News Releases

CALGARY, ALBERTA - Jun 1, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announces that it has increased its 2004
Growth Capital Investments from $20 million to $28.5 million. The
additional investments involve the expansion of recently acquired
operations and, in particular, the construction of two oilfield
satellite facilities and the purchase of additional centrifuges
to expand our rental and on-site fleet.

"These investments capitalize on very attractive opportunities to
grow our business and increase our cash flow," said Ron Sifton,
Senior Vice President, Finance and Chief Financial Officer.

Newalta Income Fund is an open-ended trust that maximizes the
inherent value in certain industrial wastes through recovery of
saleable products and recycling, rather than disposal. Through an
integrated network of 40 state-of-the-art facilities, Newalta
delivers world-class solutions to a broad customer base of
national and international corporations, in a range of
industries, including the automotive, forestry, pulp and paper,
manufacturing, mining, oil and gas, petrochemical, and
transportation services industries. With a track record of
profitable growth and environmental stewardship, Newalta is
focused on leveraging its position in new service sectors and
geographic markets from coast to coast.