Channel Resources: Private Placement with Placer Dome Inc

Business Wire, Nov 27, 1998

KELOWNA, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 27, 1998--Channel Res.(TSE:CHU.) Channel Resources Ltd. ("Channel") is pleased to announce further to its News Release of November 13, 1998 that Placer Dome Inc. has now fully subscribed for 3,095,800 common shares at a subscription price of Cdn.$0.50 cents for total proceeds to Channel of US$1,000,000 (equivalent to Cdn. $1,547,900).

The proceeds of the private placement will be used by Channel for working capital and to fund ongoing exploration work costs in Burkina Faso as agreed upon by Placer and Channel. The Toronto Stock Exchange accepted notice of the private placement on November 25, 1998, subject only to the usual filings with the Exchange.