NEWS RELEASE September 15, 2010 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES CHANNEL RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FINANCING Vancouver, BC - Channel Resources Ltd.

(“Channel” or the “Company”, TSX.V:CHU) announces a private placement of up to 8,000,000 units (a “Unit”) at a price of CDN$0.17 per Unit for gross proceeds of up to $1,360,000.

Each Unit will be comprised of one common share of the Company ("Common Shares") and one half of one share purchase warrant (a "Warrant"), with each Warrant being exercisable for one Common Share ("Warrant Share") for a period of 24 months at an exercise price of CDN$0.21 within the first 12 months and CDN$0.25 within the second 12 months, after which they will expire. Channel may pay finders’ fees in connection with the private placement in the form of cash and / or securities of the Company, in accordance with the policies of the TSX Venture Exchange. The proceeds of the private placement will be used primarily to fund further exploration and assessment work on the Company’s projects, as well as for corporate development and working capital purposes. Completion of the private placement is subject to execution and delivery of standard documentation and receipt of all required regulatory approvals and consents, including the approval of the TSX Venture Exchange. For further information: Colin McAleenan, President & CEO Cyrus Ameli, CFO & VP Corporate Affairs Telephone 604.684.7098nf www.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. 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.
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