Transaction Represents Golden Gate’s Third Investment in Mining Sector

Canada Fluorspar Inc. (TSXV:CFI) and Golden Gate Capital announced today that Golden Gate Capital has successfully completed the acquisition of Canada Fluorspar Inc., a specialty mineral resource company based in St. John’s, Newfoundland. Canada Fluorspar will remain headquartered in St. John’s and led by the current management team.

“Canada Fluorspar represents a unique opportunity to develop a world-class fluorspar producer,” said Rajeev Amara, a Managing Director of Golden Gate Capital. “We look forward to partnering with management to reestablish fluorspar production in Newfoundland and execute on the company’s strategy to become a reliable supplier of high quality fluorspar to global customers.”

“We are excited to work with Golden Gate Capital to accelerate development of the project,” said Lindsay Gorrill, CEO of Canada Fluorspar. Mr. Gorrill also said, “The work done to date has validated the potential of the deposits, and our talented team is excited to capitalize on the opportunity to commercialize these resources. Golden Gate Capital’s mining acumen, financial resources, and strategic vision for the project will enable Canada Fluorspar to become a sustainable platform for long term fluorspar supply.”

As previously announced, the transaction proceeded by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario). Pursuant to the plan of arrangement, CF Acquisition Inc., a wholly-owned subsidiary of investment funds managed by Golden Gate Capital, acquired all of the issued and outstanding common shares of Canada Fluorspar at a price of $0.35 per common share, payable in cash. As a result of the acquisition, the common shares will be delisted from the TSX Venture Exchange and Canada Fluorspar will apply to the applicable securities regulators to cease to be a reporting issuer.

Cormark acted as financial advisor, Arena Advisors, L.L.C. advised on the transaction and Stikeman Elliott LLP acted as legal counsel to the special committee of Canada Fluorspar. Davies Ward Phillips & Vineberg LLP served as legal advisor to Golden Gate Capital.

Additional details regarding the transaction will be contained in an early warning report filed by CF Acquisition Inc. pursuant to Canadian securities laws under Canada Fluorspar's profile at www.sedar.com. A copy of the report can also be obtained from Golden Gate Capital at the contact information noted below.

About Canada Fluorspar Inc.

Canada Fluorspar is a specialty mineral resource company located in St. Lawrence, Newfoundland, Canada engaged in the development of fluorspar deposits, a mineral resource widely used in steelmaking. The company is proposing, through Newspar, its 50/50 joint venture, to reactivate the existing Blue Beach North and Tarefare underground fluorspar mines, by expanding the existing mill and constructing a new, environmentally sound Tailings Management Facility. For more information please see: www.canadafluorspar.com

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with over $12 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Other notable mining and industrials investments sponsored by Golden Gate Capital include US Silica, EP Minerals, ArrMaz, Humanetics Innovative Solutions, Springs Window Fashions and Atrium Windows. For additional information, visit www.goldengatecap.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copies of the early warning report to be filed by CF Acquisition Inc. in respect of the acquisition may be obtained from:

CF Acquisition Inc.c/o Golden Gate Private Equity, Inc.One Embarcadero Center, 39th FloorSan Francisco, CA 94111Attention: Rob LittleTel: 415-983-2790

MediaCanada Fluorspar Inc.Lindsay Gorrill, 1-800-823-8095President and CEOlgorrill@canadafluorspar.comorGolden Gate CapitalSard Verbinnen & CoJenny Gore, 312-895-4700Alyssa Linn, 415-618-8750

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