Western Forest Products Inc.

Western Forest Products Inc.

January 28, 2010 18:51 ET

Western Forest Lists Southern Island HBU Lands for Sale as 61 Individual Lots

DUNCAN, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2010) - Western Forest Products (TSX:WEF) announced today that it has listed over 5,700 acres of its private land in the Sooke and Jordan River areas for sale. Consisting of 61 individual lots, the sale of these properties will help Western pay down debt and invest in new equipment for its operations.

"Our revised offering takes into consideration the concerns voiced by the community during the last two years," says Stephen Frasher, President and CEO of Western. "Our previous offering focused on a sale of the entire portfolio to a developer, whereas this offering is geared more towards smaller individual purchasers. We are not asking for or encouraging any changes to the existing zoning or Community Plan; we are simply offering these properties for sale."

Prominently located throughout the South Island, and including several kilometres of waterfront Frasher emphasized that "these are deeded private lands that have been owned by Western for decades and never were Crown or public lands, even when they were part of the TFL system".

Frasher says that Western's business focus is on manufacturing high quality lumber products for the international market but that the Company must invest in its mills and operations if it is to get through the prolonged lumber market slump in a position to achieve long-term success. Colliers International in Vancouver has been retained to handle the sale process on behalf of Western.

Western Forest Products (TSX:WEF) sold 626 mfbm of lumber in 2009 while employing 2100 people.

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  • Western Forest Products Inc.
    Gary Ley
    Media Contact