Magellan Aerospace Praises the Canadian Government Decision to Proceed With the Joint Strike Fighter Program

TORONTO, July 16, 2010 - Magellan Aerospace commends the Government of Canada for its decision
to proceed with the Joint Strike Fighter (JSF) program as the choice for
Canada's future fighter aircraft. This decision conveys the government's
commitment that the JSF F-35 aircraft is the right aircraft for Canada to
replace the CF18 fleet toward the end of the decade. The Fifth Generation F-
35 will deliver superior capability, critical interoperability with allies,
and significant economies of scale. It will allow Canada's aerospace
industry to continue to play a significant competitive role in the
production of these high-technology aircraft.

Magellan Aerospace also applauds the efforts of the government to
maximize opportunities for the more than 90 Canadian companies across Canada
that are already participants in the JSF program. From the time that Canada
officially joined the JSF international partnership, participation in
achieving the technical and competitive demands of the JSF program
development have been seen as crucial stepping stones to securing greater
roles in the current production and upcoming support phases. The JSF
program will provide Canadian industry unprecedented participation in a
strategic, long-term development and production program to advance existing
strengths in aerospace and defence technologies. This combination of
commercial opportunity and long term technology advancement from coast to
coast across Canada will ensure valuable, high technology jobs are
established, sustained and grown in Canada's aerospace industry.

"The aerospace industry is an important sector in Canada," said James
Butyniec, President and CEO of Magellan Aerospace. "The partnerships that
have been established with the federal and provincial governments in
strategic technology development within Canada have resulted in
outstanding industrial participation opportunities. Agreements and
cooperation with our international partners have led to collaborative team
work in development and production, playing an important role in sustaining
and growing employment and operational excellence."

Magellan Aerospace and fellow Canadian companies have systematically
invested in technology and knowledge growth over the past decade in support
of the JSF program. In parallel, facilitization to increase full scale
production capacity and methodology to meet state-of-the-art manufacturing
approaches is underway at multiple operating sites across Canada. "This
application of new technologies and precision manufacturing processes will
transform Magellan Aerospace and other Canadian companies, ensuring they
remain confident and competitive leaders in future military and commercial
applications," stated Mr. Butyniec.

About Magellan Aerospace Corporation:

Magellan Aerospace Corporation is one of the world's most integrated
aerospace industry suppliers. Magellan designs, engineers, and manufactures
aeroengine and aerostructure components and assemblies for aerospace markets,
advanced products for military and space markets, and complementary specialty
products. Magellan is a public company whose shares trade on the Toronto
Stock Exchange (TSX: MAL), with operating units throughout Canada, the United
States, the United Kingdom and India.

Forward Looking Statements:

This press release contains information and statements of a
forward-looking nature and is based on assumptions and uncertainties,
(including that program deliveries achieve current program market estimates)
as well as on management's reasonable evaluation of future events. These
statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict, and/or are beyond the
Corporation's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in these
forward-looking statements.

For further information: Don Boitson, Vice President and General Manager,
T: +1-204-788-2832, E: don.boitson@magellan.aero; Bill Matthews, Vice
President Marketing, Magellan Aerospace Corporation, T: (+1)416-271-7470, E:
bill.matthews@magellan.aero

For further information: Don Boitson, Vice President and General Manager, T: +1-204-788-2832, E: don.boitson at magellan.aero; Bill Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: (+1)416-271-7470, E: bill.matthews at magellan.aero