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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Associated File:
http://www.channelresources.ca/i/pdf/NR 052108.pdf
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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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EXPLORATEUR |
CODE : CHU.V |
ISIN : CA15916P1053 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Channel Res. est une société d’exploration minière d'or basée au Canada. Channel Res. détient divers projets d'exploration au Burkina Faso, au Canada et en Equateur. Ses principaux projets en exploration sont FOX CREEK et WEST BIENVILLE au Canada, TANLOUKA et NAOUBE au Burkina Faso et EL MOZO en Equateur. Channel Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 5,4 millions CA$ (4,8 millions US$, 3,5 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 novembre 2010 à 0,45 CA$, et son plus bas niveau récent le 09 août 2013 à 0,01 CA$. Channel Res. possède 119 349 000 actions en circulation. |