Exploration

Exploration is a vital component of the Voisey’s Bay development. Even though we have conducted an extensive exploration program at the site, there will be ongoing exploration required to realize the full potential of resources available at Voisey’s Bay and to ensure that those resources are developed in a timely manner.

The initial phase of the overall exploration program was conducted over a four-year period from 2002 - 2006. Since that time exploration activity at the Voisey's Bay site has continued in an effort to further delineate and define the mineral resources. In total we expect to spend Cdn $95 million to investigate further the known underground resource with the objective of establishing reserves.

Cautionary Note to U.S. Investors : The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website, such as "measured", "indicated", "inferred", and "mineral resources", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

U.S. Investors are urged to consider closely the disclosure in our Form 10-K, File No. 1-1143, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.