Channel Resources Appoints Stephen Rea to Board of Directors
February 25 2011 - 9:00AM
Marketwired
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.
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
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