NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Sherritt International Corporation ("Sherritt") (TSX:S) announces today that it
has executed an agreement with the Government of Cuba to amend an existing
Production-Sharing Contract ("PSC") in its oil and gas business for an
additional ten-year extension to March 2028. Sherritt is also awaiting final
approval by Cuban ministries with respect to four new exploratory PSCs.


The amended agreement provides for the extension of the Puerto Escondido/Yumuri
PSC in Cuba to allow for further development drilling in those fields. During
the new ten-year term, Sherritt will be obligated to drill a minimum of seven
additional wells within an initial two year period following the effective date.
The extension applies to all new wells drilled following the amendment of the
PSC. The PSC will terminate with respect to existing wells as of its original
expiry date in March 2018.


"After more than two decades in the country, we have developed a great
relationship with the Government of Cuba," said David Pathe, President and CEO
of Sherritt. "We are pleased to announce this extension as an important
milestone towards continuing long-term oil production in Cuba." 


Sherritt is the largest, independent oil producer in Cuba and currently operates
three commercial oil fields pursuant to two PSCs, which contributed an average
of 20,042 barrels of gross working-interest oil production per day in 2013.


About Sherritt

Sherritt is a world leader in the mining and refining of nickel from lateritic
ores with projects and operations in Canada, Cuba, and Madagascar. The
Corporation is the largest independent energy producer in Cuba, with extensive
oil and power operations across the island. Sherritt licenses its proprietary
technologies and provides metallurgical services to mining and refining
operations worldwide. The Corporation's common shares are listed on the Toronto
Stock Exchange under the symbol "S".


FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor inquiries:
Sherritt International Corporation
416-935-2451
Toll-free: 1-800-704-6698
investor@sherritt.com


Media inquiries:
Sherritt International Corporation
416-935-2421
Toll-free: 1-888-625-3448
communications@sherritt.com
www.sherritt.com
Sherritt (TSX:S)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Sherritt Charts.
Sherritt (TSX:S)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Sherritt Charts.