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Press release from CNW Group

Aecon signs letter of intent with PotashCorp for Saskatchewan project valued at over $250 million

Monday, November 21, 2011

Aecon signs letter of intent with PotashCorp for Saskatchewan project valued at over $250 million06:30 EST Monday, November 21, 2011~ New process mill brings value of projects announced since September to over $850 million ~TORONTO, Nov. 21, 2011 /CNW/ - Aecon Group Inc. (TSX:ARE) announced today that its Lockerbie and Hole Eastern Division has signed a letter of intent with the Potash Corporation of Saskatchewan Inc. (PotashCorp) for a project valued at over $250 million to install the interior of a new process mill at the PotashCorp mine site near Rocanville, Saskatchewan.The scope of work for the project includes the installation of all utilities and equipment for the new mill, including the process piping, electrical, mechanical, instrumentation, HVAC, and all processing equipment in the mill, where potash ore from the nearby mine will be processed.This project will create approximately 800 jobs at the construction site.  Site preparation is expected to begin in early 2012 and this portion of the project is scheduled for completion in the fall of 2013, ready to turn over to PotashCorp for commissioning and startup.Today's announcement builds on last month's award of a similar project on a smaller scale at the PCS Picadilly mine in New Brunswick.  This project brings the total value of projects announced by Aecon since September for a number of clients to over $850 million."Our Lockerbie and Hole Eastern division has more than 40 years of experience installing the complex mine site equipment and systems needed to operate processing plants like this one," said Teri McKibbon, Aecon's Chief Operating Officer.  "People around the world rely on Canada and PCS to mine and process potash.  We are extremely proud to be part of an industry that helps put this country on the world stage."Aecon Group Inc. is one of Canada's largest and most diverse construction and infrastructure development companies, providing services to private and public sector clients from coast to coast. Aecon is pleased to be recognized as one of the Best Employers in Canada.The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties.  In addition to general global events outside Aecon's control, there are factors which could cause actual results, performance or achievements to vary from those expressed or inferred herein including risks associated with an investment in the common shares of Aecon and the risks related to Aecon's business, including Large Project Risk and Contractual Factors. Risk factors are discussed in greater detail in the section on "Risk Factors" in the Annual Information Form filed on March 30, 2011 and available at www.sedar.com.  Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Aecon, as well as statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or similar expressions.  Important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause those results to differ materially from those expressed in any forward-looking statements.  For further information: Mitch Patten Senior Vice President, Corporate Affairs, Aecon Group Inc. 416-297-2615 aecon@aecon.com www.aecon.com