Channel Resources Ltd.
TSX VENTURE : CHU

Channel Resources Ltd.

October 04, 2007 18:11 ET

Channel Announces Extension of Private Placement Closing Date

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 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 an extension of the closing date of the final tranche of its private placement financing announced on August 21, 2007. The placement is expected to close by October 31, 2007.

In the tranche of the financing already closed on September 10, 2007, the Company issued 5,131,670 units for gross proceeds of $923,700. Each unit, priced at $0.18, 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. Completion of the balance of the private placement to a total 10,000,000 Units is subject to regulatory approval.

Channel is an exploration stage company that is earning a majority interest in a gold project in Ecuador (the Mozo Project)in two exploration-stage gold projects in Burkina Faso, West Africa as well as a uranium project in Quebec (West Bienville). In addition, the Company has 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