CANADIAN IMPERIAL VENTURE CORP ("CQV-V") - Corporate Update Canadian Imperial Venture Corp. ("CIVC" / the "Company") announced that, by mutual agreement, the previously announced purchase and sale agreement with McLaren Resources Ltd ("McLaren") has been terminated. Under this agreement, McLaren had the right to purchase a 5% interest in Exploration Licence 1070 ("EL1070") from CIVC and Shoal Point Energy Ltd. ("SPE") and to participate with those companies in the future acquisition of lands in Western Newfoundland under the terms of an Area of Mutual Interest Agreement ("AMI").

As a result of the termination, title to the shallow rights in EL 1070 will remain at 61.5% for SPE and 38.5% for CIVC and the provision for the acquisition of a 5% interest to McLaren is now removed. In addition, participation by McLaren in the AMI is also removed and the future acquisition or rights will now be in the proportions of SPE 60% and CIVC 40%.

Under the terms of the termination agreement, McLaren will be reimbursed $150,000 by SPE for funds which had been previously paid to that company. McLaren will also receive from SPE, 750,000 shares and 250,000 warrants in the newly announced Shoal Point Energy Ltd. Public Company (see SPE News Release on November 11, 2010). Included in the value of the shares and warrants transferred to McLaren, is CIVC's contribution ($63,525) to the termination deal which, in turn, offsets certain funds owed by SPE to CIVC.

As previously announced, CIVC and SPE have a farmout agreement with Dragon Lance Management Company ("DLMC") whereby DLMC have committed to spend up to $6.5 million for the drilling of the proposed 3K-39 well and the application for a significant discovery licence ("SDL") on EL1070. After DLMC fulfills its obligations, the interest in the shallow rights of EL1070 will be as follows:

DLMC 50% / SPE 30.75% / CIVC 19.25%

"I am extremely happy that we have been able to arrive at a mutually beneficial deal with McLaren who have been good to work with," said Steven Millan CEO of Canadian Imperial Venture Corp. "I am also delighted that CIVC is able to maintain its current interest in EL1070 and that the way forward for financing and executing the 3K-39 well is in hand and the acquisition of new lands is clear. CIVC's current Private Placement now has brought in a little over one million dollars and SPE's financing of $6.1 million positions the companies favourably to advance the Green Point oil-in-shale project."

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.

Capitalization Report for Canadian Imperial Venture Corp Shares Issued: 480588361 Shares Escrow: 1250000

TSX Venture closing price for Canadian Imperial Date: 2010/11/10 Closing Price: 0.065