West African Resources Receives Conditional Approval for TSX Venture Exchange Listing

Channel Resources Ltd. ("Channel") (TSX VENTURE:CHU) and West African Resources
Limited ("West African") (ASX:WAF) jointly report that West African Resources
has received conditional approval from the TSX Venture Exchange (the "TSXV") for
West African's listing of ordinary shares and share purchase warrants.


Approval of the TSXV listing by West African is a principal condition required
for closing the previously announced plan of arrangement (the "Arrangement")
whereby West African is to acquire all of the issued and outstanding common
shares of Channel (the "Channel Shares"). 


Further submissions to the TSXV are being prepared by West African to satisfy
all of the outstanding conditions, which are of an ordinary course nature and
are expected to be fulfilled in conjunction with the completion of the
acquisition of Channel. To accommodate this process, Channel and West African
have extended the completion deadline of the Arrangement to January 17, 2014.
Assuming TSXV acceptance is obtained in due course, closing of the Arrangement
would occur immediately thereafter with further notice to the market.


This news release contains "forward-looking information" within the meaning of
applicable Canadian and Australian securities legislation, including information
relating to West African's or Channel's future financial or operating
performance may be deemed "forward looking". All statements in this news
release, other than statements of historical fact, that address events or
developments that West African or Channel expects to occur, are "forward-looking
statements". Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects",
"does not expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled", "forecast",
"budget" and similar expressions, or that events or conditions "will", "would",
"may", "could", "should" or "might" occur. All such forward-looking statements
are based on the opinions and estimates of the relevant management as of the
date such statements are made and are subject to important risk factors and
uncertainties, many of which are beyond West African or Channel's ability to
control or predict. Forward-looking statements are necessarily based on
estimates and assumptions (including that the Transaction will be completed
successfully on the terms agreed upon by the parties and that the business of
Channel will be integrated successfully into the West African organization) that
are inherently subject to known and unknown risks, uncertainties and other
factors that may cause actual results, level of activity, performance or
achievements to be materially different from those expressed or implied by such
forward-looking statements. In the case of Channel and West African, these facts
include their anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business and other
matters that may occur in the future, including the listing of West African's
ordinary shares on the TSX Venture Exchange. This information relates to
analyses and other information that is based on expectations of future
performance and planned work programs. Statements concerning mineral resource
estimates may also be deemed to constitute forward-looking information to the
extent that they involve estimates of the mineralization that will be
encountered if a mineral property is developed. 


None of the securities anticipated to be issued under the Arrangement have been
or will be registered under the Securities Act of 1933, as amended, or any state
securities laws, and such securities are anticipated to be issued in the United
States pursuant to exemptions from such registration requirements. This press
release shall not constitute an offer to sell or solicitation of an offer to buy
any securities in any jurisdiction where such an offer or sale would be
unlawful.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Channel Resources Ltd.
Colin McAleenan
President & CEO
604.684.7098
info@channelresources.ca
www.channelresources.ca


West African Resources Limited
Richard Hyde
Managing Director
+ 61 8 9481 7344
+ 61 8 9481 7355 (FAX)
info@westafricanresources.com
www.westafricanresources.com

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