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Press release from Marketwire

Canfor Announces $145 Million Capital Program

Tuesday, December 14, 2010

Canfor Announces $145 Million Capital Program19:19 EST Tuesday, December 14, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2010) - Canfor Corporation (TSX:CFP) announced today that, following a review with its Board of Directors, the Company will be proceeding with a 2011 capital spending plan for its lumber business of $145 million, of which $120 million will be for improvement projects to its sawmilling facilities. The balance will be for maintenance projects. This is part of a three year strategic plan that calls for total investment in sawmill improvement projects of $300 million. "This level of investment will secure our position in the top tier of competitiveness, and marks an exciting new chapter for Canfor," said Jim Shepard, Canfor President and CEO.Forward Looking StatementsCertain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law. Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with operations in BC, ,Alberta, Quebec, Washington state, and North and South Carolina. The Company produces primarily softwood lumber and also produces oriented strand board (OSB), remanufactured lumber products and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Limited Partnership, which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.FOR FURTHER INFORMATION PLEASE CONTACT: Dave LefebvreCanfor Corporation - Media ContactDirector, Public Affairs & Corporate Communications(604) 661-5225Dave.Lefebvre@canfor.comORPat ElliottCanfor Corporation - Investor ContactTreasurer(604) 661-5441Patrick.Elliott@canfor.comwww.canfor.com