contact us

Use the form on the right to contact us.

You can edit the text in this area, and change where the contact form on the right submits to, by entering edit mode using the modes on the bottom right.

277 Lakeshore Road East - Suite 403
Oakville, ON, L6J 6J3

289-837-0066

Announcements

Canoe Mining Enters Reverse-Takeover LOI with OpenPort, a Private Placement and Disposition of Assets

Tanya Murphy

OAKVILLE, Ontario, March 20, 2018 (GLOBE NEWSWIRE) -- Canoe Mining Ventures Corp. (TSX VENTURE:CLV) (“Canoe” or the “Company”) and OpenPort Limited (“OpenPort”) are pleased to announce the entering into of a letter of intent (the “LOI”) dated March 19, 2018 pursuant to which Canoe will acquire all of the issued and outstanding shares in the capital of OpenPort pursuant to a reverse-takeover transaction (the “RTO”).

OpenPort is a private company incorporated under the laws of Hong Kong, providing blockchain logistics solutions that deliver supply chain transparency for the world’s largest companies. Asia’s only multinational digital logistics provider, OpenPort provides ERP-integrated shipment visibility and electronic proof of delivery from any road freight transporter. Its logistics protocol for blockchain creates an irrefutable record of events from pickup to delivery, executed by immutable smart contracts and providing micro-rewards to supply chain participants and frictionless payment between shippers, transporters, and retailers.

Canoe is an exploration and development company governed by the laws of Canada. Its primary asset is a 100% interest in the Kerr Township property and a 50% interest in the Mining Operations Logistics Solution (“MOLS”) currently being built in partnership with OpenPort to service the traditional mining industry using a blockchain protocol.

The RTO is expected to be completed by way of a share exchange or other form of business combination determined by the legal and tax advisors to each of Canoe and OpenPort, acting reasonably, which will result in OpenPort becoming a wholly-owned subsidiary of Canoe or otherwise combining its corporate existence with that of a Canoe entity (the “Resulting Issuer”). The Resulting Issuer will carry on the business heretofore carried on by OpenPort upon completion of the RTO.

The LOI contemplates that Canoe and OpenPort will promptly negotiate and enter into a definitive agreement (the “Definitive Agreement”), together with such other documents that may be required to affect such filings and applications as are required in order to more fully delineate, formalize and execute the terms of the RTO as outlined in the LOI. The LOI contemplates that if the Definitive Agreement is not executed by all parties due to certain failures (including: (i) OpenPort has not delivered to Canoe consolidated audited financial statements for the last two fiscal years and review engagement financial statements for its most recent quarter; (ii) OpenPort has not obtained the approval of the shareholders of OpenPort; (iii) OpenPort has not delivered 100% of the issued and outstanding securities in its capital to OpenPort to Canoe; or either party has failed to receive the approval of the parties’ respective boards of directors) then OpenPort shall pay to Canoe a break fee of $1,000,000 USD.

The Board of Directors of the Resulting Issuer is expected to be comprised of five (5) members, as follows:

  1. Eugene Lee – currently a director of Canoe;
  2. Scott Kelly - currently a director of Canoe;
  3. Max Ward - CEO and a director of OpenPort;
  4. Hans Hickler – Director of OpenPort; and
  5. Morten Damgaard Andersen - COO and a Director of OpenPort.

The LOI contemplates that Canoe will conduct a consolidation of its common shares, warrants and stock options of 1.8 (old):1(new). Canoe will then issue 86,200,000 common shares on a post-consolidation basis to the shareholders of OpenPort and certain finders in respect of the deal. The current Canoe shareholders will retain approximately 31% of the Resulting Issuer prior to the Financing (as described below).

In addition to TSXV escrow restrictions imposed on the RTO, individual shareholders of Canoe representing greater than 30% of the issued outstanding shares have agreed to enter into a lock up agreement supporting the RTO and voluntary escrow arrangement.

