Canfor Announces Completion of Sale of Peace Valley OSB Joint Venture to LP

May 31, 2013

Canfor Corporation (TSX: CFP) announces that further to its news release of November 28, 2012, it has completed the sale of its 50 percent interest in the Peace Valley Oriented Strand Board (OSB) joint venture in Fort St. John, B.C., to Louisiana-Pacific Corporation (NYSE: LPX) ("LP").  LP is now the sole owner of the Peace Valley OSB mill.  The proceeds of the sale are $77 million including working capital.  In addition, Canfor will receive further consideration over a 3 year period based on Peace Valley OSB trailing twelve month EBITDA.

"The Peace Valley OSB operation has been an excellent operation in partnership with LP" said Don Kayne President/CEO of Canfor.  "We wish LP every success and look forward to maintaining our relationship as we continue to manage the Peace Valley OSB mill’s fibre resources".

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