Nabors Rig Headed for EL1070 in Western Newfoundland

Canadian Imperial Venture Corp. is pleased to provide the following progress report on the planned 3K-39 well on EL 1070 in Western Newfoundland.

Dragon Lance Management Company, Operator of the well, has informed the Company that Nabors Rig #112 is now available for transport and that Crane-Tec Services Inc. have been contracted to deliver the rig to the drill site from its current location in New Brunswick.

Marine Contractors Limited will carry out the necessary site work prior to the rig's arrival and it is expected that the rig will be in place and ready to commence operations on or about December 31, 2010.