Ainsworth Lumber Co. Ltd.
TSX : ANS
TSX : ANS.WT

Ainsworth Lumber Co. Ltd.

February 17, 2011 13:32 ET

Ainsworth Completes the Acquisition of the Remaining 50% of Footner OSB Mill in High Level, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2011) - Ainsworth Lumber Co. Ltd. (TSX:ANS)(TSX:ANS.WT) announced today that it has completed the purchase of the remaining 50% of Footner Forest Products Ltd. ("Footner") and its oriented strand board (OSB) facility in High Level, Alberta from Grant Forest Products Inc. Ainsworth now owns 100% of Footner. The purchase price of CDN $20 million was paid using cash on hand.

The OSB mill in High Level, Alberta was originally designed to produce 860 million square feet per year (3/8th basis). Production at the mill was indefinitely curtailed in December 2007. Ainsworth will keep the Footner mill on a care and maintenance basis until market conditions support re-starting production at the mill.

Forward-Looking Statements

Forward-looking information provided in this news release relating to the Company's expectations regarding OSB demand and pricing and the Company's future prospects are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators. The Company believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Company's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information include, without limitation, factors detailed from time to time in the Company's periodic reports filed with the Canadian Securities Administrators and other regulatory authorities. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.

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