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Executive Council
Natural Resources
November 16, 2007

Premier and Minister to Meet with CVRD in Brazil

The Premier and Minister of Natural Resources will travel to Brazil next week to meet with officials from CVRD and tour the company�s mining and processing facilities in that country.

CVRD is the owner of Voisey�s Bay Nickel Company and has committed to complete construction of a new commercial processing plant in Long Harbour by 2011.

"We are looking forward to having a positive relationship with this important new member of our province�s mining community," said the Honourable Danny Williams, Premier of Newfoundland and Labrador. "The president of CVRD invited us to meet his senior officials and tour the company�s facilities so we gain a better understanding of their operations and how they do business. We also want to take the opportunity to remind CVRD of the commitments that have been made to this province in the Voisey�s Bay Development Agreement."

The Premier and minister will also discuss the potential opportunities for CVRD in the province, particularly in Labrador. CVRD, which acquired Inco in 2006, will invest $110 million in the province next year to begin construction of the processing facility at Long Harbour. The expenditure is part of an $11-billion investment the company is making globally in 2008 � the largest one-year investment in the company�s history.

"Our government has been actively investing in initiatives to build on our momentum in this industry," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "We anticipate setting new records for mineral exploration and production activities this year. Much of the sharp increase in the value of our mineral shipments can be attributed to the Voisey�s Bay mine now being in full production."

The gross value of the province�s mineral shipments is forecast to reach a record $3.9 billion this year � 490 per cent higher than three years ago. The province also expects total exploration expenditures to reach a record $160 million this year. To continue growing the industry and encourage more exploration, this year�s budget invested $1 million in new geoscience funding and $2.5 million in the Mineral Incentive Program, maintaining last year�s 55 per cent increase in funding for the program.

The Premier and minister will be in Brazil from November 17-24. The visit will include meetings with the president, CEO and senior executives of CVRD, as well as site tours of the company�s operations, including processing facilities, an aluminum smelter, open pit mine and port terminal.

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Media contacts:

Elizabeth Matthews
Director of Communications
Office of the Premier
Government of Newfoundland and Labrador
709-729-3960, 693-7291
Tracy Barron
Director of Communications
Department of Natural Resources
Government of Newfoundland and Labrador
709-729-5282, 690-8241

2007 11 16                                                       12:05 p.m.

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