Ainsworth Lumber Announces Proposed Offering of Senior Unsecured Notes.

VANCOUVER, British Columbia -- Ainsworth Lumber Co. Ltd. ("Ainsworth")(TSX:ANS) today announced that it intends to offer US$450 million aggregate principal amount of fixed rate senior unsecured notes due 2012 and floating rate senior unsecured notes due 2010 (together, the "Senior Notes") pursuant to a private placement under Rule 144A. Ainsworth intends to use the net proceeds of the offering of the Senior Notes, together with cash on hand, to fund its previously-announced acquisition from Potlatch Corporation of three OSB facilities located in northern Minnesota (the "Minnesota OSB facilities"). The acquisition is expected to close later this month.

This press release is not an offer of securities for sale in the United States. The Senior Notes have not been registered under the United States Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward-looking statements in this news release relating to the Company's plans with respect to the acquisition of the Minnesota OSB facilities are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used herein, words such as "intends" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions made by and information available to Ainsworth Lumber Co. Ltd. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include, without limitation, our ability to consummate our acquisition of the Minnesota OSB facilities, unexpected costs or liabilities incurred by us as a result of our acquisition of the Minnesota OSB facilities, our ability to successfully integrate the Minnesota OSB facilities into our existing operations and other future developments in the Company's affairs or in the industries in which the Company participates and factors detailed from time to time in the Company's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.