M&G Investment Management Limited Announces Holdings in Sherritt International Corporation

LONDON, ENGLAND--(Marketwire - Jan. 26, 2011) - M&G Investment Management Limited ("MAGIM"), announced today that it has control or direction over 57,006,885 common shares of Sherritt International Corporation (the "Issuer") on behalf of various discretionary accounts that it manages. MAGIM has a securityholding percentage, calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") of approximately 19.39%. MAGIM exercises voting control over 34,396,154 of these shares. Voting control over the remaining 22,610,731 shares has been retained by one of MAGIM's investment advisory clients.

Shares were purchased and sold on the Toronto Stock Exchange between April 6, 2010 and January 13, 2011 at prices ranging from $5.79954 to $9.2347 per Share.

The securities of the Issuer were acquired by MAGIM for investment purposes. MAGIM expects to review from time to time its investment in the Issuer and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of the Issuer in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of the Issuer over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.

MAGIM has been filing under Part 4 of NI 62-103. As of 31 March 2010 MAGIM held 49,872,985 Shares representing as securityholding percentage of approximately, 16.96%. MAGIM's holdings crossed the 17.5% securityholding threshold in July 2010. A report was due to be filed disclosing as of 30 July 2010 MAGIM held 53,936,685 Shares representing a securityholding percentage of approximately 18.35%. As this alternative monthly report was not filed, an early warning report was required on 11 August 2010 disclosing that MAGIM held 53,936,085 shares representing a securityholding percentage of approximately 18.34%.

The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.

Additional information is provided in the early warning report filed on www.sedar.com by MAGIM.