Channel Resources Ltd.
TSX VENTURE : CHU

Channel Resources Ltd.

March 25, 2010 12:37 ET

Channel Resources Welcomes Dr. Richard Schutte to Board of Directors, Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2010) - Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) announces that Dr. Richard P. Schutte has been elected to the Company's board of directors at its Annual and Special General Meeting of Shareholders.

Dr. Schutte earned a Ph.D. in Inorganic Chemistry from the University of British Columbia in 1995. He has developed a strong background in advanced chemical processing and applications, and is currently a plant manager with Linde Canada Ltd., a major international industrial gases and engineering company. Dr. Schutte has extensive expertise and hands-on experience in the process, quality control and sales aspects of the commercial production of specialty gases and metals, as well as in the recovery and sale of lithium carbonate from recycled lithium ion batteries. Based in Edmonton, Alberta, Dr. Schutte has also gained first-hand knowledge and familiarity with standards and regulations applicable to complex chemical processing facilities in Alberta and British Columbia. Dr. Schutte was initially appointed to Channel's Advisory Committee on November 10, 2009 and has been playing an instrumental role in the assessment of the Fox Creek Lithium / Potash Brine Project.

Grant / Relinquishment of Options

Channel also announces that it has granted stock options ("Options") to directors, advisors and consultants for the purchase of up to a total of 1,250,000 common shares of the Company at an exercise price of $0.10 per share. The Options have a term of five years, are subject to vesting provisions, and are governed by the Company's Stock Option Plan, pursuant to which Options may be granted up to a maximum 10% of the issued and outstanding common shares of the Company from time to time. All shares issuable pursuant to the exercise of Options are subject to a four-month hold period commencing from the date the Options are granted.

Also effective today, Colin McAleenan, President and CEO of Channel, is voluntarily relinquishing 500,000 options originally granted on May 7, 2007.

Channel to Exhibit at Calgary Resource Investment Conference, April 10 & 11, 2010

Channel will be an exhibitor at the Resource Investment Conference to be held at the Telus Convention Centre in Calgary on Saturday and Sunday, April 10 and 11, 2010. Shareholders and investors are invited to attend the conference and discuss Channel's progress and outlook with management by registering, for free, at www.cambridgeconferences.com (promo code: cambridge).

Some of the statements contained herein are 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 minerals, 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. Further disclosure on risk factors is available in the Company's various corporate filings at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Channel Resources Ltd.
    Colin McAleenan
    President & CEO
    604.684.7098
    or
    Channel Resources Ltd.
    Cyrus Ameli
    CFO & VP Corporate Affairs
    604.684.7098
    604.684.7079 (FAX)
    info@channelresources.ca