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Channel Resources Ltd.

Publié le 14 février 2008

Initial Resource Estimate Issued for Bombore Gold Project, Burkina Faso

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Mots clés associés :   Burkina Faso | Canada | Ghana |

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Channel Resources Ltd.
TSX VENTURE:CHU
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February 14, 2008
Channel Resources Ltd.: Initial Resource Estimate Issued for Bombore Gold Project, Burkina Faso

576,000 oz Indicated and 501,000 oz Inferred Resources

First Quarter Financial Statements Filed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2008) - Channel Resources Ltd. (the "Company") (TSX VENTURE:CHU) reports that Orezone Resources Inc. ("Orezone") has released the results of a National Instrument 43-101 compliant gold resource estimate of the Bombore Project in Burkina Faso, West Africa, in which the Company holds a significant interest. A verbatim reproduction of pertinent excerpts from a news release issued by Orezone this morning follows:

February 14, 2008 - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce the results of a National Instrument 43-101 compliant gold resource estimate of its Bombore Project in Burkina Faso, West Africa. The estimate performed by Met-Chem Canada Inc., of Montreal, Quebec confirms a total indicated resource of 576,000 oz contained in 29.6 million tonnes (Mt) at a grade of 0.61 g/t along with inferred resources of 501,000 oz contained within 23.7 Mt at a grade of 0.66 g/t (Table 1). This resource estimate is based on reverse circulation (RC) and core drilling data compiled up to March 2007 to a depth of 60m using a 0.4 g/t lower cut off and 3.0 g/t top cut. The resources occur in five zones contained within the Bombore geochemical anomaly. This gold-in-soil anomaly overlying the resources, extends virtually uninterrupted at a level of +0.1g/t for more than 14km and represents the largest gold anomaly in Burkina Faso.


Table 1: 2008 Met-Chem NI 43-101 resource estimate for the Bombore
          deposit, Burkina Faso, West Africa
-----------------------------------------------------------
Category           Tonnes      Au Grade (g/t)        Ounces
-----------------------------------------------------------
Indicated      29,563,000               0.61        576,000
-----------------------------------------------------------
Inferred       23,771,000               0.66        501,000
-----------------------------------------------------------
 
The current resource estimate was intended to establish a NI 43-101 compliant baseline to define the scope and character of the mineralization at Bombore by including a geostatistical analysis. Based on the results of this work Met-Chem concluded that Bombore represents a distinctive low-grade bulk-tonnage gold (Au) deposit and noted that "the gold mineralization is pervasive at the +0.2 g/t level". Recently published studies on the metallogeny of Burkina Faso gold deposits specifically note that the "disseminated deposit style" represents the most favourable exploration target due to the potential size and similarities with some of the largest gold deposits in neighbouring Ghana.

Guided by the new resource models and in response to recommendations, Orezone initiated a 6,000 m core drilling program in December 2007 which will immediately be followed by a 20,000 m RC program in Q2 2008. The aim of these programs is to expand the near surface oxide resource and provide geostatistical data to support a lower cut off limit for future resource calculations.

"Our understanding of Bombore is evolving and the new models and current drilling will provide us with an opportunity to rapidly and significantly expand the gold resource at Bombore," stated Steve King, VP, Exploration for Orezone.

Drilling on the Bombore property was supervised by M.S. (Steve) King, P. Geo., VP, Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical information in this release. Orezone employs a rigorous Quality Control Program (QCP) employing a minimum 10% standards, blanks and duplicates. Analysis was completed at Abilab Burkina SARL Ouagadougou (subsidiary of ALS Laboratory group) for bottle roll (LeachWELL(TM)) and ALS Chemex (formerly Abilab) Bamako for Fire Assay. Orezone holds a 50% interest in the project and can earn to a 100% (less a 1% net smelter royalty) by completing a feasibility study and $1M cash payment.

The 250 square kilometer Bombore project is being explored by Orezone under an option agreement with Channel and Solomon Resources Limited ("Solomon"). Orezone has met the expenditure requirements of C$1.7 million under the option agreement to earn a 50% interest in the project. Under the terms of the option agreement Orezone may earn a further 20% interest in the project by completing a bankable feasibility study and may then purchase the remaining interest from Channel and Solomon Resources for cash payments of CDN$550,000 and CDN$450,000 respectively, subject to a 1% net smelter return royalty shared between the two companies. Orezone has advised the Company that it will file a NI 43-101 technical report on this resource estimate within the prescribed 45 days on the SEDAR system.

Filing of First Quarter Financial Report

The Company also advises that it has filed its unaudited financial statements for the first quarter ended December 31, 2007 on the SEDAR system, together with its management discussion and analysis (MD&A) for the same period.

This news release has been reviewed by Colin H. McAleenan, P.Geo, who is the Company's "Qualified Person" under the definition of NI 43-101.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.

CONTACT INFORMATION:

Channel Resources Ltd.
Colin McAleenan
President & CEO
(604) 684-7098
Email: info@channelresources.ca

or

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

INDUSTRY: Manufacturing and Production - Mining and Metals

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Cours de l'or et de l'argent pour les pays mentionnés : Burkina Faso | Canada | Ghana | Tous

Channel Resources Ltd.

EXPLORATEUR
CODE : CHU.V
ISIN : CA15916P1053
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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.

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