Sherritt Announces Closing of $225 Million Principal Amount of 8.25% Senior Unsecured Debentures Series B

TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) -

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Sherritt International Corporation ("Sherritt") (TSX:S) announced today the completion of its offering of $225 million principal amount of 8.25% senior unsecured debentures series B due 2014 pursuant to a short form base shelf prospectus dated November 21, 2005 and prospectus supplement dated October 19, 2007. Net proceeds of $221,368,526 (after agents' fees but before deduction of expenses) will be used for general corporate purposes.

About Sherritt

Sherritt International Corporation is a diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and gas and electricity. Sherritt's success is built on utilizing innovative technologies and the breadth of its financial and operational expertise to increase productivity and profitability. Sherritt continues to explore opportunities to grow its $3.8 billion asset base through expansion of its existing businesses and strategic acquisitions. Sherritt's shares are listed on the Toronto Stock Exchange under the symbol "S".

In addition to its significant nickel production, Sherritt operates and owns 41.2% of Royal Utilities Income Fund, the largest thermal coal producer in Canada. Sherritt currently produces over 30,000 barrels of oil equivalent per day and has 376 megawatts of power generation capacity.

Forward-looking Statement

This news release may contain forward-looking statements. Forward-looking statements generally can be identified by the use of statements that include words such as "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These forward-looking statements are not based on historic facts, but rather on current expectations, assumptions and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond Sherritt's ability to control or predict. Sherritt does not intend, and does not assume any obligations, to update these forward-looking statements.

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