Canoe Signs Services Agreement with OpenPort to Build a Block- chain TMS for use in the Traditional Mining Industry
Canoe Signs Services Agreement with OpenPort to Build a Block-
chain TMS for use in the Traditional Mining Industry
Oakville, Ontario: January 25, 2018: Canoe Mining Ventures Inc. (TSXV: CLV) (“Canoe” or the
“Company”) today announced that it has signed a services agreement with OpenPort Limited 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 pro-
ject, the Kerrs Gold Property, the opportunity to have such a unique vertically integrated tech-
nology is exciting to the Company. The Mining Operations Logistics Solution 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 man-
agement 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 exceed-
ing US$1,500,000 payable on milestones 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 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," states Duane Parnham, President Di-
rector of Canoe Mining Ventures.
“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,” states 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 having extensive experience in Logistics, Contact Mining, fi-
nance, administration and public company accounting to coordinate with and assist the Open-
Port team in developing this new project. In connection with this appointment, Canoe wishes to
grant 50,000 stock options in accordance with the Company’s stock option plan all vesting im-
mediately at $0.16 having 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 holding ground immediately adjacent to Kerrs Gold Property. A National Instrument
43-101 was carried out in 2011 by Kirkham Geosystems of Burnaby BC. The Company is cur-
rently reviewing geological information as a desktop regional exploration study and will 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 our 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 Can-
nabis 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 accura-
cy 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: [email protected]
Sam Coyne, VP Marketing
www.openport.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 dif-
fer materially from those anticipated in such statements. Important factors that could cause actual re-
sults 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 de-
tailed herein and from time to time in the filings made by Canoe with securities regulators. Canoe ex-
pressly 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 ap-
plicable securities legislation.