL MOZO in Ecuador. Channel Res. is listed in Canada. Its market capitalisation is CA$ 5.4 millions as of today (US$ 4.8 millions, € 3.5 millions). Its stock quote reached its highest recent level on November 05, 2010 at CA$ 0.45, and its lowest recent point on August 09, 2013 at CA$ 0.01. Channel Res. has 119 349 000 shares outstanding. |