CanAm Holds AGM and Provides Corporate Update

Calgary, AB -- January 23, 2012 -- CanAm Coal Corp. (TSXV: COE) (OTCQX: COECF) ("CanAm" or the "Company") held its Annual General and Special Meeting of Shareholders (the "AGM") on January 20, 2012 and is pleased to announce that all of the resolutions put forth at the AGM were approved with all resolutions receiving greater than 99% of the votes received for the resolution. The five members of the board of directors elected at the meeting are Jonathan Legg, Timothy J. Bergen, John Bergen, Robert G. Power and Timothy Nakaska. Information concerning the directors who were elected at the meeting and the matters that were approved by shareholders at the meeting can be found in CanAm's information circular dated December 9, 2011 and filed on SEDAR on December 23, 2011.

At the meeting, management also provided an investor update and the corporate presentation is posted on the Company's website at .

The Company has changed its fiscal year end from January 31 to December 31 and therefore the current fiscal year ending December 31, 2011 will only have eleven months.

About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.

For Further Information:

CanAm Corporate Office:
Tim Bergen, CEO
Tel: [phone]
Toll Free: 1.877.262.5888
Email: [e-mail]

Brisco Capital Partners:
Scott Koyich, Partner
Tel: [phone]
Email: [e-mail]

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 release.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.