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Message: Channel Resources Appoints Stephen Rea to Board of Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) - Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased to report the appointment of Mr. Stephen Rea as an independent director of the Company, effective immediately. Mr. Rea is an investment banking professional with more than 10 years experience in capital markets, with a focus on natural resources, energy and technology sectors. Until 2011 he was Vice President of NCP Northland Capital Partners' Asia Banking Division. Previously Mr. Rea held roles at Canadian investment banking firms including Gateway Securities Inc. and has led or been involved in financial advisory roles and with securing and executing a broad range of investment banking and M&A transactions. Mr. Rea holds an MBA from the Kellogg School of Management.
Grant of Options
Channel also announces that it has approved the grant of stock options ("Options") effective February 24, 2011 for the purchase of up to a total of 500,000 common shares of the Company at an exercise price of $0.21 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 which has an option to earn a 90% interest in the Tanlouka Gold Project in Burkina Faso, West Africa, the terms of which the Company has already satisfied, and an option to earn 100% in the Fox Creek Lithium / Potash Brine Project in Alberta. At Tanlouka, Channel has recently discovered multiple mineralized zones that are now being explored and expanded through a 10,000 metre reverse circulation drilling program. 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.
FOR FURTHER INFORMATION PLEASE CONTACT: Colin McAleenan
Channel Resources Ltd.
President & CEO
Channel Resources Ltd.
CFO & VP Corporate Affairs
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