Drilling at Shoal Point, Port au Port

Trading Symbols:
TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM

ST. JOHN'S, Nov. 8 /CNW/ - Canadian Imperial Venture Corp. announced today that it has been informed by Dragon Lance Management Corporation ("DLMC"), the Operator of the proposed 3K-39 well at Shoal Point, that project arrangements are currently being finalized. As the Operator, DLMC will execute the project on behalf of itself and the other proponents who are Shoal Point Energy Limited, Canadian Imperial Venture Corp. and McLaren Resources.

The proponents of the project, through DLMC, are committed to providing local companies and individuals with the opportunity to participate in project activities on a preferential basis where competitive in price, quality and delivery. This local preference policy will be applied in the following order:

1) Companies and individuals from the Port au Port Peninsula Area;
2) Companies and individuals from the Western Newfoundland Area;
3) Companies and individuals from the Province of Newfoundland and Labrador;
4) Companies and individuals from the Atlantic Canada Region;
5) Companies and individuals from the rest of Canada.

Contractors and subcontractors working with the operator are expected to subscribe to and apply these principles of adjacency in their own activities on the project. Examples of the goods, services and associated human resources required for the project include, but are not limited to, the following: office accommodation modules; drilling personnel; power generating modules; drilling fluids; cement, cementing operations; bottom hole assembly (BHA) tools; drill bits, wellhead equipment; casing materials, directional drilling services; casing running services; LWD/MWD services; logging services; coring services; geological services; communications.

Subject to rig availability and the receipt of the required authorizations from Government, site preparation is expected to start in the current month, to be followed by drilling operations in the November - December time period. Individuals interested in participating in the project should contact DLMC electronically at resumes@dragonlance.ca while contractors should email DLMC at eoi@dragonlance.ca.

Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.

CANADIAN IMPERIAL VENTURE CORP.

By: "Steven M. Millan"
Steven M. Millan, P.Geo.
Chairman and CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.

This release includes certain forward looking statements which reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation.