Channel Resources Ltd.

Channel Resources Ltd.

November 15, 2007 16:32 ET

Channel Appoints Chief Financial Officer

Grant of Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) announces that, as a final step in the move of Channel's head-office from Kelowna to Vancouver, Mr. Gordon Pettman has stepped down as Chief Financial Officer of the Company effective immediately, and Mr. Cyrus Ameli, currently Vice President Corporate Affairs, has been appointed in his place. Mr. Pettman will remain a consultant to Channel to provide financial advisory services.


The company also announces that it has granted an aggregate of 650,000 incentive stock options at a price of $0.155 cents per share to directors, officers and consultants. Any securities issued on exercise thereof will be subject to a four-month hold. Of these options, 150,000 will vest as to 33% after six months, 33% after twelve months and 33% after eighteen months after which the options will be fully vested; the remaining 500,000 will vest as to 100,000 immediately and 100,000 on each of the four anniversaries of the grant date. The stock options are exercisable according to the terms of the Company's stock option plan until November 14, 2012.

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

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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