May 21, 2008
CHANNEL EXPANDS & ADVANCES WEST BIENVILLE URANIUM PROJECT,
COMPLETES GEOPHYSICS AT TANLOUKA GOLD PROJECT
Second Quarter Financial Statements Filed
Vancouver, BC - Channel Resources Ltd. ("Channel" or the "Company", TSX.V:CHU) reports that, based on target area dimensions and trends outlined by airborne magnetic and spectrometer survey data, the Company has extended the West Bienville Uranium Project license area in northern Quebec from 220 claims (108.2 square kilometres) to 288 claims (141.7 square kilometres). The south-easterly extension of the property follows a trend of uranium anomalies spatially associated with a regional scale fault.
Field follow-up investigations of these anomalous trends will commence shortly at West Bienville taking advantage of an early spring thaw in the area. The uranium footprint, as well as other geochemical parameters and magnetic data suggest that the property has the potential to host intrusion-related and/or structurally-related uranium mineralization. Channel can earn a majority interest in West Bienville under an option agreement with Azimut Exploration Inc.
At the Tanlouka Gold Project in Burkina Faso, 30 line kilometers of Induced Polarisation (IP) and ground magnetometry surveys have now been completed. The geophysics report for these surveys is pending but they are expected to aid in the definition of drill targets along the 1,800 metre trend of gold in soil anomalies.
Filing of Second Quarter Financial Report
The Company also advises that it has filed its unaudited financial statements for the second quarter ended March 31, 2008 on the SEDAR system, together with its management discussion and analysis (MD&A) for the same period.
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
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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
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Channel Resources Ltd.
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EXPLORATION STAGE |
CODE : CHU.V |
ISIN : CA15916P1053 |
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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. |