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

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.