LOUVICOURT MINE

The mine ceased operations and decommissioning and reclamation work is now in progress.

Canadian base metal miner Novicourt has posted a loss of CAD0.3 million or 1 cents a share on revenue of CAD7.4 million during the first quarter, compared with a loss of CAD0.1 million or zero cents a share revenue of CAD10 million during the corresponding 2002 quarter. Weaker earnings were attributed to reduced ore production from the Louvicourt mine, lower average copper and the effect of the stronger Canadian dollar against US dollar. In accordance with the Life of Mine Plan, Louvicourt's operation has been reduced to an average ore production of 3,000 tonnes per calendar day with the mill operating at 4,200 for a 5-day period. Novicourt expects this to continue until the end of next year.

Canadian base metal miner Novicourt earned CAD1.8 million or 5 cents a share on revenue of CAD18.6 million during the first quarter, up from CAD1.2 million on revenue of CAD18.1 million during the corresponding 2002 quarter. Improved earnings were attributed to higher copper grade of the ore mined which resulted in increased copper production of 6,489 tonnes (Novicourt's share) up from 5,193 tonnes during the 2002 first quarter. Increased copper production more than offset the adverse effect of lower zinc and gold production. Novicourt's attributable zinc and gold production for the quarter was 1,676 tonnes and 2,339 ounces.