Keywords : Burkina Faso | Ecuador | Gold | Uranium |

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Channel Resources Ltd.
TSX VENTURE:	CHU

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October 31, 2007
Channel Closes Final Tranche of Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) announces that it has closed the final tranche of its non-brokered private placement of units ("Units") announced on August 21, 2007. In this tranche, 2,243,334 Units were issued at a price of $0.18 per Unit for gross proceeds of $403,800, bringing the total amount raised in this private placement to $1,327,501. Each Unit consists of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each Warrant being exercisable for one Common Share at $0.30 for a period of 24 months. The securities issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on March 1, 2008. Finders acting in connection with this tranche of the private placement received aggregate fees of $2,520. Following the completion of the private placement, Channel has 58,868,744 Common Shares issued and outstanding. The proceeds of the private placement will be used for the acquisition of additional mineral projects, to help fund exploration on the Mozo Gold Project located in Ecuador, and for general corporate purposes. Channel is an exploration stage company that is earning a majority interest in the Mozo gold project in Ecuador, in two exploration-stage gold projects in Burkina Faso, West Africa as well as the West Bienville uranium project in Quebec. The Company also has formed a strategic alliance with Azimut Exploration Inc. ("Azimut") to acquire and explore major exploration targets in Ecuador based on a country-wide mineral potential assessment carried out for the Company by Azimut. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.

CONTACT INFORMATION:

Channel Resources Ltd.
Colin McAleenan
President and CEO
(604) 684-7098

or

Channel Resources Ltd.
Cyrus Ameli
VP Corporate Affairs
(604) 684-7098
Fax: (604) 684-7079
Email: info@channelresources.ca
Website: www.channelresources.ca

INDUSTRY: Manufacturing and Production - Mining and Metals

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Channel Resources Ltd.

	EXPLORATION STAGE
	CODE : CHU.V
	ISIN : CA15916P1053

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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.

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Channel Resources Ltd.

Closes Final Tranche of Private Placement Financing

Channel Resources Ltd.