Canoe Strategic Resources Income Fund Announces Exercise of Over-Allotment Option, July 2011 Distribution and Fund Update

CALGARY, ALBERTA--(Marketwire - July 18, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Canoe Strategic Resources Income Fund (the "Fund") (TSX:CSR.UN) is pleased to announce the issuance of an additional 140,000 Trust Units pursuant to the exercise by the Agents of their over-allotment option, the monthly distribution for July 2011 and provide a Fund update.

Exercise of Over-Allotment Option by Agents

The syndicate of agents for the recently completed initial public offering for the Fund (the "Offering"), have exercised the over-allotment option (the "Option") granted to them. Pursuant to the Option, the syndicate acquired an additional 140,000 Units, for gross proceeds of $1.68 million, bringing the aggregate gross proceeds for the Offering to approximately $31.7 million.

The syndicate of agents for the Offering was co-led by RBC Capital Markets and CIBC and included BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Dundee Securities Corporation, Macquarie Private Wealth Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and Rothenberg Capital Management Inc.

Distribution

Canoe also announces the July 2011 distribution of $0.06 per Trust Unit. The record date for this distribution is July 29, 2011 and the distribution payment date will be August 15, 2011. The ex-distribution date for this payment is July 27, 2011.

The Fund's investment objectives are:

• To provide Unitholders with monthly cash distributions; and

• To maximize Unitholders' risk-adjusted total returns.

The monthly cash distributions are initially targeted to be 6.0% per Unit per annum on the $12.00 offering price ($0.06 per Unit per month or $0.72 per Unit per annum).

The Fund will seek to achieve its investment objectives by investing in a portfolio comprised primarily of equity securities of issuers listed on North American exchanges whose businesses are directly or indirectly related to one or more of the following six Strategic Resources:

• Oil

• Natural Gas

• Copper

• Agriculture

• Gold

• Silver

The Fund will write covered call options in respect of the equity securities in the Portfolio to generate additional returns above the distributions earned on its equity securities. Not more than 25% of the total assets of the Fund may be used to cover call option contracts at any time.

Fund Update

Since the closing of the Offering on June 30, 2011, the Fund is now approximately 75% invested. The portfolio is currently invested in the six Strategic Resources as follows: Copper 22%; Gold 22%; Agriculture 17%; Silver 15%; Natural Gas 13% and Crude Oil 11%. The Portfolio Manager will continue to invest the remaining funds as dictated by market conditions.

About the Fund

The Fund has been created to provide investors with an actively managed portfolio comprised primarily of equity securities of issuers listed on North American stock exchanges whose businesses are directly or indirectly related to one of the following six Strategic Resources: oil, natural gas, gold, silver, copper and agriculture. The Fund's portfolio advisor is Haber Trilix Advisors, LP.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians. Canoe currently manages approximately $1.8 billion in assets through its mutual funds and closed-end products. Canoe is a strong believer in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources and our sound fiscal structure, we believe Canada provides long-term growth potential for investors.

To learn more about Canoe visit our website at www.canoefinancial.com.

Bob Haber is the Chief Executive Officer and Chief Investment Officer of Haber Trilix Advisors, LP, who is a sub-advisor to Canoe Financial LP.

Forward Looking Statement: Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect Canoe Financial LP's and its affiliates' ("Canoe") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Canoe believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Canoe undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This information is for review purposes only, and investors should consult their Investment Advisor for complete details and risk factors on specific strategies and various investment products.