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NEWS RELEASE · 16th June 2010
Pacific Carbon Trust
Canfor Pulp Limited Partnership and Pacific Carbon Trust (PCT) have signed a letter of intent for a multi-year, carbon offset project deal that will generate up to 80,000 tonnes in CO2e reductions, announced PCT CEO Scott MacDonald.

"Carbon offset projects are a way for companies to further their triple-bottom- line goals by introducing new technologies that reduce emissions," said MacDonald. "We're looking forward to having one of Canada's leading pulp and paper companies contribute to our growing portfolio of high-quality offsets."

"Canfor Pulp has made significant investments over the past two decades to reduce its carbon footprint," said Canfor Pulp president and CEO Joe Nemeth. "Between 1990 and 2010, Canfor Pulp has reduced its carbon emissions by nearly 40 per cent. We are pleased that Pacific Carbon Trust has taken a leadership role in Canada, to provide a vehicle that financially recognizes proactive investments that further reduce carbon emissions." Located at the Northwood Pulp Mill in Prince George, the aggregated emission-reduction project has three component sub-projects:

* Installation of a side stream scrubber allows the mill to achieve higher biomass-fuel-burn rates, supporting a reduction in the burning of natural gas.
* Equipment improvements to the biomass delivery systems will reduce the need to supplement the fuel supply with natural gas, resulting in reduced greenhouse-gas emissions.
* Major upgrades to the recovery boiler will increase mill pulp production, improve combustion efficiency, increase internal electricity generation and reduce steam requirements from the mill's power boilers.

Collectively, these improvements will also significantly reduce sulphur and particulate emissions.

"The growing demand for carbon offsets is a new and exciting opportunity for the B.C. forest sector," said Forests and Range Minister Pat Bell. "Recognizing the economic and environmental value of this opportunity, Canfor has upgraded its Northwood Pulp Mill with innovative technologies that will help fight climate change and supply the market for forest carbon offsets."

Under the agreement, Pacific Carbon Trust will purchase all third-party- verified offsets originating from the project from 2010 to 2012, with future purchases dependent on the parameters of any cap and trade systems developed at the regional or national levels.

The anticipated reduction of up to 80,000 tonnes of greenhouse gases over the initial three-year period of the contract is equivalent to taking 20,997 cars off the road for one year or saving 34,064,826 litres of gasoline.

To qualify greenhouse gas emission reductions as carbon offsets, project developers must demonstrate financial, technological or other obstacles that are partially or fully overcome by revenues from offset sales.

Pacific Carbon Trust is a Crown corporation established in 2008 to deliver B.C.-based greenhouse gas offsets, to help clients meet their carbon-reduction goals and to support the growth of B.C.'s low carbon economy. PCT is the exclusive supplier of offsets to the Province of B.C. and other public sector organizations.

Canfor Pulp Limited Partnership is a leading global supplier of pulp and paper products with operations in the central interior of British Columbia. To learn more about Pacific Carbon Trust, visit www.pacificcarbontrust.com. For more information about Canfor Pulp, visit www.canforpulp.com.