TIMBERWEST RECEIVES COMPETITION ACT CLEARANCE FOR ACQUISITION BY BCIMC AND PSP INVESTMENTS

VANCOUVER, June 23, 2011 /PRNewswire/ - TimberWest Forest Corp. (TSX: TWF.UN) ("TimberWest" or the "Company") announced today that the Canadian Competition Bureau has issued a "no action" letter in connection with the proposed statutory plan of arrangement under which British Columbia Investment Management Corporation and the Public Sector Pension Investment Board will indirectly acquire all of TimberWest's outstanding stapled units at a price of $6.16 in cash per stapled unit (the "Transaction").  The issuance of the "no action" letter satisfies the closing condition under the arrangement agreement governing the Transaction that Competition Act clearance be obtained.

The Transaction was approved by TimberWest unitholders and optionholders at an annual general and special meeting held on June 14, 2011, and a final court order approving the Transaction was granted by the British Columbia Supreme Court on June 17, 2011.  The Transaction is expected to close on June 29, 2011, following which the stapled units of TimberWest will be de-listed from the Toronto Stock Exchange.

About TimberWest
TimberWest is uniquely positioned as western Canada's largest private timber and land management company. The Company owns in fee simple approximately 327,000 hectares or 808,000 acres of private land and is in the business of selling timber products and real estate.

Stapled Units of TimberWest Forest Corp. are traded on the Toronto Stock Exchange under the symbol "TWF.UN"

Forward-looking Statements Disclaimer
Statements in this news release that are not historical facts are forward-looking statements that involve risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements about the anticipated closing date of the Transaction and the de-listing of the stapled units from the Toronto Stock Exchange. TimberWest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to general economic conditions, variations in TimberWest's product prices and changes in commodity prices generally, changes in market conditions, variations in harvest levels, changes in log transportation costs, actions of competitors, interest rate and foreign currency fluctuations, regulatory, harvesting fee and trade policy changes and other actions by governmental authorities including real estate zoning approvals, the ability to implement business strategies and pursue business opportunities, labour relations, weather conditions, forest fires, insect infestation, disease and other natural phenomena and other risks and uncertainties described in TimberWest's public filings with securities regulatory authorities. In addition, the completion of the Transaction is conditional upon a number of factors, many of which are outside of TimberWest's control. There is no assurance that the Transaction will be completed at all or upon the terms and conditions described above.

SOURCE TimberWest Forest Corp.

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