Contact Exploration Inc.
TSX VENTURE : CEX

Contact Exploration Inc.

January 22, 2007 18:58 ET

Contact Exploration Inc.: Amendment of Warrants and Grant of Options

CALGARY, ALBERTA--(CCNMatthews - Jan. 22, 2007) - Contact Exploration Inc. (TSX VENTURE:CEX) announces that, subject to regulatory approval, it has extended the expiry date of 2,306,250 outstanding warrants from February 16, 2007 to August 16, 2007. The exercise price of the warrants remains $1.20.

Contact also announces the issuance of options to its consultants, officers and directors, entitling them to purchase up to 440,000 common shares at a price of $0.71 per share, exercisable for a period of five years. These options were granted under the Company's stock option plan which was approved by shareholders on September 14, 2006.

About Contact

Contact is a junior exploration company with a focus on Canadian East Coast onshore exploration. Contact has interests in approximately 2.3 million acres onshore Nova Scotia. In addition, Contact has interests in approximately 160,000 acres onshore West Newfoundland and 165,000 acres onshore New Brunswick.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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