August 5, 1996
(Executive Council)

Premier pleased by INCO and Diamond Fields agreement

Premier Brian Tobin said today that he is very pleased that INCO and Diamond Fields have reached an agreement to settle the Texas law suit filed on May 14, 1996. The agreement will mean that the companies will now move forward to complete the acquisition of Diamond Fields by INCO.

"We are very pleased that the development at Voisey's Bay will no longer be held up due to the difficulties experienced by INCO and Diamond Fields concerning the law suit in Texas. They have cleared the table so they can now get on with the business at hand which is developing the resources in Labrador including building a smelter, a mine, a refinery and a mine mill." said Premier Tobin.

The Premier continued by saying he hopes the acquisition will be complete in a timely manner.

Contact: Cathy Coady, (709) 729-3564.