The LOI was unanimously approved by the Board of Directors of OpenPort and Canoe.

Completion of the RTO is subject to a number of conditions, including but not limited to, receiving all relevant exchange approvals. The RTO cannot close until the required shareholder, regulatory and other approvals are obtained. There can be no assurance that the RTO will be completed as proposed or at all.

Additional information in connection with the RTO will be provided in subsequent press releases.

As part of the RTO, OpenPort anticipates that it will complete a private placement of convertible debentures on a non-brokered basis for minimum aggregate gross proceeds up to US$10,000,000 (the “Financing”). Net proceeds of the Financing are expected to be used to fund the share acquisitions of OpenPort, the Resulting Issuer’s program to commercialize its technology following completion of the RTO and for general corporate purposes if the RTO closes. It is anticipated that after the closing of the RTO, the convertible debentures will automatically convert into common shares of Canoe on a post-consolidated basis based upon a discount to the volume-weighted average trading price.

Canoe also announces that it is negotiating the sale of its mining assets in Kerrs Township, Ontario for cash, shares of another listed company and the assumption of debts that Canoe owes to Wahgoshig First Nation with no further liability to Canoe. It is anticipated that the closing of this disposition shall occur concurrently with the closing of the RTO.

On behalf of the Board of Directors of Canoe Mining Ventures Corp.

Duane Parnham, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Reader Advisory

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to timing and completion of the RTO, satisfaction of the conditions precedent to the completion of the RTO and the anticipated business of the Resulting Issuer following the completion of the RTO.

Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions; unanticipated operating events; competition for and/or inability to retain services and inputs; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; changes in tax laws and incentive programs; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Completion of the RTO is subject to a number of conditions, including but not limited to, TSX Venture Exchange approval pursuant to applicable requirements of the TSX Venture Exchange and satisfaction of the listing criteria on the securities exchange on which the shares of the resulting issuer are to be listed. The RTO cannot close until certain shareholder, regulatory and other approvals are obtained. There can be no assurance that the RTO will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the issuer should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

We seek safe harbor.

Canoe Signs Services Agreement with OpenPort to Build a Blockchain TMS for use in the Traditional Mining Industry

Tanya Murphy

OAKVILLE, ONTARIO--(Marketwired - Jan 25, 2018) - Canoe Mining Ventures Corp. (TSX VENTURE:CLV) ("Canoe" or the "Company") today announced that it has signed a services agreement with OpenPort Limited ("OpenPort") of Hong Kong to build a Mining Operations Logistics Solution ("MOLS") to service the traditional mining industry using a blockchain protocol. While Canoe is still focusing on its core mining project, the Kerrs Gold Property, the opportunity to have such a unique vertically integrated technology is exciting to the Company. The MOLS will be ideal for the tracking and delivery of core samples and other raw or finished resources.

OpenPort is a private blockchain technology company generating significant top line revenue with a Fortune 500 client base across Asia currently utilizing their proprietary transport management system ("TMS") and digital logistics network. Leveraging on this success, OpenPort wishes to vertically integrate their software platform into the mining sector through building a relationship with Canoe. Through a Canoe subsidiary, the combined team will design, develop and implement the blockchain TMS application software specifically for the mining industry on a revenue sharing basis.

For its services, the Company has agreed to pay OpenPort consulting consideration in the amount of US$50,000, paid on signing, plus bearing additional costs and expenses not exceeding US$1,500,000, payable when milestones are achieved as the platform is proven out.

"Canoe is excited to partner with OpenPort to develop MOLS to secure, control and transport material from shovel to point of delivery for refined minable products. This initial agreement would position Canoe as the first to market blockchain technology to high volume mining operations such as manganese, iron ore and aggregates globally," stated Duane Parnham, President and Director of Canoe.

