This is a former Premier of Newfoundland & Labrador, a former Federal Industry Minister, and he was executive Vice-chair of Consolidated Thompson. Guys like him don't have time for companies that don't have a significant future, in my opinion. We are going places, folks.

"We are extremely honoured to have the tremendous experience, knowledge and expertise of Newfoundland and Labrador's former premier, Brian Tobin, join our team. Mr. Tobin has been a tireless supporter of economic development for the province and indeed, has been a supporter of CIVC over the years. He has demonstrated through first-hand knowledge his tremendous business acumen and leadership skills with the development and ultimate success of Consolidated Thompson Iron Mines Ltd. in the public markets. As executive chairman, he brought tremendous value to the shareholders of CLM and I have no doubt he will bring that perspective in helping guide Canadian Imperial Venture Corp. to the next level," said Gerard Edwards, president and chief executive officer of Canadian Imperial Venture Corp.

Mr. Tobin served as the Federal Minister of Industry from October, 2000, to January, 2002, prior to which he served as the premier of Newfoundland and Labrador from 1996 to 2000. Mr. Tobin served as a member of parliament from 1980 to 1996 and served as Minister of Fisheries and Oceans in the federal cabinet from 1993 to 1996. Mr. Tobin is currently senior business adviser with Fraser Milner Casgrain LLP in Toronto. Mr. Tobin also serves as chairman and director of New Flyer Industries Inc., chairman and director of Calvista Gold Corp., director of Aecon Group Inc. and served as executive chairman, president and CEO of Consolidated Thompson Iron Mines Ltd.

On his appointment Mr. Tobin said, "Bay St. George is home for me and I look forward to fully exploring the opportunity to bring economic development to the area through what I think is a very exciting play for Newfoundland and Labrador."

"I am delighted that Mr. Tobin has joined the team at CIVC and I look forward to working with him on the advisory board," said Steven Millan, former CEO of Canadian Imperial Venture Corp.

The company also announced today that, subject to final approval by the TSX Venture Exchange, the company has granted to directors, officers and consultants of the company incentive stock options to purchase up to 4.3 million common shares at an exercise price of 10 cents per common share. Subject to the early termination provisions in the plan, the options will expire on June 17, 2016.