Channel Resources Ltd.

Channel Resources Ltd.

May 02, 2007 16:42 ET

Channel Resources Ltd.: Change of Management Structure

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) - Channel Resources Ltd. (the "Company") (TSX VENTURE:CHU) is pleased to announce that Mr. Colin McAleenan, P.Geo., has been appointed a Director, President and CEO of the Company effective May 2, 2007. The Honourable D. Ross Fitzpatrick, founding Director of the Company, will resign as President and CEO but will continue to serve the Company as Chairman of the Company in an advisory position.

Mr. McAleenan is an experienced mining executive and is registered as a professional geoscientist in the Association of Professional Engineers and Geoscientists of British Columbia. He has worked for major and junior companies alike both in exploration and mining operations in precious metals, base metals and uranium and on four continents over his 29 year career in the industry. His most recent position with a public company was as Chairman and Chief Executive Officer of Mundoro Mining Inc., where he led the definition of a multimillion ounce gold deposit, completed feasibility studies and helped to raise over $40 million for the company. Mr. McAleenan will oversee the ongoing exploration operations of the Company, including the El Mozo Project in Ecuador and the Tanlouka Permit in Burkina Faso, West Africa, as well as manage the ongoing administrative affairs of the Company. The Company's Chairman, the Honourable D. Ross Fitzpatrick, said, "Mr. McAleenan's extensive corporate experience and his international experience in project evaluation, exploration and mining will be invaluable to the Company as we proceed to develop the El Mozo and Tanlouka projects and to evaluate new opportunities."

The Company has granted 2,500,000 stock options pursuant to its Stock Option Plan exercisable at a price of Cdn$0.155 per share expiring on May 1, 2012, which options will vest as to 50% per year for the first two years and thereafter be fully vested.

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

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