Channel Resources Ltd.
TSX VENTURE : CHU

Channel Resources Ltd.

April 23, 2007 17:31 ET

Channel Resources Ltd.: Update

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) - Channel Resources Ltd. (the "Company") (TSX VENTURE:CHU) announces that management is assessing the exploration work to date and considering the options of additional drilling of the Indira/Freddy Zones at the El Mozo Property and conducting metallurgical work on the Indira core for pre-feasibility or deep drilling to test at depth the possibility of an epithermal system lying beneath the existing ore zones at El Mozo.

As there is currently a shortage of available drill rigs in Ecuador, the Company has not been able to secure a satisfactory contract for a spring drilling program but expects to be able to engage one later in the season. Depending upon the selected program further financing may be required. In the meantime mapping and evaluation of the untested areas is continuing.

A geochemical program on our Tanlouka Property in Burkina Faso, West Africa is currently underway and is expected to be completed in six weeks. The Tanlouka property lies in the southeast section of the original Bombore Property acquired by Channel in 1994. Channel has the option to acquire a 90% interest in the Tanlouka permit by spending $350,000 over three years. RAB drilling conducted in 2000 returned anomalous gold values along four fences with the best results reporting 12.7 g/t over 8 metres. The recommended exploration program is designed to follow-up on these results.

With the resignation of James Stonehouse a committee of the Board of Directors has been appointed to carry out a search for a President and Country Manager for Ecuador.

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

Contact Information