Conifex Timber Inc.
TSX VENTURE : CFF

Conifex Timber Inc.

November 18, 2010 20:00 ET

Conifex Timber Announces Management Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) announced today that, due to unforeseen personal circumstances, Blair Mayes will not take up his role as chief operating officer of the Company.

Mr. Mayes stated: "With great regret, I have determined not to be the chief operating officer of Conifex because of unexpected personal circumstances. I hold Conifex and its people in the highest regard and am sorry to miss the opportunity to be part of such an exciting opportunity but believe that my decision is best for me and my family."

Ken Shields, Chairman and Chief Executive Officer of Conifex, stated: "We wish Blair and his family all the very best and will miss the opportunity to have him be part of our team." He continued: "The initiatives we have underway to increase our annualized lumber production from the third quarter level of 150 million to 420 million board feet by the end of the first quarter of 2011 are not expected to be impacted by this development."

About Conifex Timber Inc.

Conifex is an independent British Columbia company formed for the purpose of investing in the forest industry in the interior region of British Columbia and elsewhere in Canada. Conifex and its subsidiaries' primary business includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing. Conifex's lumber products are sold in the Chinese, United States, Canadian and Japanese markets.

Conifex's sawmill situated in Fort St. James, British Columbia was purchased in August 2008 and commenced operations on a one-shift basis in March 2009. At this mill, Conifex intends to move to a two-shift operation in the first half of 2011 upon the completion of a capital expenditure program currently underway. Conifex's sawmill situated in Mackenzie, British Columbia was purchased in June 2010. On a combined basis, Conifex now owns sawmills having an annual lumber production capacity of approximately 745 million board feet on a two-shift basis, all supported by renewable forestry licences with an allowable annual cut of approximately 1.6 million cubic metres.

Forward-Looking Statements

Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "intends", "projects", "will", "believes", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements in this news release include statements with respect to the Company's expectations to find a suitable chief operating officer. Forward-looking statements reflect the current expectations and beliefs of the Company's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of the Company or industry may be materially different from those implied by such forward-looking statements. Forward-looking statements involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those matters described in Schedule "A" to the filing statement of the Company dated May 25, 2010 under the heading "Risk Factors", available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

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.

Contact Information

  • Conifex Timber Inc.
    Yuri Lewis
    Chief Financial Officer
    (778) 331-8687