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Pope & Talbot Finalizes Sale of Sawmills
Portland, Oregon, USA, 01 May 2008 -- /PRNewswire/ -- Pope & Talbot, Inc. announced today the completion of the previously announced sale of its sawmills in Grand Forks and Castlegar, British Columbia, and related timber assets to International Forest Products Limited (Interfor) and the sale of its Spearfish, South Dakota, sawmill and timber assets to Neiman Enterprises, Inc. as part of the transaction with Interfor.

"There is a measure of remorse in the fact that these sales signify the virtual end of a 160-year legacy in the lumber business for Pope & Talbot," said Harold Stanton, Pope & Talbot president and CEO. "We can take heart that these mills have been placed with good stewards and the employees as well as the communities that rely on these mills will continue to be supported."

Pope & Talbot also announced that PT Pindo Deli Pulp and Paper Mills and the assignees of its rights under the previously announced asset purchase agreement for the sale of the company's three pulp mills, Columbia Pulp and Paper Inc. and Columbia Pulp and Paper Ltd., delivered a written notice of termination of the asset purchase agreement. Pope & Talbot disputes the basis for and the validity of the termination. In their termination letter, PT Pindo Deli Pulp and Paper Mills, Columbia Pulp and Paper Inc. and Columbia Pulp and Paper Ltd indicated a willingness to engage in discussions regarding mutually acceptable alternative transactions. "Pope & Talbot continues to be willing to seek avenues of understanding with the Columbia Pulp and Paper companies from which the parties can proceed to a sale of the mills," Stanton said. The company's pulp mills are located in Nanaimo and Mackenzie, British Columbia, and Halsey, Oregon.

Pope & Talbot is a pulp and wood products business. The company is based in Portland, Oregon, and trades on the Pink Sheets under the symbol PTBT. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the United States and Canada. Markets for the company's products include the United States, Europe, Canada, South America, and the Pacific Rim. For more information, visit www.poptal.com.

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