CLV.P Canoe Mining Ventures Corp

Chudleigh Ventures Inc. ("Chudleigh", or the "Company") (TSX VENTURE: CLV.P), a Capital Pool Company, is pleased to announce that it closed today its Qualifying Transaction ("QT") involving the acquisition of all of the issued and outstanding securities of Sweet Diabetic Delight Foods Inc., doing business as Xylitol Canada ("Xylitol Canada"). Pursuant to the QT and in exchange for obtaining all of the issued and outstanding securities of Xylitol Canada, Chudleigh issued 37,368,000 common shares and 340,000 incentive stock options (having an exercise price of $0.25 and expiring on January 31, 2014) to Xylitol Canada securityholders.

The following individuals now serve on the Company's board of directors: Andrew Reid, Tom Kierans, Dr. Pankaj Modi and Michael Boyd. Roger Daher will also continue to serve as a director of the Company. The board has appointed Mr. Reid to be President and Chief Executive Officer, and Kyle Appleby to be Chief Financial Officer.

Concurrently with the closing of the QT the Company completed a private placement of 18,040,000 units, with Canaccord Financial Ltd. acting as agent, for gross proceeds of $4,510,000. Each unit was priced at $0.25 and consisted of one common share and one half of one warrant, each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.40 expiring on April 22, 2012. The Company issued broker warrants to the agent entitling the holder to acquire 1,804,000 units at an exercise price of $0.25 per unit for a 24 month period, such units having the same terms as described above. Proceeds from the offering will be used to fund pilot plant expenditures to test the validity of commercial scale production of xylitol using a process developed under Xylitol Canada's joint venture with SunOpta BioProcess Inc.

Xylitol Canada's goal is to become a North American-based, low cost, high quality manufacturer of food and pharmaceutical-grade xylitol from readily available environmentally-sustainable biomass. Xylitol is an all natural sweetener, which contains 40% less calories than sugar. Xylitol is found in many consumer retail products, including gums, toothpaste and mints.

The Company anticipates receiving its Final Exchange Bulletin from the TSX Venture Exchange in respect of the closing of the QT within the next week, at which time its common shares will resume trading under the symbol "XYL", and it will no longer be considered a Capital Pool Company. The Company intends to change its name to "Xylitol Canada Inc." after its next annual meeting of shareholders.

Neither TSX Venture Exchange Inc. 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 release.

Contacts: Chudleigh Ventures Inc. Andrew Reid President and CEO (416) 567-2331 areid2@rogers.com