Management Team

Toronto and West Palm Beach, FLA, May 8, 2007/CNW/ - Great Lakes Carbon Income Fund (the "Fund") (TSX: GLC.UN) and Oxbow Carbon and Minerals Holdings, Inc. ("Oxbow") announced today that Oxbow has completed its acquisition of all of the assets of the Fund.

With the completion of the acquisition, the Fund's Unitholders will receive approximately C$14.00 per trust unit of the Fund ("Unit"), payable in cash upon redemption of their Units, for an aggregate purchase price of approximately C$527 million. In accordance with the Fund's declaration of trust, as amended and approved by the Unitholders and the board of trustees of the Fund, the Units are expected to be redeemed on or about May 10, 2007. Following the redemption, the Fund will cease to be a reporting issuer and the Fund will be wound-up as promptly as possible. The Units will be de-listed from the Toronto Stock Exchange as soon as practicable prior to the redemption.

Oxbow owner and founder William I. Koch said he believed the acquisition was a great strategic fit. "We had our eye on Great Lakes Carbon for quite some time," said Koch. "They have a lot of strengths - including their four calciners, a large number of talented employees and quality facilities. We think this is a good fit for both companies."

Koch said he does not envision making any radical changes to Great Lakes Carbon. "They have been in business for nearly 100 years," he said. "We feel that they have tremendous depth and a strong presence in the marketplace."

The approximately 310 Great Lakes Carbon employees will become part of the Oxbow Group - bringing the total number of employees at the West Palm Beach-based company to approximately 1,200.

BMO Capital Markets served as financial advisor to the Fund on the acquisition. Torys LLP served as Canadian and U.S. counsel to the Fund and Osler Hoskin & Harcourt LLP served as special counsel to the board of trustees of the Fund.

Callisto Partners LLC served as financial advisor to Oxbow on the acquisition. Davies Ward Phillips & Vineberg LLP served as Canadian counsel and Paul, Hastings, Janofsky & Walker LLP served as U.S. counsel to Oxbow.

About the Fund

The Fund is a trust established to hold indirectly the securities of GLC Carbon USA Inc. Further information on the Fund can be found in its disclosure documents filed with the securities regulatory authorities, available at www.sedar.com.

For further information about the Fund, please contact: Ronald J. Statile, Senior Vice President and Chief Financial Officer, Great Lakes Carbon LLC at (212) 370-5770.

About Oxbow

Oxbow is part of the Oxbow Group, a private energy company based in West Palm Beach, Florida. It is owned and operated by Mr. Koch, the last American to successfully defend the America's Cup. The company was founded by Mr. Koch in 1984. Under his leadership, the company has become the world's largest marketer of petroleum coke, a by product of the oil refinery process. Petroleum coke is used in power generation, cement kilns, sugar mills and aluminum manufacturing. The company trades in other carbon and industrial products such as coal, gypsum, bauxite, and clinker. Oxbow also owns one of the most productive underground coal mines in the nation, producing 6.5 million tons of super-compliant coal annually, and is developing an extensive natural gas reserve.

For further information about Oxbow, please contact: Brad Goldstein, Oxbow Corporation at 561-697-4300.

Forward Looking Information

This release includes certain forward-looking statements including, without limitation, statements concerning the Fund's future financial position, business strategy, proposed transactions, projected costs and plans and objectives of management for future operations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "plans," or "continue" or the negative thereof or variations thereon or similar terminology. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties, and actual results could differ materially from those anticipated in these forward-looking statements.

Contacts: Oxbow Corporation www.oxbow.com Brad Goldstein 561-697-4300