UPDATE 2-Canwest sells two regional television stations

* Sells Montreal, Hamilton stations to Channel Zero

* Financial terms of deal not announced

* Three other stations remain on auction block

* Shares up 3.3 percent (Adds extension of deadline with creditors)

By Scott Anderson

TORONTO, June 30 (Reuters) - Canwest Global Communications CGS.TO, Canada's biggest media company, said on Tuesday that it planned to sell two of its five regional television stations as it struggles to restructure its mounting debt load.

The Winnipeg, Manitoba-based company, which owns Canada's Global television network, Australia's Network Ten and a chain of daily newspapers, agreed to sell CHCH-TV in Hamilton and CJNT-TV in Montreal to private broadcaster Channel Zero Inc.

Financial terms of the deal were not announced.

The move comes almost five months after Canwest said it was reviewing its television strategy with a focus on its Global television brand. CHCA-TV in Red Deer, Alberta, CHBC-TV in Kelowna, British Columbia, and CHEK-TV in Victoria, British Columbia, remain on the auction block.