"OpenPort has made great strides creating visibility and trust in the supply chain for our clients, and with our logistics protocol for blockchain, we aim to extend immutable transparency to all supply chain participants. The MOLS project is a fantastic opportunity to demonstrate the power of this technology for end-to-end traceability in any supply chain," stated Max Ward, OpenPort CEO and Founder.

Canoe appointed Mr. Daniel Baard, CPA, ACCA (Fellow), CAIB (SA), M.Six Sigma Cert as a strategic advisor to the Company, where he can utilize his extensive experience in Logistics, Contact Mining, finance, administration and public company accounting to coordinate with and assist the OpenPort team in developing this new project. In connection with this appointment, Canoe announces the grant of 50,000 stock options in accordance with the Company's stock option plan, all vesting immediately at $0.16 with a 5 year term.

Canoe has a current cash position of approximately C$1,300,000 and holds a 100% interest in the Kerrs Gold Property, which consists of 10 mining claims and 12 mining leasehold patents located in the Larder Lake Mining Division of Ontario. The property is located within a favorable gold exploration environment and in close proximity to other major exploration companies such as Goldcorp Inc., who hold ground immediately adjacent to the Kerrs Gold Property. A National Instrument 43-101 technical report was completed on the Kerrs Gold Property in 2011 by Kirkham Geosystems of Burnaby, BC. The Company is currently reviewing geological information as a desktop regional exploration study and intends to spend a minimal budget at this time to explore the property.

The Company is also reviewing joint venture opportunities to allow others to explore the project on its behalf and continues to review other opportunities in the mining sector. Further to the news release of December 18, 2017, the Company will not be seeking opportunities in the Cannabis sector.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On Behalf of the Board of Directors of Canoe,

Duane Parnham, President and CEO

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canoe's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Canoe with securities regulators. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Canoe Director Durham Retires

Tanya Murphy

Oakville, Ontario, January 4, 2018 - Canoe Mining Ventures Corp. (TSXV: CLV) (“Canoe”) announces effective immediately, Mr. Bruce Durham has retired as Independent Director opening his seat for a future appointment. Canoe’s board of directors would like to thank Mr. Durham for his involvement at Canoe and they wish him every success in his future endeavors.

Additional information and corporate documents may be found on www.sedar.com and on the Canoe Mining website: www.canoemining.ca.

 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 On Behalf of the Board of Directors of Canoe Mining,

Duane Parnham, President and CEO

 Contact Information

Canoe Mining Ventures Corp.

277 Lakeshore Road East, Suite 403

Oakville, Ontario - L6J 6J3

Tel: 1.289.837.0101

Canoe Mining Evaluating New Opportunities

Tanya Murphy

Oakville, Ontario, December 18, 2017 - Canoe Mining Ventures Corp. (TSXV: CLV) ("Canoe") wishes to disclose that it will be evaluating possible investment and business opportunities in various sectors, including but not limited to: mining, cannabis and blockchain technology.

While no decisions have been made, Canoe has an obligation to its shareholders to investigate all opportunities being presented to management that would enhance shareholder value. As such, Canoe will continue to disclose relevant and timely information as it becomes available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On Behalf of the Board of Directors of Canoe,

Duane Parnham, President and CEO

For further information, please contact:

Canoe Mining Ventures Corp.

Duane Parnham

Tel: 1.289-837-0101

Email: duane.parnham@gmail.com

Forward Looking Statements This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canoe’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Canoe with securities regulators. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Canoe Mining Announces Closing of Non-Brokered Private Placement

Tanya Murphy

OAKVILLE, ONTARIO (September 8, 2017) --- Canoe Mining Ventures Corp. (TSX VENTURE: CLV) ("Canoe" or the "Company") wishes to announce that further to the Company’s news release dated September 1, 2017, the Company has closed the non-brokered private placement financing (the “Private Placement”) and has issued a total of 20,000,000 common shares at a price of $0.05 per share for total gross proceeds of $1,000,000.

