Mr. Duane Parnham of Canoe Mining Ventures reports

CANOE MINING COMPLETES SETTLEMENT AGREEMENT

Canoe Mining Ventures Corp. has completed a settlement agreement with Alto Ventures Ltd., whereby upon satisfying the terms and conditions set out in the agreement, a debenture held by Alto charging a 40-per-cent interest in Canoe's Coldstream property will be discharged, resulting in Canoe holding an unencumbered 100-per-cent interest in the Coldstream property located in the Shebandowan belt in Ontario.

Duane Parnham, president and chief executive officer of Canoe, stated: "We have executed an agreement with Alto which settles the debenture at a reduced price and provides Canoe with full unencumbered ownership of the Coldstream property. Canoe will now realize the full benefits of any exploration success and is well positioned to carry out its planned exploration programs targeted at expanding the compliant copper and gold deposits on the Coldstream property, and extending a gold trend on the southern portion of the Coldstream property that borders Wesdome Gold Mines Ltd.'s Moss Lake gold deposit."

By way of background to the agreement, Canoe acquired Birch Hill Gold Inc. on March 26, 2014, whereby Birch Hill owed a debt to Alto in the amount of $768,942, which was secured by way of a debenture that charged a 40-per-cent interest in the Coldstream property. The agreement represents the full and final satisfaction of the debt owing to Alto. Pursuant to the terms of the agreement and subject to the approval of all required regulatory approval, including that of the TSX Venture Exchange, Canoe will issue a deemed value of $250,000 in shares of Canoe priced at the 10-day weighted-average closing price of Canoe on Oct. 20, 2014, and has agreed to pay Alto $50,000 immediately with an additional $200,000 payable in three instalments between Dec. 31, 2014, and June 30, 2015. Canoe has granted Alto net smelter return royalties ranging from 0.5 per cent to 1.5 per cent on certain portions of the Coldstream property.

Canoe has the first right to arrange for the purchase of any of the common shares issued to Alto in connection with the agreement. In the event that Alto wishes to dispose of any portion of its common shares of Canoe, it must notify Canoe in writing, after which Canoe will have five business days to repurchase or arrange for the repurchase of these shares.

Additional information and corporate documents may be found on SEDAR and on the Canoe Mining website.