Pope & Talbot Finalizes Sale of Sawmills and Related Timber Assets to Interfor

Previously announced sale includes Sawmills in Grand Forks and Castlegar,
British Columbia and Spearfish, South Dakota

PORTLAND, Ore., May 1 /PRNewswire/ -- Pope & Talbot, Inc. announced today
the completion of the previously announced sale of its sawmills in Grand Forks
and Castlegar, British Columbia and related timber assets to International
Forest Products Limited (Interfor) and the sale of its Spearfish, South Dakota
sawmill and timber assets to Neiman Enterprises, Inc. as part of the
transaction with Interfor.
"There is a measure of remorse in the fact that these sales signify the
virtual end of a 160-year legacy in the lumber business for Pope & Talbot,"
said Harold Stanton, Pope & Talbot President and CEO. "We can take heart that
these mills have been placed with good stewards and the employees as well as
the communities that rely on these mills will continue to be supported."
Pope & Talbot also announced that PT Pindo Deli Pulp and Paper Mills and
the assignees of its rights under the previously announced asset purchase
agreement for the sale of the Company's three pulp mills, Columbia Pulp and
Paper Inc. and Columbia Pulp and Paper Ltd., delivered a written notice of
termination of the asset purchase agreement. Pope & Talbot disputes the basis
for and the validity of the termination. In their termination letter, PT
Pindo Deli Pulp and Paper Mills, Columbia Pulp and Paper Inc. and Columbia
Pulp and Paper Ltd indicated a willingness to engage in discussions regarding
mutually acceptable alternative transactions. "Pope & Talbot continues to be
willing to seek avenues of understanding with the Columbia Pulp and Paper
companies from which the parties can proceed to a sale of the mills," said
Harold Stanton. The Company's pulp mills are located in Nanaimo and
Mackenzie, British Columbia and Halsey, Oregon.
Pope & Talbot is a pulp and wood products business. The Company is based
in Portland, Oregon and trades on the Pink Sheets under the symbol PTBT. Pope
& Talbot was founded in 1849 and produces market pulp and softwood lumber at
mills in the US and Canada. Markets for the Company's products include the
US, Europe, Canada, South America and the Pacific Rim. For more information,
please check our website at www.poptal.com.
Caution Regarding Forward-Looking Statements
This press announcement and other Pope & Talbot communications may contain
statements relating to future performance of Pope & Talbot that are forward-
looking statements. These statements relate to Pope & Talbot's future plans,
objectives, expectations and intentions and may be identified by words like
"believe," "expect," "may," "will," "should," "seek," or "anticipate," and
similar expressions. Pope & Talbot cautions readers that any such forward-
looking statements are based on assumptions that it believes are reasonable,
but are subject to a wide range of risks including, but not limited to, risks
associated with being a debtor in possession in a chapter 11 proceeding and a
debtor company under the Companies' Creditors Arrangement Act (Canada),
including the satisfaction of conditions precedent to funding, fluctuation of
the borrowing base and other limitations that may affect Pope & Talbot's
continued ability to borrow under its debtor-in-possession credit facility to
finance its operations, the occurrence of a termination event thereunder,
court approval of the proposed sale, Pope and Talbot's relationship with and
payment terms provided by its trade creditors, additional financing
requirements, the results of renegotiating certain key commercial agreements,
the effect of commodity and raw material prices, foreign currency
fluctuations, the effect of U.S. housing market conditions and other
uncertainties previously detailed in Pope & Talbot's filings with the SEC.
Due to these uncertainties, there is an inherent risk that actual results will
differ materially from any forward-looking statements. Pope & Talbot is under
no obligation to (and expressly disclaims any such obligation to) update or
alter any forward-looking statements whether as a result of new information,
future events or otherwise.

Contact:
Mark Rossolo
503-274-4054

SOURCE Pope & Talbot, Inc.

Mark Rossolo of Pope & Talbot, Inc., +1-503-274-4054