Vancouver, BC - Channel Resources Ltd. ("Channel" or the "Company", TSX.V:CHU) announces that that it has closed the final tranche of its non-brokered private placement of units (the "Units") announced on December 2, 2009. In this closing the Company has issued 1,062,500 Units at a price of CDN$0.08 per Unit for gross proceeds of $85,000. Each unit is comprised of one common share of the Company ("Common Share") and one share purchase warrant (a "Warrant"), with each Warrant being exercisable for one Common Share at an exercise price of CDN$0.11 for a period of 24 months. The securities issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on May 15, 2010.

Finders acting in connection with this closing of the private placement received aggregate fees of $2,160. Following the completion of this closing of the private placement, Channel has 64,093,744 Common Shares issued and outstanding.

A partial close of this private placement was completed on December 21, 2009, at which time 3,162,500 Units for gross proceeds of $253,000. Total aggregate gross proceeds for the private placement are $338,000 including an oversubscription of $38,000 announced on January 13, 2010.

The proceeds of the private placement will be used to fund exploration and pre-development work on its properties, primarily the Fox Creek Lithium / Potash Brine Project located in Alberta, as well as for corporate development and working capital purposes.

For further information, contact:
Colin McAleenan, President and CEO
Cyrus Ameli, CFO & VP Corporate Affairs
Telephone 604.684.7098
info@channelresources.ca

Some of the statements contained herein are 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 minerals, 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. Further disclosure on risk factors is available in the Company's various corporate filings at www.sedar.com.