Canadian Imperial Venture Corp. - News Release

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

    ST. JOHN'S, NL, Jan. 21 /CNW/ - Canadian Imperial Venture Corp. (the
"Company") is pleased to announce that it has received the following
information from Shoal Point Energy Ltd. ("SPE") regarding the drilling of the
Shoal Point 2K39 well:

    - Trucks to transport the Nabors 45 Rig are currently being marshalled to
      move the rig to Shoal Point.  They are expected to commence moving on
      or about January 26, 2008 and to be onsite by February 12, 2008.

    - Drilling is anticipated to commence on or about February 22, 2008.

    An objective of the agreement announced in the Company's News Release of
January 18, 2008 was to get the Shoal Point 2K39 well drilled in time to meet
the deadline extension recently granted by the Canada-Newfoundland Offshore
Petroleum Board ("CNLOPB"). From the information provided above by SPE, this
objective will be attained.

    Canadian Imperial Venture Corp. is an independent Canadian-based energy
company with interests in petroleum exploration and development in western
Newfoundland and in western Canada.


    "Steven Millan"
    Steven Millan, P.Geo.
    Chairman and CEO

    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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605,,

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Canadian Imperial Venture Corp.

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