Finning International Inc.

Finning International Inc.

December 17, 2008 09:30 ET

Finning Announces Truck Sale and Extension of Support Services Contract With Barrick's Veladero Gold Mine for a Total Value of C$70 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2008) - Finning International Inc. ("Finning") (TSX:FTT) today announced that its South American mining division has secured a sale of six 793 mining trucks to Minera Argentina Gold, a subsidiary of Barrick Gold Corporation and operator of the Veladero gold mine in Argentina. Finning also secured a one year extension on its Maintenance and Repair Contract (MARC) with Minera Argentina Gold that covers 28 existing 793 mining trucks and 18 pieces of support equipment. The combined value of these deals is approximately C$70 million.

The new trucks will be delivered in the first quarter of 2009 and used in the existing operations at the Veladero mine. The Veladero mine is located approximately 320 kilometers northwest of the city of San Juan in Argentina, close to the Chilean border.

"The sale of new trucks and extension of the MARC contract with Barrick's Veladero gold mine is another example of Finning's leading position as an equipment supplier and service partner to the mining industry in Argentina," noted Mike Waites, president and CEO of Finning International Inc. "Mining operations in Chile and Argentina are among the lowest-cost producers in the world, and Finning is well positioned to meet their needs for equipment, parts and service."

"We are very pleased to continue working with Minera Argentina Gold," said Juan Carlos Villegas, president of Finning South America. "The off-highway truck fleet at Veladero, including the new 793s, will reach 34 units early in 2009. Finning's world class service capabilities and expertise will allow us to support Mineral Argentina Gold and our other mining customers in Argentina and Chile in the current economic environment by delivering the lowest cost per ton service."

Finning International Inc. is the world's largest Caterpillar equipment dealer. The Company sells, rents and provides customer support services for Caterpillar equipment and engines in Western Canada, the U.K., and parts of South America. Headquartered in Vancouver, British Columbia, Canada, Finning International Inc. is a widely held, publicly traded corporation, listed on the Toronto Stock Exchange (symbol FTT). For additional information please visit

This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning's actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.

Refer to Finning's annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.

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