Channel Resources Ltd V.CHU

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[vern117]

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April 09, 2010
Channel Resources Announces Non-Brokered Private Placement Financing

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Vancouver, BC - Channel Resources Ltd. ("Channel" or the "Company", TSX.V:CHU) announces a private placement of up to 5,000,000 units (a "Unit") at a price of CDN
.07 per Unit for gross proceeds of up to $350,000. Each Unit will be comprised of one common share of the Company ("Common Shares") and one share purchase warrant (a "Warrant"), with each Warrant being exercisable for one Common Share ("Warrant Share") at an exercise price of CDN
.11 for a period of 24 months. If, during the first six months following the closing date of the financing, the shares of the Company close at a price of
.20 or higher for a minimum of 10 consecutive trading sessions, then the Warrants must be exercised within 15 business days after notice by the Company of that event, failing which they will expire.

Channel may pay finders' fees in connection with the private placement in the form of cash and / or securities of the Company, in accordance with the policies of the TSX Venture Exchange.

The proceeds of the private placement will be used primarily to fund exploration work on the Tanlouka Gold Project in Burkina Faso, as well as for corporate development and working capital purposes.

Completion of the private placement is subject to execution and delivery of standard documentation and receipt of all required regulatory approvals and consents, including the approval of the TSX Venture Exchange.

"Channel has advanced the Tanlouka Gold Project to the drill-ready stage, most recently with an IP program that outlined compelling geophysical structures that correlate well with soil geochemistry anomalies, channel sampling results and RAB drilling data gathered on the 105 square kilometre property," commented Colin McAleenan, President and CEO of the Company. "Earlier this year the Company funded process test work for the Fox Creek Lithium / Potash Brine Project in Alberta, and while that work is ongoing, the proceeds of this placement will be used to follow through with a planned RC drill program at Tanlouka that, in addition to completing the earn-in on Channel's option for 90% ownership of the project, will determine the continuity of mineralization encountered on and near-surface, including shallow RAB drill intersections of up to 12.7 g/T gold over 8.0 metres."



For further information, contact:
Colin McAleenan, President and CEO
Cyrus Ameli, CFO & VP Corporate Affairs
Telephone [phone]
[e-mail]



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 the 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.

[ragingcanadian]

Advancing their Lit. property and now their gold property. Cheap under .10 IMHO

[ragingcanadian]

half a mil one dayZero the nextThis stock is hilarious

[ragingcanadian]

Seems to be some steady trading at these levels now. Nice to see