Inco opens Asia Pacific office as part of business reorganization

Toronto, September 23, 2005 -- As part of its global growth program, Inco Limited today announced a re-organization of its global operations into two distinct units – Asia/Pacific and North America/Europe Operations.

As part of the re-organization, Inco will establish an office in Australia as an administrative base for its Asia/Pacific operations and business development.

“This new organization supports our aggressive growth and our drive to be the world’s leading nickel company,” says Chairman and CEO Scott Hand. “In particular, it recognizes the growing importance of our Asia Pacific operations as we build the Goro project in New Caledonia, and expand our PT Inco operations in Indonesia.”

Inco currently sells some 60 per cent of its nickel to Asia. “We expect China to remain a key driver of the nickel market and our Asia Pacific operations are ideally positioned to meet growing demand from China and the rest of Asia going forward,” says Mr. Hand.

Mr. Hand says Inco made a strategic decision to locate its Asia Pacific office in Australia. “We are increasingly active in exploration in Australia both on our own and with other partners, and we are interested in exploring future opportunities in the region.”

The company has appointed Logan Kruger, formerly Executive Vice-President, Technical Services, as President, Asia/Pacific. In his new role Mr. Kruger will continue his responsibility for Goro Nickel, and will also be responsible for PT Inco, as well as future exploration and mining opportunities in Australia, the Philippines and elsewhere in the region.

Mark Cutifiani, formerly President of Ontario Operations, takes on the role of President, North America/Europe Operations with responsibility for Inco’s Ontario and Manitoba operations, as well as responsibility for Inco’s UK Operations, beginning in 2006.

“Our North American operations remain a vital base,” says Mr. Hand. “As our Voisey’s Bay production comes onstream, we will increase our North American production and improve our cost picture in 2006 and beyond. We also will be developing new ore bodies that will extend the life of our mature Sudbury and Thompson operations.”

Ron Aelick, formerly President of Canadian and UK Operations, takes on the role of Executive Vice President Technical Services, with accountability for Exploration, Capital Projects and Engineering, Technology, Environment and Health, and Information Technology.

All of the above will report to Inco’s President and Chief Operating Officer, Peter C. Jones.

“We are very fortunate to have a team of seasoned and dynamic leaders ready to take our business to the next level as we execute our growth plan over the next few years,” says Mr. Hand.

This news release contains forward-looking statements regarding the Company’s costs of production and other issues and aspects relating to its business and operations. Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company’s ability to control or predict. Actual results and developments may differ materially from those contemplated by these statements depending on, among others, such key factors as business and economic conditions in the principal markets for the Company’s products, the supply, demand and prices for metals to be produced, production and other anticipated and unanticipated costs and expenses and other risk factors listed from time to time in the Company’s reports filed with the U.S. Securities and Exchange Commission. The forward-looking statements included in this release represent the Company’s views as of the date of this release. While the Company anticipates that subsequent events and developments may cause the Company’s views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release.

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Steve Mitchell

Media Relations

Inco Limited

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