Norilsk Nickel prospecting summary 2008-2010 and outline of key priorities for 2011

OJSC MMC Norilsk Nickel announces the results of prospecting department’s activities and outlines its plans for 2011.

Financing of the company’s prospecting activities for 2008-2010 has totaled RUB 3,969 billion. The increase of Norilsk Nickel group’s reserves has been 3,4 million tons for nickel, over 3,5 million tons for copper and around 1,92 thousand tons for platinum group metals, which is 3,4, 2,4 and 4,2 times greater than the respective production volumes for the same period of time.

The 2011 budget assumes financing of prospecting activities to be at RUB 1,7977 billion. It is planned to drill 114,48 thousand running meters. The increase of Company’s resources is expected to reach 180 thousand tons for nickel, 550 thousand tons for copper and 135 tons for platinum group metals.

Company prioritizes projects aimed at replenishing the mineral resource base in proximity to the active production facilities in Norilsk Industrial Region and Kola Peninsula. In Norilsk this refers to Maslovskoye and Oktyabrskoye deposits which can potentially provide an increase in rich ore deposits. On Kola Peninsula priority lies with prospecting the Allarechensk area, found to be a promising area of mineralization.