B.C. Pacific Capital Corporation Announces Special Dividend.

TORONTO -- BC Pacific Capital Corporation (TSX VENTURE:BPQ.SV.A) (TSX VENTURE:BPQ.B) announced today that it has declared a special dividend of $0.60 per Class A Subordinate Voting Share and Class B Common Share. In accordance with the participation terms of the Class AAA Preferred Shares Series 2, a dividend of $28.00 per preferred share has also been declared.

The total divided payment will be $91,640,348 which comprises the majority of the gain realized on the Sale of the Company's interest in Northgate Minerals Limited in late 2003.

After the payment of the dividend the Company will continue to have adequate liquidity to continue to undertake merchant banking and investment opportunities should they arise.

The dividend will be payable on December 30, 2004 to shareholders of record on December 21, 2004.

B.C. Pacific Capital Corporation is a British Columbia based financial and investment corporation providing mezzanine bridge loans and management services to corporations encountering financial difficulties, requiring merger and acquisition advice or operational evaluations. B.C. Pacific also uses its own capital to invest in undervalued companies and assets, primarily in the natural resources, real estate and financial service areas, where management initiatives can enhance longer term prospects.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

BC Pacific Capital Corporation (TSX VENTURE:BPQ.SV.A) (TSX VENTURE:BPQ.B)