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Message: Commences Lower Landing Operations
| March 26, 2009 |
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Cathay Forest Commences Lower Landing Operations
CATHAY FOREST ANNOUNCES ADDITIONAL TIMBER SALES INTO JAPANESE MARKET |
| TORONTO, ONTARIO--(Marketwire - March 26, 2009) - Lower Landing Operations Begin Cathay Forest Products Corp., ("Cathay")(TSX VENTURE:CFZ) is pleased to announce that as of March 15, 2009, its majority-owned Russian Joint Venture, DalEuroLes L.L.C. ("DalEuroLes") has received a temporary railway license for its recently completed lower landing in Kharpichan, Russia. With the lower landing fully operational, logs being harvested by DalEuroLes are now being transported to the lower landing where they are being handled for shipment to China and Japan via rail and sea. "The commencement of lower landing operations marks a significant milestone in the development of Cathay as an integrated global forestry company," said Anthony Ng, Cathy Forest's President and CEO. In the first few days since receiving the temporary railway license, DalEuroLes has already shipped more than 60 railcars of round logs from the Lower Landing. Additional Timber Sales into Japan Cathay has received a second order for shipment of round logs to Japan under the existing distribution agreement with Marubeni Corporation ("Marubeni"). The order for approximately 3,500 cubic meters is to be filled with logs harvested by DalEuroLes. This shipment of logs to Japan will take place within the next two weeks. In addition, Cathay and Marubeni have also agreed to ongoing bi-monthly shipments of round logs beginning in April 2009. Each shipment of approximately 4,000 cubic meters will be harvested, sorted, and shipped from DalEuroLes property to Japan. "Cathay has demonstrated its ability to establish new sales channels by supplying and delivering high quality wood products from our forest concessions," said Anthony Ng. "We continue to realize our vision of supplying wood fiber to the underserved markets of China and Japan." About Cathay Forest Products Cathay Forest is a forest products company that manages approximately 1,000,000 hectares of standing timber properties and fast-growth, high-yield poplar plantations in China and Russia. Cathay Forest is building a world-class forest products company through a customer base that includes the domestic Chinese pulp and paper industry and other wood products customers in the Japanese market. About Marubeni Corporation Marubeni is one of the largest trading conglomerates and importers of wood products in Japan. Its Forest Products division engages in all operations relating to paper and pulp, through the established value chain from the upstream to the downstream sectors, ranging from forestation, production of wood chips and pulp, supplier of wood building materials, collection of used paper to the manufacture and marketing of paper and hardboard products. Marubeni holds the largest market share of the wood chips import business and of the paper and pulp trading business in Japan. |
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