Additional information and corporate documents may be found on www.sedar.com and on the Canoe website: www.canoemining.ca

On behalf of the Board of Directors of Canoe Mining Ventures Corp.

Duane Parnham, President and CEO

Contact:

Tel: 289-837-0101

Email: duane.parnham@gmail.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Canoe Mining Announces Private Placement

Tanya Murphy

OAKVILLE, ONTARIO--(Marketwired - Sept. 1, 2017) - Canoe Mining Ventures Corp. (TSX VENTURE:CLV) ("Canoe" or the "Company") announces that it is finalizing a non-brokered private placement of up to 20,000,000 common shares at a price of $0.05 per common share for total gross proceeds of up to $1,000,000 (the "Private Placement").

Management, directors, and insiders of Canoe intend on participating in the Private Placement, the net proceeds of which are to be used for general working capital purposes. The Company has received the conditional approval from the TSX Venture Exchange for the Private Placement, and the Private Placement is expected to close on or about Friday September 8, 2017.

The Company has received subscriptions in excess of 20,000,000 common shares and may seek to accept a total of up to 23,000,000 common shares subject to TSX Venture Exchange approval. If accepted, total gross proceeds would be up to $1,150,000.

Additional information and corporate documents may be found on www.sedar.com and on the Canoe website: www.canoemining.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On behalf of the Board of Directors of Canoe Mining Ventures Corp.

Duane Parnham, President and CEO

Forward-Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Canoe Mining Ventures Corp. 
289 837 0101
289 837 1166
www.canoemining.ca

 

Canoe Mining Appoints R.Suttie as CFO

Tanya Murphy

OAKVILLE, ONTARIO--(Marketwired - June 27, 2016) - Canoe Mining Ventures Corp. (TSX VENTURE:CLV) ("Canoe") is pleased to announce the appointment of Mr. Rob Suttie as CFO of Canoe effective immediately. Mr. Parnham will remain as President, CEO and Director of Canoe.

Mr. Robert Suttie currently works with Marrelli Support Services as its Vice President, possessing more than 20 years of experience, ten of which were in public accounting prior to his tenure with the Marrelli organization. Mr. Suttie specializes in management advisory services, accounting and the financial disclosure needs of the Marrelli group's public client base. In addition to Canoe, Mr. Suttie also serves as Chief Financial Officer for a number of other junior mining companies listed on the TSX and TSX-V, leveraging his skills and experience to become integral to the reporting issuers.

The Company announces, subject to exchange approval, it has granted a total of 1,850,000 options to directors and consultants of the Company. In accordance with the Company's stock option plan, the granted options are exercisable at $0.05 per share, have a term of five years, and vest immediately.

The Company also announces that Mr. Jean-Francois Pelland has resigned as Independent Director. Canoe's board of directors would like to thank Mr. Pelland for his involvement at Canoe and they wish him every success in his future endeavours.

Additional information and corporate documents may be found on www.sedar.com and on the Canoe Mining website: www.canoemining.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On Behalf of the Board of Directors of Canoe Mining,

Duane Parnham, President and CEO

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canoe's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Canoe with securities regulators. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Canoe Mining Ventures Corp.
Duane Parnham
President and CEO
289-877-0101
www.canoemining.ca

WESDOME GOLD MINES LTD. AND CANOE MINING VENTURES CORP. CLOSE AGREEMENT FOR PURCHASE AND SALE OF COLDSTREAM AND HAMLIN PROPERTIES

Tanya Murphy

 

Wesdome closes property buy from Canoe Mining

2016-05-27 17:14 ET - News Release

See News Release (C-WDO) Wesdome Gold Mines Ltd

Mr. Rolly Uloth of Wesdome reports

Wesdome Gold Mines Ltd. and Canoe Mining Ventures Corp. have closed their previously announced agreement whereby Wesdome has purchased from Canoe Mining a 100-per-cent interest in the Coldstream project and the Hamlin-Deaty Creek property, which are near to Wesdome's Moss Lake properties located 100 kilometres due west of Thunder Bay, Ont.

