Sherritt International Corporation
TSX : S

Sherritt International Corporation

September 19, 2007 17:16 ET

Sherritt Extends Deadline for Former Dynatec Shareholders to File Tax Election Forms

TORONTO, ONTARIO--(Marketwire - Sept. 19, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation ("Sherritt")(TSX:S) announced today that the deadline for former shareholders of Dynatec Corporation ("Dynatec") to submit tax election forms for processing has been extended. Shareholders now have until June 15, 2008 to complete and send the forms to Sherritt Tax Election Process, 250 Howe Street, Suite 200, Vancouver, BC, V6C 3S7.

The exchange of Dynatec shares for Sherritt shares and a note (paid with FNX shares) is considered to be a taxable event for Canadian income tax purposes, however, it is possible to defer some or all of any tax resulting from the exchange by filing a tax election form and submitting the form to the relevant tax authorities. Shareholders can obtain additional information on the process by calling our help line at 1-866-609-8613 or can access the required forms at www.sherrittelectionprocess.com.

About Sherritt

Sherritt International Corporation is a diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and gas and electricity. Sherritt acquired the issued and outstanding common shares of Dynatec effective June 14, 2007, and assumed ownership of the Company's assets and businesses, including its interest in Ambatovy.

Sherritt's success is built on utilizing innovative technologies and the breadth of its financial and operational expertise to increase productivity and profitability. Sherritt continues to explore opportunities to grow its $3.8 billion asset base through expansion of its existing businesses and strategic acquisitions. Sherritt's shares are listed on the Toronto Stock Exchange under the symbol "S".

In addition to its significant nickel production, Sherritt operates and owns 41.2% of Royal Utilities Income Fund, the largest thermal coal producer in Canada. Sherritt currently produces over 30,000 barrels of oil equivalent per day and has 376 megawatts of power generation capacity.

Forward-looking Statement

This news release contains forward-looking statements. Forward-looking statements generally can be identified by the use of statements that include words such as "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. Similarly, statements contained in each of the "Outlook" sections of this news release including those with respect to expectations concerning assets, prices, foreign exchange rates, earnings, production, market conditions, capital expenditures, commodity demand, risks, availability of regulatory approvals, corporate objectives and plans or goals, are or may be forward-looking statements. These forward-looking statements are not based on historic facts, but rather on current expectations, assumptions and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond Sherritt's ability to control or predict. Actual results and developments may differ materially from those contemplated by this news release depending on, among others, such key factors as business and economic conditions in Canada, Cuba, Madagascar and the principal markets for Sherritt's products.

Key factors that may result in material differences between actual results and developments and those contemplated by this news release also include the supply, demand and prices for Sherritt's products; dependence on significant customers; deliveries; production levels, production and other anticipated and unanticipated costs and expenses; energy costs; premiums or discounts realized over London Metal Exchange cash and other benchmark prices; interest rates; foreign-exchange rates; rates of inflation; changes in tax legislation; the timing, capital costs and financing arrangements associated with development projects; the timing of the receipt of government and other approvals; political unrest or instability in the countries where Sherritt is active; risks related to collecting accounts receivable and repatriating profits and dividends from Cuba; risks related to foreign exchange controls on Cuban government enterprises to transact in foreign currency; risks associated with the United States embargo on Cuba and the Helms-Burton Act; risks associated with mining, processing and exploration activities; potential imprecision of reserve estimates; market competition; developments affecting labour relations; environmental regulation and other risk factors listed from time to time in Sherritt's continuous disclosure documents such as its annual report, annual information form and management information circular.

Sherritt does not intend, and does not assume any obligations, to update these forward-looking statements.

Contact Information