Canadian Imperial Venture Corp Diversifies
http://www.vocm.com/newsarticle.asp?mn=2&id=9828&latest=1

A company involved in exploring for oil and gas on the west coast is diversifying. Chairman Steve Millan told shareholders at the annual meeting of Canadian Imperial Venture Corporation Thursday morning that the company will begin drilling for industrial minerals on the Port Au Port Peninsula and announced the awarding of the contract to Springdale Diamond Drilling.

Millan says drilling at Shoal Point could start as early as mid-November. The 2,200 metre deep well is expected to reach production, at least on a test basis, by early 2011. Millian says they have success with test drills that they have proven the company has actually been quite modest in extrapolating the amount of resources that are available. He says the potential is so big that he hasn't even done the numbers, but they are in the millions of dollars. Millan says they will be able to move ahead rapidly because they can drill from land using trucks and backhoes. The total exploration spans 80 kilometres offshore from the Port au Port Peninsula to the Bay of Islands.