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Canfor Pulp Announces CAD 100 Million Project Approval
Vancouver, British Columbia, Canada, 26 November 2010 -- (Marketwire) -- Canfor Pulp Income Fund (TSX:CFX.UN - News) announced today that Canfor Pulp Limited Partnership, in which the Fund has a 49.8% ownership, has received approval from the Canadian federal government for funding of its CAD 100 million capital project to upgrade the recovery boiler at its Northwood pulp mill in Prince George, British Columbia. The project is planned for completion in the fourth quarter of 2011 and is expected to provide economic and environmental benefits to the Partnership's operations.

On 09 October 2009, the Canadian government announced the allocation of credits from the billion dollar Pulp and Paper Green Transformation Program. The Partnership was allocated credits up to CAD 122.2 million from the program. The program is designed as a reimbursement of funds to be spent on qualifying energy and environmental capital projects. Credits may be used until the program end date of 31 March 2012. The Partnership has previously received program approval to proceed with two other qualifying projects totalling CAD 15.6 million.

The Fund is an unincorporated, open-ended trust established under the laws of Ontario, created to indirectly acquire and hold an interest in the Canfor Pulp Limited Partnership. The Fund indirectly holds a 49.8% interest in the Partnership with Canadian Forest Products Ltd. (a subsidiary of Canfor Corporation) holding the remaining 50.2% interest.


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