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DOFI SIGNS LETTER OF INTENT FOR SALE OF TIMBERLAND

 RICHMOND, Va., June 29 /PRNewswire/ -- James River Corporation (NYSE: JR) announced today that Diamond Occidental Forest Inc. ("DOFI"), a 23 percent owned affiliate, has signed a letter of intent with Hancock Timber Resource Group ("Hancock"), a division of John Hancock Financial Services, for the sale of more than 300,000 acres of timberland. James River's commitment to responsible stewardship of timberland is shared by Hancock Timber Resource Group, the nation's largest manager of institutional timberland investment with over $2.0 billion and 1.7 million acres under management.
 The transaction, which is expected to be completed during the third quarter of 1993, is subject to the signing of a definitive sales agreement and normal closing conditions. It is anticipated that James River and Hancock will enter into long-term agreements providing for the continued delivery of pulpwood to James River. Total proceeds in excess of $100 million from this and other land sales will be used in connection with James River's purchase from Occidental Forest Inc. in November 1993 of the remaining 77 percent of DOFI, which currently owns 820,000 acres of timberland.
 James River Corporation, headquartered in Richmond, Virginia, is a marketer and manufacturer of consumer products, food and consumer packaging, and communications papers. These product lines include brands such as Quilted Northern bathroom tissue, Brawny paper towels, Dixie cups and plates, Eureka! recycled copy paper, Quilt-Rap sandwich wrap, and Qwik Crisp microwave packaging. For the year which ended on December 27, 1992, the company had sales of $4.7 billion.
 -0- 6/29/93
 /CONTACT: Celeste C. Gunter (Financial), 804-649-4307, or Steve Garnett (Media), 804-649-4362, both of James River Corporation/
 (JR)


CO: James River Corporation; Diamond Occidental Forest Inc.; Hancock
 Timber Resource Group; John Hancock Services ST: Virginia, Wisconsin IN: PAP SU:


DC-TW -- DC022 -- 6854 06/29/93 16:11 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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