With this acquisition, Wesdome is consolidating its land position in the Shebandowan greenstone belt. The acquired land flanks Wesdome's Moss Lake property and includes the former producing Coldstream mine and East Coldstream gold deposit and their potential untested extensions. This acquisition also eliminates a historically inconvenient property boundary immediately along strike of the three-million-ounce Moss Lake gold deposit. This property boundary area has never been drilled and the acquisition provides the opportunity to conduct further drilling along strike. A 43-101 technical report on the Moss Lake gold deposit dated May 31, 2013, titled "Technical Report and Preliminary Economic Assessment for the Moss Lake project" is available on the company's website.

Rolly Uloth, president and chief executive officer of Wesdome, comments: "Both properties are near our Moss Lake project. The resulting land position represents a dominant strategic asset in the Shebandowon gold belt, including four known deposits which remain open for expansion. These include Moss Lake, Coldstream, Coldstream East and Hamlin properties."

The Shebandowan greenstone belt is part of the Wawa Abitibi subprovince, the world's second-largest historic gold producing terrane. Recent studies have recognized that the many showings and deposits in this area are likely part of an extensive IOCG (iron ore, copper, gold) mineralized system. The Hamlin Cu-Au deposit, which was most recently drilled extensively by Xstrata, is also part of the consolidated land package. The resulting contiguous land position covers approximately 30 kilometres of the Shebandowan greenstone belt.

Management believes it is prudent and advantageous to consolidate a significant land position surrounding its largest gold resource at this time and intends to initiate exploration permitting activities immediately.

Terms of the purchase agreement

Pursuant to the terms and conditions of the purchase agreement, Wesdome acquired the properties from Canoe Mining free from all liens, mortgages, charges, pledges, encumbrances or other burdens with all rights now or thereafter attached thereto (other than with respect to any royalties set forth in the purchase agreement). As consideration for the properties, Wesdome paid or issued (as applicable) to Canoe Mining the following:

(a) With respect to the purchase of the Coldstream portion of the properties:

 

  1. An aggregate of $400,000 cash;
  2. 454,545 fully paid and non-assessable common shares in the capital of Wesdome.

 

(b) With respect to the purchase of the Hamlin portion of the properties, an aggregate of $100,000 cash.

Duane Parnham, president and CEO of Canoe Mining, comments, "The sale of our projects to Wesdome offers Canoe shareholders equity ownership in a well-managed attractive gold producer having incredible upside potential as they develop the Moss Lake project."

The technical information contained in this news release has been verified by George Mannard, PGeo, who is a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Properties.

Canoe Mining Corporate Update

Tanya Murphy

OAKVILLE, ONTARIO--(Marketwired - April 12, 2016) -Canoe Mining Ventures Corp. (TSX VENTURE:CLV) (the "Company" or "Canoe") would like to announce the resignation of Mr. Ron Reed, the Chief Financial Officer ("CFO") of the Company, effective April 5, 2016.

Mr. Duane Parnham, President and CEO, will act in the capacity of CFO until a new appointee is made. The Company would like to thank Mr. Reed for his contribution and dedication to Canoe and wish him success in his future endeavours.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On Behalf of the Board of Directors of Canoe,

Duane Parnham, President and CEO

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Canoe are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canoe's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Canoe with securities regulators. Canoe expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Contact:
Canoe Mining Ventures Corp.
Duane Parnham
President and CEO
1.905.844.7612
dparnham@canoemining.ca
www.canoemining.ca

Wesdome Gold Mines Ltd. and Canoe Mining Ventures Corp. Enter into Agreement for Purchase and Sale of Coldstream and Hamlin Properties

Tanya Murphy

TORONTO, April 7, 2016 /CNW/ - Wesdome Gold Mines Ltd. (TSX:WDO.TO - News) ("Wesdome" or the "Company") and Canoe Mining Ventures Corp. (TSXV:CLV.V - News) ("CanoeMining") are pleased to announce that the parties have entered into a definitive agreement (the "Purchase Agreement") whereby Wesdome has agreed to purchase from Canoe Mining, a 100% interest in the Coldstream Project ("Coldstream") and the Hamlin-Deaty Creek Property ("Hamlin"), which are adjacent to Wesdome's Moss Lake properties located 100 kilometres due west of Thunder Bay, Ontario (collectively, the "Properties").  

