News Releases
Channel Resources Announces Changes to Board of Directors
6/30/2010 12:40:57 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Jun 30, 2010 (MARKETWIRE via COMTEX News Network) --
Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE: CHU) announces the appointment of Mr. David Kong as a director of the Company, effective July 1, 2010. Mr. Kong is a Chartered Accountant who has recently retired as partner of Ernst & Young LLP, where he led the firm's Chinese market practice in Canada, focused on servicing Canadian public companies doing business in China and Chinese public companies listed on North American stock exchanges. Previously, Mr. Kong was a founding partner of Ellis Foster Chartered Accountants, the largest independent accounting firm in British Columbia, until its acquisition by Ernst & Young in 2004. Mr. Kong also serves on the board of directors of CIBT Education Group Inc. and on the Advisory Board of Hana Mining Ltd..
Also effective July 1, 2010 is the resignation of Mr. Gordon Fitzpatrick from the Board of Directors due to commitments to other business ventures. The management and board of Channel Resources wish to thank Mr. Fitzpatrick for his many years of service to the Company and wish him the best in his future endeavors.
Grant of Options
Channel also announces that it has approved the grant of stock options ("Options") effective July 1, 2010 for the purchase of up to a total of 360,000 common shares of the Company at an exercise price of
.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 of 10% of the issued and outstanding common shares of the Company from time to time.
Channel Resources Ltd. is a Canadian TSX.V listed mineral exploration Company with two major assets, the Tanlouka Gold Project in Burkina Faso, West Africa and the Fox Creek Lithium / Potash Brine Project in Alberta. At Tanlouka, drilling has commenced on multiple gold targets outlined by soil geochemistry, geophysics survey results and RAB drilling. At Fox Creek, a bulk sample of brine sourced from producing natural gas wells is undergoing process testing to determine the most efficient method of producing various industrial minerals from the brine, including lithium carbonate, potash, bromine and borates. The Company is financed to advance both projects through their current programs, and is actively searching for additional opportunities to expand its project portfolio.
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.
Contacts: Channel Resources Ltd. Colin McAleenan President & CEO 604.684.7098 Channel Resources Ltd. Cyrus Ameli CFO & VP Corporate Affairs 604.684.7098 604.684.7079 (FAX) info@channelresources.ca
www.channelresources.ca
SOURCE: Channel Resources Ltd.
mailto:info@channelresources.ca
https://www.channelresources.ca
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