June 2, 2003

MONTREAL, QUEBEC – Perlite Canada Inc. announces hereby that an aggregate amount of 400,000 stock options have been granted to 4 directors of the company, being 100,000 stock options to each director, at an exercise price of $0.10 per share. These stock options were granted on May 27, 2003 for a ten-year period.

Moreover, the Company wishes to specify that the 400,000 stock options granted in April 2003 to 4 employees of the company, which issuance has been disclosed in a press release dated April 30, 2003, have been granted at an exercise price of $0.10 per share instead of $0.08 per share as disclosed.

The purpose of stock options grants is to create an incentive for the eligible persons by offering them the possibility of acquiring a participation in the company through the purchase of common shares of the company.

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.

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For further information, contact:

Perlite Canada inc.
Richard Barabé
(514) 336-6665 / 984-9798
(514) 336-6651 (FAX)