Channel Expands & Advances West Bienville Uranium Project, Completes Geophysics at Tanlouka Gold Project
May 22, 2008 Filed Under: Precious Metal, Uranium Mining
Channel Resources Ltd. reports that, based on target area dimensions and trends outlined by airborne magnetic and spectrometer survey data, the Company has extended the West Bienville Uranium Project license area in northern Quebec from 220 claims (108.2 km2) to 288 claims (141.7 km2). The south-easterly extension of the property follows a trend of uranium anomalies spatially associated with a regional scale fault.
Field follow-up investigations of these anomalous trends will commence shortly at West Bienville taking advantage of an early spring thaw in the area. The uranium footprint, as well as other geochemical parameters and magnetic data suggest that the property has the potential to host intrusion-related and/or structurally-related uranium mineralization. Channel can earn a majority interest in West Bienville under an option agreement with Azimut Exploration Inc.
At the Tanlouka Gold Project in Burkina Faso, 30 line kilometers of Induced Polarisation (IP) and ground magnetometry surveys have now been completed. The geophysics report for these surveys is pending but they are expected to aid in the definition of drill targets along the 1,800 metre trend of gold in soil anomalies.
Filing of Second Quarter Financial Report
The Company also advises that it has filed its unaudited financial statements for the second quarter ended March 31, 2008 on the SEDAR system, together with its management discussion and analysis (MD&A) for the same period.
The above information has been prepared under the supervision of Colin H. McAleenan, P.Geo, who is the Company’s “Qualified Person” under the definition of NI 43-101.
Some of the statements contained herein may be 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 mineral commodities, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
Colin McAleenan Channel Resources Ltd. President & CEO
Cyrus Ameli Channel Resources Ltd. CFO & VP Corporate Affairs (604) 684-7098 (604) 684-7079 (FAX)
Source: Channel Resources Ltd.