Westaim announces 2008 third quart...(erations for the firstnine months of 200...),Health

At September 30, 2008, Westaim had $39.1 million in consolidated cash and short-term investments. Westaim's cash position, excluding cash and short-term investments held by its 74.5 per cent owned affiliate NUCRYST Pharmaceuticals Corp., was $11.3 million. In addition, Westaim held third-party ABCP with a book value of $5.1 million.

"Proceeds from the previously announced sale of iFire's assets has strengthened the Company's cash position as we examine Westaim's corporate structure moving forward," said Drew Fitch, President & CEO of The Westaim Corporation. "Westaim's Board of Directors has made a number of strategic decisions over the course of the past few months and will continue to examine all possible options in a concerted effort to maximize shareholder value."

The Westaim Corporation's common shares are listed on The Toronto Stock Exchange under the trading symbol WED. Westaim holds a 74.5 percent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS).

This news release contains forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and Westaim can give no assurance that these expectations are correct. Various factors could cause actual results to differ materially from those projected in such statements, including but not limited to statements regarding Westaim's examination of its corporate structure, and the Company's examination of all possible options in a concerted effort to maximize s
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