Goro project remains on target for late 2008 start-up

CVRD Inco announced today that contrary to
published reports, its Goro nickel project on the French Pacific island of
New Caledonia remains on schedule to begin commissioning and production in
the fourth quarter of 2008.

Some wire services earlier today erroneously reported a delay in the start-
up timetable that had been made public by the Company in April of this year.
In fact, the schedule for developing the Goro property that was announced in
April remains unchanged.

Onça Puma, the Company’s nickel development project in Brazil, remains on
schedule to start production in late 2008 as well.

CVRD Inco, a wholly-owned subsidiary of Companhia Vale do Rio Doce, is the
world’s leading producer of nickel and an important supplier of copper,
cobalt and precious metals.