Canadian Imperial Venture Corp. - News Release

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

    St. John's, NL, Jan. 28 /CNW/ - Canadian Imperial Venture Corp. is
pleased to announce that transportation of the Nabors #45 Rig from Alberta to
Shoal Point, Newfoundland, commenced today. The rig will be used to drill the
Shoal Point 2k39 well, a directional hole from an onshore surface location on
Shoal Point to an offshore target under Port au Port Bay on Exploration
Licence 1070. The well will be drilled as a "Tight Hole" meaning that access
to information will be restricted.
    Information provided by the Operator, Shoal Point Energy Ltd. indicates
that over the past seven days, sixty trucks from Newfoundland and elsewhere on
the East Coast were mobilized by Hunt's Transport Ltd. to Alberta for the rig
move. Five trucks have already been loaded and dispatched from the loading
site in transport to the Shoal Point location and approximately fifteen trucks
per day will be loaded over the next four days. Travel to Newfoundland is
expected to take approximately ten days.
    Barring weather-related delays, rig-up on location is anticipated to
commence around February 11, 2008 and will take approximately six days.
    Drilling design and program management is being conducted by Dragon Lance
Management Corporation of Alberta under the direction of Mr. Steve McIntosh.

    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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