Company Universal Gold Mining Corp

Channel Holdings Inc., formerly Universal Gold Mining Corp., is an exploration stage gold mining exploration and production company. The Company conducts its operations through its wholly owned subsidiaries, Universal Gold Holdings (Cayman) Ltd. (UGH) and UGMC Mining, Inc. (UGMC). The Toldafria Option Agreement provides the Company with the right to acquire, through UGH, up to a 50% interest in a 164 hectare gold prospect (licence GEWM-12), which is located approximately ten kilometers southeast of the city of Manizales in Colombia (the Toldafria Prospect). The Toldafria Option Agreement provides that Core Values Mining & Exploration Company (CVME) carries out prospecting, exploration, development or other work on the Toldafria Prospect.