24/10/2006

CVRD acquires control of Inco

Toronto, October 24, 2006 -- Inco Limited (TSX, NYSE: N) announced today 
that Companhia Vale do Rio Doce (“CVRD”) has indicated in a news release 
that 174,623,019 common shares of Inco have been validly deposited to CVRD’s 
offer to purchase for cash all of the outstanding common shares of Inco 
(the “CVRD Offer”).  CVRD has taken up and accepted for payment all shares 
tendered, which represent 75.66% of the issued and outstanding Inco common 
shares on a fully diluted basis.

CVRD also announced that it has extended the expiry date of the CVRD Offer 
to enable the remaining Inco shareholders to receive prompt payment of the 
Cdn.$86.00 per share consideration under the CVRD Offer.  The CVRD Offer 
will now expire at midnight (Toronto time) on November 3, 2006.
 
“Inco’s Board and management believe that combining CVRD and Inco presents a 
great opportunity to create value,” said Scott Hand, Inco’s Chairman and 
Chief Executive Officer.  “We plan to assist CVRD in every way we can to 
ensure a smooth integration of our two companies, to create a new global 
leader in the metals and mining industry.”

“Inco has a long and storied history and our employees can take can great 
pride in what we have achieved,” he said. “Now we’re looking forward to an 
exciting new phase in our history.”

For more information, visit www.cvrd.com.br to view CVRD’s press release.

Important Legal Information

In response to the CVRD Offer, Inco has filed with the U.S. Securities and 
Exchange Commission (“SEC”) a Solicitation/Recommendation Statement on 
Schedule 14D-9 and amendments thereto (as so amended, the “14D-9”).  INCO’S 
SECURITY HOLDERS ARE URGED TO READ THE 14D-9, AND ANY AMENDMENTS INCO MAY 
FILE THERETO, BECAUSE IT, AND ANY SUCH AMENDMENTS, WILL CONTAIN IMPORTANT 
INFORMATION ABOUT CVRD’S PROPOSED COMBINATION WITH INCO.

Investors and security holders may obtain copies of the 14D-9 and Inco’s 
other public filings made from time to time with the Canadian Securities 
Regulators, at www.sedar.com, and with the SEC at the SEC’s web site, 
www.sec.gov, free of charge.  The 14D-9 and Inco’s other public filings may 
also be obtained free of charge at www.inco.com or by contacting Inco’s 
media or investor relations departments.

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October 24, 2006

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For further information:
Media Relations:			

Inco Limited  Steve Mitchell  (416) 361-7950

Investor Relations:  Sandra Scott  (416) 361-7758