Mr. Peter Berdusco reportw

CANADA ONE COMPLETES AIRBORNE MAGNETIC SURVEY AT ABITIBI EAST CRITICAL MINERALS PROJECT, TIMMONS, ONTARIO; GRANTS OPTIONS; ENGAGES MARKETING SERVICES

Canada One Mining Corp. has completed an airborne magnetic survey on the Abitibi East critical minerals project located 60 kilometres east of the prolific Timmins mining camp, Ontario, Canada.

Abitibi East

The property is located on the western end of the world-class Abitibi greenstone belt, central to the Timmins mining camp (119 million ounces gold and 337 million ounces silver historical production), the Kidd Creek volcanic massive sulphide (VMS) deposit (2.5 million tons zinc, copper, silver proven and probable) and the Alexo-Dundonald nickel deposit (1,254 kilotons nickel, copper, cobalt indicated).

Peter Berdusco, president and chief executive officer of Canada One, commented: "A property-wide magnetics survey is one of the best methods for conducting a property evaluation. The survey is excellent for mapping covered bedrock geology. It can also identify areas of alteration and highlight structures that may host mineralization. Ultimately, this survey is instrumental in determining the next steps at Abitibi East and where to focus our efforts."

Airborne magnetic survey

The survey was conducted by SHA Geophysics (SHA) using its Heli-3G, three-axis magnetic gradiometer system completing line spacing of 75 metres and a total of 1,266 line-kilometres of survey. This type of helicopter survey uses SHA's latest technology and sensors to get clean and consistent data.

The magnetic survey identified several areas for follow-up exploration. The magnetic high seen in the southern central area of the property, when reconnaissance drilled in 1995, identified ultramafic rocks showing nickel mineralization. The magnetic high at the southwestern most portion of the property, when reconnaissance drilled in 1964, identified a potential VMS target. The northwest-southeast trending magnetic high in the northeast corner of the property comprises a low-lying terrain and has been mapped as mafic volcanics which may contain ultramafic units.

Abitibi East project highlights:

• Polymetallic critical mineral property with additional base and precious metal potential (copper-zinc-silver, nickel-platinum-palladium and gold);

• Centrally located to the Timmins gold camp (Au), Alexo-DunDonald (Ni-Cu-Co) operating nickel mine (20 kilometres), and the Kidd Creek (Cu-Zn-Pb-Ag) operating copper mine (50 kilometres);

• Abitibi East project covers 8,050 hectares on the western end of the world-class Abitibi greenstone belt;

• No modern exploration -- since 1995;

• Historical sampling and assaying are incomplete or absent -- modern multielement techniques are required for project geochemistry.

Stock option grant

The company further announces it intends to grant 2.3 million incentive stock options under the company's stock option plan to certain directors, officers and consultants of the company. These options will vest immediately and will be exercisable at a price of 7.5 cents for a period of 60 months. The options are subject to TSX Venture Exchange approval.

Marketing and consulting agreement

The company is also pleased to announce that it has entered into a marketing and consulting agreement with Hillside Consulting and Media Inc. Under the agreement, Hillside will provide search engine optimization/pay-per-click, e-mail and short-messaging service awareness, Web development, media buying, and distribution. Hillside is located in Penticton, B.C., and has been retained on a 10-month term at a monthly fee of $20,000 for its services. After the initial 10-month period, either party may terminate the agreement at any time by providing the other party with 30 days prior written notice. Hillside is not a related party and is arm's length to the company. Hillside currently owns shares in the company and as such has an interest in the price of the securities of the company. The agreement is subject to TSX Venture Exchange approval.

About Abitibi East

The Abitibi East property is underlain by Archean volcanic and sedimentary rocks which are intruded by gabbroic intrusives and (Matachewan) dolerite dikes. The project is prospectable for several different deposit model types that include: Kambalda-type Ni-Cu-(platinum group element) ore deposits; bimodal mafic-ultramafic volcanic massive sulphide (VMS) deposit; and orogenic gold deposits hosted by shear zones.

The project is located north of Iroquois Falls in an area that contains glaciofluvial and glaciolacustrine deposits making traditional soil sampling difficult because the soils have been transported by glaciers to their current locations.

Qualified person

The technical information contained in this news release has been reviewed and approved by Freeman Smith, PGeo, a qualified person for the purposes of National Instrument 43-101.

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