Channel, Solomon sell Orezone rest of Bombore interest

2008-08-20 13:11 ET - News Release

See News Release (C-CHU) Channel Resources Ltd

Mr. Colin McAleenan of Channel Resources reports

CHANNEL VENDS REMAINING INTEREST IN BOMBORE GOLD PROJECT

Channel Resources Ltd. has reached an agreement with Orezone Resources Inc. and Solomon Resources Ltd., whereby Solomon and Channel have vended their remaining interests in the Bombore gold project, Burkina Faso, to Orezone.

The agreement terminates a previous Heads of Agreement entered into on August 12, 2002 and an Amending Agreement dated September 14, 2004, whereby Orezone was earning up to a 100% interest in Bombore, subject to a 1% net smelter return royalty shared by the Company (55%) and Solomon (45%). Orezone has, to date, met the agreed expenditure requirements to earn a 50% interest in Bombore.

Consideration for the remaining interests in Bombore, including the net smelter return royalty, is for 1,000,000 fully paid and non-assessable common shares in Orezone shared between Channel (550,000 shares) and Solomon (450,000 shares), which will be subject to a four month hold. Orezone's shares trade on the Toronto and American Stock Exchanges.