Canadian Imperial Venture Corp. - Update



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

    ST. JOHN'S, June 11 /CNW/ - Canadian Imperial Venture Corp. ("CIVC") is
pleased to provide the following update which is based on information from the
operator of the 2K-39 project, Shoal Point Energy Ltd. The operation to run
and cement the 244.5 mm (9-5/8") casing string has now been successfully
completed. The bottom of the casing is set at 2750 m, approximately 107 m
above the previously reported "fish" which has been left at TD (2865 m), with
the top of the "fish" at 2857 m. The wellbore is programmed to drop angle
after drilling out the 244.5 mm (9-5/8") casing shoe and therefore the "fish"
will present no obstruction to the drilling operations. The drilling rig is
currently waiting on cement to harden and then will proceed to pressure test
the blow-out preventers prior to drilling ahead. The next phase of the well
will be to drill the prospective horizons of the St. George's Group including
the Aquathuna and Watt's Bight formations.
    "Getting the intermediate casing down and set, without mishap, was no
small feat," said Steve Millan, CEO of CIVC. "Hole conditions were difficult
due to the long shale section, faults, high angle of the hole and the extended
time the wellbore was open to drilling fluids. Congratulations are due to our
Drilling Management Team, Dragon Lance Management Corporation ("DLMC") headed
up by Steve McIntosh and the entire drilling team on location consisting of
DLMC, Nabors Drilling rig personnel, Weatherford casing team and Schlumberger
cementing team for a job well done."

    CANADIAN IMPERIAL VENTURE CORP.

    "Steven Millan"
    ---------------
    Steven 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.




For further information:

For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605, info@canadianimperial.com,
www.canadianimperial.com

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