Channel Resources Ltd. Appoints Archibald J. Nesbitt, LLB as Director
24.01.2012 | Marketwire
VANCOUVER, Jan. 24, 2012 - Channel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE: CHU) is pleased to announce the appointment of Mr Archibald (Archie) J. Nesbitt to the Board of Directors of the Company. Mr. Nesbitt has a Bachelor of Laws Degree from the University of Western Ontario (1976) and a Bachelor of Commerce (Honours) Degree from Queen's University (1973). He has been an active member of the Law Society of Alberta since 1978. Mr. Nesbitt has been a founding member or senior officer and director of a number of internationally active publicly traded mining companies. Mr. Nesbitt has been active in the mining industry since 1969 and holds directorships in several public mining and oil and gas companies, including Golden Band Resources Ltd., Carmen Energy Inc., and Marksman Energy Inc.Grant of Options
Channel also announces that it has approved the grant of stock options ("Options") to a director and certain consultants of the Company, effective January 23, 2012, for the purchase of up to a total of 1,330,000 common shares of the Company at an exercise price of $0.195 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 a 90% interest in the Tanlouka Gold Project in Burkina Faso, West Africa 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 15,000 metre core drilling program, with a maiden resource estimate for the Mankarga 5 deposit expected in the spring of 2012. 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.
Contact Information
Channel Resources Ltd.
Colin McAleenan, President & CEO
604.684.7098
Channel Resources Ltd.
Cyrus Ameli, Senior Vice President
604.684.7098
604.684.7079 (FAX)
info@channelresources.ca
www.channelresources.ca