Front Street Flow-Through 2006-I Limited Partnership And Front Street Flow-Through 2006-II Limited Partnership Rollover and Dissolution

    TORONTO, Jan. 16 /CNW/ - Front Street Flow-Through 2006-I Limited
Partnership (the "2006-I Partnership") and Front Street Flow-Through 2006-II
Limited Partnership (the "2006-II Partnership") announced that they will be
proceeding with the direct and indirect tax-deferred transfer of the assets of
each of the 2006-I Partnership and 2006-II Partnership (the "Mutual Fund
Rollover Transaction") into the Front Street Resource Opportunities Fund of
Front Street Opportunity Funds Ltd. (the "Rollover Fund"). The transaction
will take place on January 31, 2008 after the close of business. In exchange
for the assets, Rollover Fund Series B Shares will be issued to the 2006-I
Partnership and 2006-II Partnership and then distributed to individual limited
partners. Both of these partnerships will be dissolved on or about February 1,
    Redemption Option: Series B Shares are in book entry only form.
Consequently, limited partners of the 2006-I Partnership and 2006-II
Partnership who want to redeem their Series B Shares must contact their
brokers or dealers to exercise the redemption option. When shares are
redeemed, the Rollover Fund will send the shareholder the proceeds within
three business days after the calculation date for the net asset value used in
establishing the redemption price. The Series B Shares issued under the Mutual
Fund Rollover Transaction will be able to be redeemed through FundServ as soon
as possible after the rollover, once the individual holders' investment
advisor has reconciled the positions with FundServ.
    The Rollover Fund: The Rollover Fund is a fund of Front Street
Opportunity Funds Ltd. which is a mutual fund corporation incorporated under
the laws of Canada, with Gary Selke as its Chief Executive Officer. It head
office is located at 33 Yonge Street, Suite 600, Toronto, Ontario. Rollover
Fund securities are sold under a continuous offering prospectus. The Rollover
Fund is a reporting issuer for securities law purposes in all provinces and
territories of Canada.
    The Rollover Fund is advised by Front Street Investment Management Inc.,
the same investment advisor that has advised both 2006-I Partnership and
2006-II Partnership. The fund's investment objective is primarily to achieve
capital appreciation through investment in a diversified portfolio of equity
securities of resource issuers engaged in oil and gas or mining exploration,
development or production or other forms of energy production, pulp and paper,
forestry industries, or energy product and related resource businesses, such
as pipeline or services companies and utilities. The Investment Advisor will
assist the Rollover Fund in selecting investments in common shares and other
securities of resource issuers, including junior resource issuers, in
accordance with the investment strategies, with the objective of achieving
capital appreciation for Rollover Fund shareholders.
    The Rollover Fund will not charge a fee or commission when shares are
acquired under the Mutual Fund Rollover Transaction and will not charge
redemption fees. The Investment Advisor will be entitled to an annual advisor
fee equal to 1.5% of net asset value and will be eligible for a performance
    Fund Shares: Fund shares are categorized into series, being Series A
Shares, Series B Shares and Series F Shares. At this time, only Series B
Shares are being issued to investors. Series B shares will be distributed on a
"no load" basis. The issue price of the shares is based on the Net Asset Value
per share determined in accordance with the Mutual Fund Rollover Transaction.
The Rollover Fund will not issue certificates for Rollover Fund shares, but
will send shareholders a confirmation statement relating to all purchases and
redemptions of shares within fifteen days of a transaction.
    Additional Information: The continuous offering prospectus of the
Rollover Fund is available to limited partners of the above partnerships
through their broker or by calling Front Street at 1-800-513-2832.

For further information:

For further information: Front Street Capital 2004, Investor Relations,
(416) 364-1990 or (800) 513-2832,,

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