Channel Resources Ltd.
TSX VENTURE : CHU

Channel Resources Ltd.

January 17, 2007 09:30 ET

Channel Resources Ltd. Update

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Jan. 17, 2007) - Channel Resources Ltd. ("Channel") (TSX VENTURE:CHU) announces its next phase exploration program on its El Mozo Property, Ecuador will begin spring 2007 rather than January 2007 due to drilling rig availability. A drilling rig has been secured for spring 2007 and the planned drilling program will continue to expand resources in the known zones as well as test newly identified large potential targets.

Channel also announces Mr. James Stonehouse has resigned as Vice President and Country Manager of the Company effective immediately in order to pursue an opportunity with another mining company. During the transition other personnel employed by or contracted to the Company will fulfill the duties and Mr. Stonehouse will be available to Channel on a consulting basis while the Company seeks a Country Manager. The Company thanks Mr. Stonehouse for his contributions to Channel over the past year and a half.

In Africa a $50,000 detailed geochem program is planned for the Tanlouka property in Burkina Faso, West Africa where previous geochem identified two large sail anomalies and drilling in 2000 gold values of 2.12 g/ton Au over 8 metres, 12.7 g/ton over 8 metres, 6.49 g/ton over 4 metres and 1.98 g/ton over 4 metres.

On the Bombore Permit in Burkina Faso, West Aftica, the Company has been advised by Orezone Resources Inc. that it has met the expenditure requirements of Cdn.$1,700,000 by January 17, 2007 and has exercised its option to earn a 50% interest in the Bombore Permit. Orezone can earn a 70% interest by completing a bankable feasibility study and buy out the remaining interest of Channel and Solomon Resources Limited for US$1,000,000 subject to a 1% net smelter return royalty.

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

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