With this acquisition, Wesdome is consolidating its land position in the Shebandowan Greenstone Belt. The acquired land flanks Wesdome's Moss Lake property and includes the former producing Coldstream Mine and East Coldstream gold deposit and their potential untested extensions. This acquisition also eliminates a historically inconvenient property boundary immediately along strike of the 3 million ounce Moss Lake gold deposit. This property boundary area has never been drilled and the acquisition provides the opportunity to conduct further drilling along strike. A 43-101 Technical Report on the Moss Lake gold deposit dated May 31, 2013 titled "Technical Report and Preliminary Economic Assessment for the Moss Lake Project" is available on the Company's website. 

The Shebandowan Greenstone Belt is part of the Wawa Abitibi Sub Province, the world's second largest historic gold producing terrane. Recent studies have recognized that the many showings and deposits in this area are likely part of an extensive IOCG (Iron Ore Copper Gold) mineralized system. The Hamlin Cu-Au deposit, which was most recently drilled extensively by Xstrata, is also part of the consolidated land package. The resulting contiguous land position covers approximately 30 km of the Shebandowan Greenstone Belt.

Management believes it is prudent and advantageous to consolidate a significant land position surrounding its largest gold resource at this time and intends to initiate exploration permitting activities immediately.

Terms of the Purchase Agreement
Pursuant to the terms and conditions of the Purchase Agreement, Wesdome will acquire the Properties from Canoe Mining free from all liens, mortgages, charges, pledges, encumbrances or other burdens with all rights now or thereafter attached thereto (other than with respect to any royalties set forth in the Purchase Agreement). As consideration for the Properties, Wesdome shall pay or issue (as applicable) to Canoe Mining the following at the closing of the acquisition: 

(a)  With respect to the purchase of the Coldstream portion of the Properties:
i.     an aggregate of $400,000 cash; and
ii.    454,545 fully paid and non-assessable common shares in the capital of Wesdome (the "Shares"); and

(b)  With respect to the purchase of the Hamlin portion of the Properties, an aggregate of $100,000 cash.

The proposed transaction, including the issuance of the Shares by Wesdome, is subject to regulatory approval by the Toronto Stock Exchange.

Rolly Uloth, President and CEO of Wesdome comments, "The Coldstream Project is adjacent to our Moss Lake gold project and has evidenced some early prospective results. This strategic acquisition of land gives us additional exploration opportunity to expand the 3 million ounces deposit at our Moss Lake property."

Duane Parnham, President and CEO of Canoe Mining comments, "The sale of our projects to Wesdome offers Canoe shareholders equity ownership in a well-managed attractive gold producer having incredible upside potential as they develop the Moss Lake project." 

The technical information contained in this news release has been verified by George Mannard, P. Geo., who is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Properties.

ABOUT WESDOME
Wesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada. The Company is currently producing gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River and Mishi gold mines. Wesdome's goal is to expand current operations at both mines over the next four years through mill expansion and exploration. Wesdome has significant upside through ownership of its two other properties, the Kiena Mine Complex in Val d'Or, Quebec and the Moss Lake gold deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being explored and evaluated to be developed in the appropriate gold price environment. The Company has approximately 118 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable securities legislation. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "suspects", "intends", "estimates", "projects", "targets", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and neither Wesdome nor Canoe Mining undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE Wesdome Gold Mines Ltd.