/C O R R E C T I O N From Source - Noranda Inc./
24 April 2004 - 8:32AM
PR Newswire (US)
/C O R R E C T I O N From Source - Noranda Inc./ In TO218 sent
today at 16:47e, "Noranda and Teck Cominco reach agreement for
Noranda to earn 50% interest in the Lennard Shelf zinc mine", an
error occurred in the first paragraph, second sentence. "Noranda
will be required to effectively invest approximately A$26 million"
and not "A$16 million" as originally issued. Correct copy follows.
TORONTO, April 23 /PRNewswire-FirstCall/ -- Noranda Inc. (TSX and
NYSE: NRD) today announced that it has reached an agreement with
Teck Cominco Limited (TSX: TEK.b) to earn a 50% interest in the
Lennard Shelf mineral properties, plant and equipment and
infrastructure in Western Australia. In order to earn its 50%
interest, Noranda will be required to effectively invest
approximately A$26 million in exploration, operating, capital
expenditures or other advances in Lennard Shelf. The property was
acquired by Teck Cominco from Western Metals Limited in October
2003 for A$26 million. The Lennard Shelf mines are currently on
care and maintenance. Work was suspended by Western Metals in late
November 2003. Noranda and Teck Cominco will endeavour to produce a
redevelopment plan for the assets. Work will include a detailed
review of reserves and resources, as well as mine planning and
other optimization work, and the generation of an exploration
program to further define and expand resources and reserves. A
decision to restart the Lennard Shelf mines will depend on the
outcome of this work program, as well as market conditions. "We are
very pleased with this opportunity to partner with Teck Cominco in
owning this attractive asset with significant exploration
potential," said Derek Pannell, President and Chief Executive
Officer of Noranda. "The production from Lennard Shelf will
significantly increase our zinc exposure when zinc market
conditions have markedly improved." Lennard Shelf, located in the
Kimberly region of Western Australia, 2,500 kilometres north-east
of Perth, consists of a number of Mississippi Valley type lead/zinc
deposits and a mill with an annual capacity of 3.1 million tonnes
of ore. In the year ended June 30, 2003, Lennard Shelf produced
176,000 tonnes of zinc and 70,000 tonnes of lead. Noranda Inc. is a
leading international mining and metals company with more than 48
mining and metallurgical operations and projects under development
in 18 countries. Noranda is one of the world's largest producers of
zinc and nickel and is a significant producer of copper, primary
and fabricated aluminum, lead, silver, gold, sulphuric acid and
cobalt. Noranda is also a major recycler of secondary copper,
nickel and precious metals. It is listed on The Toronto Stock
Exchange and The New York Stock Exchange (NRD). DATASOURCE: Noranda
Inc. CONTACT: Dale Coffin, Director, External Communications,
Noranda Inc., (416) 982-7161, ; http://www.noranda.com/
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