Mr. Scott Kelly reports

CANOE MINING VENTURES ANNOUNCES PRIVATE PLACEMENT FINANCING

Canoe Mining Ventures Corp. has arranged a non-brokered private placement financing for gross proceeds of $500,000 through the issuance of 6.25 million units in the capital of the company at a price of eight cents per unit. Each unit comprised one common share in the capital of the company and one-half of one whole common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 12.5 cents per common share until the date that is three years form the date of issuance, provided, however, that should the closing price at which the common shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the common shares may trade at the applicable time) at 16 cents or higher for 10 trading days within any 30-day trading day period at any time following the date that is four months and one day after the date of issuance, the company may accelerate the warrant term, such that the warrants shall expire on the date which is 10 days following the date a press release is issued by the company announcing the reduced warrant term, subject to adjustments in certain events. Gross proceeds raised from the offering will be used for working capital and general corporate purposes.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

The offering may constitute a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) as insiders of the company may subscribe for 1.3 million units pursuant to the offering. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market and the fair market value of the participation in the offering by the insider does not exceed 25 per cent of the market capitalization of the company in accordance with MI 61-101. The company will file a material change report in respect of the related party transaction at least 21 days before the closing of the offering.

We seek Safe Harbor.