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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.