Canoe Strategic Resources Income Fund Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Sept. 29, 2011) -

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Canoe Strategic Resources Income Fund (the "Fund") (TSX:CSR.UN), announced today that it has filled a normal course issuer bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The TSX has accepted the Fund's Notice of Intention to have a NCIB in place.

The Issuer Bid may decrease the potential spread between the net asset value per Unit and the market price of the Unit and may enhance liquidity for the Units. Under the Issuer Bid, the Fund intends to purchase up to 264,000 Units, representing 10% of the public float. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of TSX over a maximum period of 12 months commencing on October 1, 2011 and ending on the earlier of September 30, 2012 or on such date as the Fund completes its purchase under the Issuer Bid or on such date as the Fund may otherwise determine. Units purchased will be cancelled. The Fund had 2,640,000 Units issued and outstanding as at September 21, 2011. The Fund will not purchase in any given 30 day period in the aggregate more than 52,800 Units, being 2% of the issued and outstanding trust units as at September 21, 2011.

About Canoe Financial LP

Canoe Financial is the Manager of the Fund. Canoe Financial is an investment management firm focused on building financial wealth for Canadians. Canoe currently manages approximately $1.6 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 its sound fiscal structure, we believe Canada provides long-term growth potential for investors.

To learn more about Canoe Financial, 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 which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. Forward-looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

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 release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.