September 13, 2002

Symbol : PCI

Montreal, September 13, 2002

PERLITE CANADA INC. and 4103572 CANADA INC. (the "Corporation") jointly announce that the Corporation, of which Richard Barabé, President and CEO of Perlite Canada Inc., is the sole director and shareholder, has acquired 2,500,000 common shares in the capital stock of Perlite Canada Inc. which were previously held by Fondaction-CSN, the whole pursuant to a share purchase agreement entered into as of September 12, 2002 between the Corporation and Fondaction-CSN. Under the agreement, the shares were purchased at the market price of $0.10 per share for a total consideration of $250,000.

As a result of the transaction, Mr. Barabé now directly and indirectly holds a total of 2,625,000 shares of Perlite Canada Inc., representing 25.8% of all of its issued and outstanding shares. Fondaction-CSN remains a partner of Perlite Canada Inc. as holder of a $200,000 convertible debenture of Perlite Canada Inc. which matures on February 23, 2010.

The objective of the Corporation and Mr. Barabé in conducting the transaction is to increase the participation of management of Perlite Canada Inc. in the capital stock of Perlite Canada Inc., to create increased stability within Perlite Canada Inc. and to reinforce its business plan at this stage of its development.

Perlite Canada Inc. has become a leading company in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada Inc. are listed for trading on the TSX Venture Exchange.

The TSX Venture Exchange is not responsible for the truth or accuracy of this press release.

For further information, contact:

Perlite Canada Inc. 4103572 Canada Inc.
Richard Barabé Richard Barabé
Tel.:(514) 336-6665 984-9798 Tel.:(514) 984-9798
Fax: (514) 336-6651

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