Asbestos Corporation Limited: Announcement

THETFORD MINES, QUEBEC -- (Marketwire) -- 12/09/08 -- In its Interim Management's Discussion and Analysis of November 7, 2008, Asbestos Corporation Limited (TSX: AB) (the "Company") informed its shareholders that it was advised by the Toronto Stock Exchange that its common shares were no longer meeting the Toronto Stock Exchange continued listing requirements.

The Company was informed by the TSX Venture Exchange that, since the Company no longer meets the Toronto Stock Exchange continued listing requirements and does not meet the requirements of a TSX Venture Tier 2 company, its common shares will commence trading on the TSX Venture Exchange on the NEX Board, effective at the opening on Wednesday, December 10, 2008, under the symbol AB.H. As a result, the common shares of the Company will be delisted from trading on the Toronto Stock Exchange effective at the close of business on December 9, 2008.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.