Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

October 28, 2009 13:13 ET

Crown Point Ventures Ltd. Announces Acceleration of the Term of Certain Share Purchase Warrants and Argentinian Wells Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2009) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV) announces that the closing price of its shares has been $0.72 or greater for the ten (10) consecutive trading days ended October 23, 2009. Accordingly, any of the 5,422,500 share purchase warrants issued on December 19, 2006 and February 5, 2007 as part of private placements, which had their exercise prices reduced to $0.60 and their expiry dates extended to February 5, 2010 with the consent of the TSX Venture Exchange and which have not yet been exercised, will now be subject to forced exercise provisions, such that the holders of these warrants will have until the close of business on November 30, 2009 within which to exercise these warrants, following which they will expire. (As of the date of this News Release, a total of 1,644,231 of these 5,422,500 share purchase warrants had already been exercised at a price of $0.60 per share, yielding proceeds to the Company of $986,539).

The Company also announces, further to its News Releases dated September 17, 2009 and October 5, 2009, that the EV19 and EV21 wells in Argentina are producing cash flow. Well EV20 is still being tested, which is taking longer than expected, as high winds of over 100 km per hour have shut down the wellsite for the last four days.

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.

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